Usuary law

[Corunmila]

Your question: "A storage shed is for sale for $9245.00 cash or make payments of $385.21 for 48 months.

Is this not usuary? Thats almost 40% interest."

Im in Arkansas...

 

[army judge]

Your question: "A storage shed is for sale for $9245.00 cash or make payments of $385.21 for 48 months.

Is this not usuary? Thats almost 40% interest."

Im in Arkansas...

That's easy, if you can't afford the $9200, don't finance it.

Or get financing elsewhere.

 

[Corunmila]

That doesnt answer the question....

 

[army judge]

That doesnt answer the question....

I have no obligation to answer your question.

This site is staffed by volunteers.

You can pay a lawyer for the answer.

Google is YOUR best friend.

I'll make an exception this time:

http://www.kingsrivertitle.com/general-legal-news/what-is-usury-in-arkansas/

http://www.arkattorneys.com/2011/03/usury-what-is-an-illegal-interest-rate-in-arkansas/

 

[Corunmila]

I read both of the links you suggested before posting, i did google this subject before finding this site to post a question. The only reason i asked this question is possibly there may be exceptions that are not referenced to on those sites.

As to your obligation to answer...if you don't know, or have anything productive to ad, why chime in....