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Updated about 9 years ago on . Most recent reply

User Stats

113
Posts
36
Votes
Robert Ruiz
  • Investor
  • Lake Charles, LA
36
Votes |
113
Posts

Interest Rate on Promissory Note Louisiana

Robert Ruiz
  • Investor
  • Lake Charles, LA
Posted

 I live in Louisiana and have a friend who is lending $12,000 to someone who is buying a property. The loan will be paid back within 6 months on a promissory Note. What is the maximum interest he can charge on this loan? I know Louisiana usury law says 12%, but is there a provision for smaller amount like this? His banker said 26% was max on a loan like that... Hearing mixed things

Thanks

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