FinanceQuestion 87 of 120
'Usury' laws are designed to:
a.Guarantee loan approval for all buyers
b.Set minimum home prices
c.Limit the maximum interest rate a lender may lawfully charge
d.Require all loans to be assumable
Explanation
Usury laws cap the interest rate that lenders may legally charge to protect borrowers from excessive rates. Charging above the legal limit can subject a lender to penalties.
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