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  1. #1
    Join Date
    Apr 2011
    Posts
    4

    Default What is the Implied Interest Rate on a Loan with No Interest Rate Specified

    My question involves collection proceedings in the State of: Florida
    Sorry if thsi is the wrong thread and I missed the 'general law' questions thread

    So basically I loaned money to a friend for a fee but never specified about an implied interest rate or when he should pay me back. What would be a reasonable amount of time for him to pay me back and is it true the implied interest rate on a personal loan is 0 percent (what he claims so he wont have to pay me back). If the amount of time is subjective to when he should pay me back when would I be in the right to file a notice? How should I go about trying to get my money back after the 'reasonable' amount of time.

  2. #2
    Join Date
    Mar 2008
    Posts
    1,995

    Default Re: What is the Implied Interest Rate on a Loan with No Interest Rate Specified

    Quote Quoting Whiterhino
    View Post
    My question involves collection proceedings in the State of: Florida
    Sorry if thsi is the wrong thread and I missed the 'general law' questions thread

    So basically I loaned money to a friend for a fee but never specified about an implied interest rate or when he should pay me back. What would be a reasonable amount of time for him to pay me back and is it true the implied interest rate on a personal loan is 0 percent (what he claims so he wont have to pay me back). If the amount of time is subjective to when he should pay me back when would I be in the right to file a notice? How should I go about trying to get my money back after the 'reasonable' amount of time.
    You may be referring to the IMPUTED interest rate, and here is the definition:

    http://www.pmstax.com/afr/

    What it means is if you lent money to someone "interest free", you would have to pay income taxes on the interest "you should've gotten paid", at the imputed rate determined by the IRS.

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