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Is this illegal in Idaho?
A family member has a house. She took out a $40,000 loan from a small company in the state of Idaho. I did the math and she's paid $115,000 to this guy over the past 13 years. Yet none of it has applied to the $40,000 bill, all of it has just been the interest. She's paying 15% in interest, yet in Idaho the law states he can only charge 12%. Should she get a lawyer? Is this illegal in the state of Idaho?
2 Answers
- Lone CatLv 77 years agoFavorite Answer
Hire a lawyer.
I think it's illegal, but banking laws are a bit tricky so your really going to have to ask a lawyer.
And the math is wrong. Either you gave the wrong figures, or the company is using a very strange and illegal way of calculating the interest.
It's about 22% interest.
- Anonymous7 years ago
no, it's loan sharking, I think.
