LSDefine

Simple English definitions for legal terms

usury

Read a random definition: Negative signal

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:

A loan or forbearance of money
An agreement for a return of the money in all events
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

General

General chat about the legal profession.

General >T14 Off Topic

👍 Chat vibe: 0 👎

ParallelAgreeableOrangutan

19:25

Hi llama!!

llama

21:15

@ParallelAgreeableOrangutan: How are you!

ParallelAgreeableOrangutan

22:02

tbh kinda losing my mind, I'm visiting my parents in my childhood home and whenever I do this I remember why I never do this aahhaha

ParallelAgreeableOrangutan

22:02

My dog likes it here tho

ParallelAgreeableOrangutan

22:02

How are youuuuu?

llama

22:26

@ParallelAgreeableOrangutan: Deep/tough. Feels. Im well working on a project so im happy :)

NemoPropheta

22:28

should i hit the dmt pen in the sauna and meet god

ParallelAgreeableOrangutan

22:31

Ooh what kind of project? Work, passion, neither, both?

ParallelAgreeableOrangutan

22:31

@NemoPropheta: do it do it

NemoPropheta

22:37

alright day before my lsat ill hit a blinker in the sauna and become one with the test

llama

22:47

@ParallelAgreeableOrangutan: law school data so just passion.

llama

22:47

@NemoPropheta: noo they drug test before the LSAT! U will get flagged!

ParallelAgreeableOrangutan

23:19

I'm intrigued llama

ParallelAgreeableOrangutan

23:21

Holdddddup all that number crunching on your lsd profile is your work? Damn

ParallelAgreeableOrangutan

23:21

I don't visit y'all's profiles enough, clearly

NarrowFaithfulCougar

0:22

@NemoPropheta: Ahh yeah, the Sauna. That's some good Nordic shit. Beats the hot tub hands down. Plus everyone is naked.

llama

1:23

@ParallelAgreeableOrangutan: got that weaponized autism in gear, we out here.

RasheedWallaceFan

12:52

@llama: your cycle confuses me, your stats are good and you applied early but all of those Rs? Is there anything weird about your app?

RasheedWallaceFan

12:53

do you have C&F issues or something?

RasheedWallaceFan

12:55

also ur first choice is kansas but you didnt apply there?

llama

12:55

@RasheedWallaceFan: Hi. Yes, I waited for April LSAT, put almost all apps (which were sent really early) so that basically most of my apps were reviewed In May. Shot myself in the foot for 155 -> 161 lmao. Would not recommend 10/10

llama

12:57

@RasheedWallaceFan: unironically, KSLS was my top choice, however by April LSAT their app had closed. It was like waiting to date ur dream partner, but waiting until you graduate uni, then by the time u graduate uni, your soul mate is already married with 2.4 kids and 1.6 dogs. Heartbreak.exe fr fr

NemoPropheta

12:58

are you R&Ring?

llama

13:00

No, I think what I will do is flip a coin: heds NKU, tails NEL|B what u guys think bout dat. Then once 1L - if good at LS, try to transfer, if bad at LS or one of my grandiose ideas/inventions are viable, drop out and pursue.

RasheedWallaceFan

13:10

oh so you submitted the apps with a lower lsat and then retook

RasheedWallaceFan

13:10

got it

Bettercaulsaul

13:33

Most schools will hold your application for the next test score to be released into your account as well. I was notified by an admissions director that if a decision is processed they will not retroactively go back for the new score even if higher

ParallelAgreeableOrangutan

13:34

I vote NEL-Boston so we can be friends :D

ParallelAgreeableOrangutan

13:34

But it says you withdrew?? :(

ParallelAgreeableOrangutan

13:41

@Bettercaulsaul: in my experience, there is often an option on the application for you to choose whether you'd like them to review your application as-is ASAP or hold it until your new score is released. but it probably varies by school—I just remember seeing that option on at least a few app forms

LSD+ is ad-free, with DMs, discounts, case briefs & more.