Usury is the practice of lending money and charging the borrower interest, especially at an exorbitant or illegally high rate. State law dictates usury rates so the actual rates vary. If you have signed such an obligation, whether as a Note or payment agreement underlying another purchase, such as a piece of furniture or equipment, this Usury Notice is your first step in getting relief.
Most parties involved in high interest loans are acutely aware of usury issues and will, if wrong, generally back off immediately. If not, the courts look very unfavorably upon usury lenders or sellers who use usury rates to finance those sales.
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