Because banks are still somewhat hesitant to lend to all but the most creditworthy borrowers, many small business owners and entrepreneurs are having to turn to private parties (such as friends and family) for much-needed loans for their businesses. This article calls attention to an important New York anti-usury law which limits the interest rate these private lenders can charge on such loans.
- Summary by FizzLaw Team
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Maximum Interest on Private Loans in New York