What Do You Guys/gals Think of This Contract?

[2112Greg]

Check out the attachment. I've edited out the name(s) of the company and I've only included the portion on the loan agreement, but I'd like to have your opinions on this, please...

 

[STIBROKER]

and what is the interest rate............

 

[Norwayguy]

I hate #3.....I have no problem with paying interest on a loan but would like to know what the interest is in advance more than just less than the usary limits in the state....Is this loan thing an advance agreement?

 

[2112Greg]

There is no indication of the actual interest rate anywhere in the contract. It just says what it says in the part that I submitted here.

Anyone have a problem with number 4? This is the one that I'm struggling with...

 

[STIBROKER]

There is no indication of the actual interest rate anywhere in the contract. ...

READ 3 and 4 again......

 

[VolAgent]

READ 3 and 4 again......

Translation, we will own you. We won't collect until the worst possible moment for you.

 

[2112Greg]

In response to Scott:

Right, but it never gives an actual percentage rate. It's just some ambiguous thing about being non-usurious.

 

[VolAgent]

In response to Scott:

Right, but it never gives an actual percentage rate. It's just some ambiguous thing about being non-usurious.

See my response. Some states allow up to 30% interest.

 

[STIBROKER]

In response to Scott:

Right, but it never gives an actual percentage rate. It's just some ambiguous thing about being non-usurious.

and that is the problem.......