What is usury?

Usury is a term used to describe the practice of lending money with interest. Usury is recognized as a legal form of loan activity in most parts of the world and it is regulated by banking law in the state of Washington. Usury laws are designed to protect both the lender and the borrower. These laws set limits on the amount of interest that can be charged on a loan. The interest rate that can be charged is typically lower than the general market rate. In addition, the law may also regulate late fees, fees for bounced checks, and other costs related to the loan. Usury is not the same as charging interest. Interest is usually an agreed-upon rate or percentage that is used to determine how much money a lender will receive from a borrower. Usury, however, is the practice of charging excessive interest rates. This can come in the form of high interest rates, exorbitant fees, and other changes to the loan’s terms that make the loan more expensive for the borrower. Usury laws are designed to protect borrowers from predatory lenders and ensure that lenders do not take advantage of people in financial distress. In Washington, all loans must adhere to the state’s usury laws and any violations can result in legal action.

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What is usury?

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