Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

usury

Read a random definition: lien theory

A quick definition of usury:

Usury is when someone lends money to another person and charges them too much interest. This means they are making the borrower pay back more money than they borrowed. It is against the law to charge too much interest on a loan. Usury is when someone breaks this law and charges too much interest. There are three things that make a loan usurious: (1) lending money, (2) agreeing to get the money back, and (3) charging more interest than the law allows. Each state has its own rules about how much interest can be charged on a loan.

A more thorough explanation:

Usury is when a lender charges a borrower an interest rate that is higher than what is allowed by law. It is also the act of making a loan at such a high interest rate. Usury is illegal and is usually defined by state laws.

There are three essential elements of usury:

  1. A loan or forbearance of money
  2. An agreement for a return of the money in all events
  3. An agreement to pay more than the legal rate of interest for its use

For example, if someone borrows $100 and agrees to pay back $150 in one month, that would be considered usury if the legal interest rate is only 10%. The lender is charging an interest rate of 50%, which is much higher than what is allowed by law.

Another example would be if a payday lender charges a borrower an interest rate of 400% on a short-term loan. This would also be considered usury because it is much higher than the legal interest rate.

These examples illustrate how usury is when a lender charges a borrower an interest rate that is much higher than what is allowed by law. It is important for borrowers to be aware of the legal interest rates in their state and to avoid lenders who charge usurious rates.

usurious | Utah

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
LSD+ is ad-free, with DMs, discounts, case briefs & more.