Legal Question in Credit and Debt Law in California

do you need a licsence to lend money at a 20% interest rate

Does a person need a license to give personal loans with a 20% percent interest rate


Asked on 6/27/07, 6:41 pm

1 Answer from Attorneys
Jonathan Stein Law Offices of Jonathan G. Stein

Re: do you need a licsence to lend money at a 20% interest rate

If this is a personal loan, you do not need a license. However, a court could still determine that the interest rate is usury.

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Answered on 6/27/07, 11:19 pm


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