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Post# of 74092
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Re: BoredPoster post# 29544

Monday, 09/12/2016 10:00:31 AM

Monday, September 12, 2016 10:00:31 AM

Post# of 74092
They Answered and filed a Counterclaim - they're hoping the Court deems the loans usurious, and as a result, void. There assertion boils down to what constitutes interest.

They seek to highlight the hypothetical, had epazz been able to pay off the loans in full, the proceeds would equate to something like a 49% gain on the principal amount. A usurious loan is one that contains an interest rate above a 25% threshold. The loan,Revenue Based Factoring Agreement, lists a specified percentage of 15% and is worded such that I'm not certain the defense applies. Bit of a hail mary but I suppose worth a shot.
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