Question by gapeachstucknbamaland: Is there laws capping bank loan intrest rates?
I was approved for a personal unsecured loan with my bank for $ 5000 for 60 mths at 162.00 a month. After doing the math I would be paying $ 4900.00 extra for interest. Which is like 32% interest. Is that illegal if not it should be.
No, I called that bank back to ask the interest rate ( the teller seemed to be trying to get me off the phone fast ) and she too said it was like almost 32% and after 6 months of paying on time I might be able to have it lowed just a little.
Best answer:
Answer by Sane
No laws. They can rape and pillage at will. Whats in your wallet….
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Another good reason to increase income to avoid such situations.
No, they can charge whatever they want. For instance, when you buy a home, you end up paying three times the loan amount in 30 years. If there is no pre-payment penalty you should try to pay it off as soon as possible to lower your interest rate. his is just a learning experience for all of us.
No Law. They can do whatever they can. Think it this way: this is like a contract and the bank did not force you to get into it. So, you both are willingly entered into this agreement.
Be th way, I believe the interest you are paying is 18.9% not 32%. 32% would be too high,. even credit card only charge you like 28%.
yes, i have been in finance for 15 years, there is state caps on all loans, such as auto, personal and home loans. the only exception is payday loans, check advances etc. check with your state goverment to find out about rate caps..