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Criminal Usury Lawyers
Understanding Usury Laws in New York
The term usury isn’t one used in many everyday conversations. It’s defined as the “Illegal action or practice of lending money at unreasonably high rates of interest,” and it’s a crime punishable by law. A loan shark is one of the best ways to provide an example or usury crime. Usury is most often considered white collar in the criminal world, and it’s handled with financial restitution and penalties rather than jail time or criminal punishment. Every state has authority to determine proper interest rates, and the State of New York is no exception. State regulators work to determine how much interest a lender can legally charge before they cross the line into excessive interest.
Understanding Interest Rates
It’s not always simple for the everyday citizen without ample legal experience to understand how usury law works. Interest rates vary significantly based on several factors, and it’s confusing to many. For example, the interest a person pays for their mortgage is far less than the interest they pay on a credit card account. Two people can carry the same credit card from the same lender, issued on the same day, and one might pay more interest on the card than the other. Why is this? Every lender is provided the legal ability to choose the interest rate their customers pay. Lenders use credit scores, down payments, types of loans being applied for, and credit history as a means for determining how much money a customer can borrow as well as how much interest they can charge each customer. Fortunately, credit card interest rates are not considered a financial loan, so usury doesn’t apply.
Usury Laws in New York
The law is always subject to change. Currently, lenders in New York are legally permitted to charge customers interest on any financial loan up to a certain point. The penalties are then placed in two distinct categories.
Civil usury, as defined in New York, is the act of charging a borrower between 16 and 24 percent interest on a financial loan. Criminal usury in New York is the act of charging a borrower 25 percent or more on a loan. Unfortunately, many lenders make it a common practice to charge their borrows criminal usury rates despite the laws. One example of a lender guilty of criminal usury is a payday loan lender. These companies typically target individuals with poor credit history and/or financial problems. They promise to lend customers money in return for their promise to use their next paycheck to pay off the loan, but they charge interest rates averaging more than 100% in many instances.
If you are looking for a lawyer that listens, is aggressive where needed, and holds his word above all else, Todd is the best pick. I had hired multiple attorneys prior to hiring the Spodek Group for a white collar case. The first thing that stood out to me was the cost, as anyone going through the process and dealing with the system, money was tight at that time - especially after hiring and firing multiple lawyers. The cost was not as high as others which was definitely a plus. Todd's intake process was also unlike other attorneys. He took the time to actually listen. He cared. He was trying to put himself in my shoes while I was explaining the situation to him and he really took the time to understand the whole situation. Other lawyers will give you 15 mins and send you a retainer agreement. Not Todd, I think he spent almost two hours with me as I was explaining everything.Not only was he great during the onboarding process, he was supportive and very informative through the entire plea process and eventually sentencing. After hiring him, I asked if I should hire a prison consultant, he told me to save my money as he would do everything they would. He was right and held up to his word. Later on I would hear from others that went with the prison consultants that they were a waste of money - I am glad I listened to Todd!When it came time for sentencing, two days prior to sentencing, the prosecutor tried increasing my proposed prison time by almost double - apparently a normal move. Todd and his team worked with me non-stop through the weekend prior to sentencing to ensure that I was not given additional prison time. Again, he took the time to listen and came up with a strategy to explain the case with great detail.Unfortunately, I did plead guilty as that was my best option. Todd and his whole team wrote up nearly 300 pages of a summary of what happened and why I should not be given prison time. If I breakdown the amount I spent with Todd versus the amount of work that I saw being done, I am shocked I was not charged four times as much. The other benefit was, a lot of criminal defense lawyers were just a single attorney with a paralegal or two. Todd had a team of people that I dealt with (5-7 people that I interacted with), but he was ALWAYS accessible. It would never take him more than an hour to reply unless he was in court.I was sentenced to prison and I was emotionally distraught. Todd and his team did whatever they could even after sentencing to make sure I was alright. He personally stayed in touch with my family to ensure I was doing alright and offered support to them. Most lawyers would consider the job complete at sentencing, not Todd.After prison, Todd still spent time with me to make sure I was on the right track and avoiding any potential risks in the future. He has also been giving advice on how to navigate probation etc and has not been looking at the clock for billing.Although I wish I had never been arrested in the first place, I am glad I had Todd and his team in my corner. Without them I likely would have had to spend a lot more time in prison than I did.Thank you, Todd, and the entire Spodek Law team, for helping turn what was a nightmare into a manageable situation!
I am immensely grateful to the entire team at Spodek Law Group for their unwavering dedication and exceptional expertise throughout my case. From our initial consultation to the final resolution, their professionalism and tireless advocacy made all the difference. Their strategic approach and attention to detail instilled confidence in me every step of the way.Thanks to their hard work and commitment, we achieved a truly favorable outcome that exceeded my expectations. Not only did they navigate the complexities of my case with precision, but they also provided invaluable support and guidance during what was undoubtedly a challenging time. I cannot recommend Spodek Law Group highly enough, especially attorneys Todd Spodek and Claire Banks; they are beacons of excellence in the legal profession.YSP.
Todd, Ralph and Alex are amazing. Helped my husband get from a double digit number with multiple charges to a single digit, by the time I blink he will be out. They very professional and help with all your needs. They dealt with my anxiety and worry very well and they understand that your family member needs to get home as soon as possible.
Believe every single review here about Alex Z!! From our initial consultation, it was evident that Alex possessed a profound understanding of criminal law and a fierce dedication to his clients rights. Throughout the entirety of my case, Alex exhibited unparalleled professionalism and unwavering commitment. What sets Alex apart is not only his legal expertise but also his genuine compassion for his clients. He took the time to thoroughly explain my case, alleviating any concerns I had along the way. His exact words were “I’m not worried about it”. His unwavering support and guidance were invaluable throughout the entire process. I am immensely grateful for Alex's exceptional legal representation and wholeheartedly recommend his services to anyone in need of a skilled criminal defense attorney. Alex Z is not just a lawyer; he is a beacon of hope for those navigating the complexities of the legal system. If you find yourself in need of a dedicated and competent legal advocate, look no further than Alex Z.
I don’t know where to start, I can write a novel about this firm, but one thing I will say is that having my best interest was their main priority since the beginning of my case which was back in Winter 2019. Miss Claire Banks, one of the best Attorneys in the firm represented me very well and was very professional, respectful, and truthful. Not once did she leave me in the dark, in fact she presented all options and routes that could possibly be considered for my case and she reinsured me that no matter what I decided to do, her and the team will have my back and that’s exactly what happened. Not only will I be liberated from this case, also, I will enjoy my freedom and continue to be a mother to my first born son and will have no restrictions with accomplishing my goals in life. Now that’s what I call victory!! I thank the Lord, My mother, Claire, and the Spodek team for standing by me and fighting with me. Words can’t describe how grateful I am to have the opportunity to work with this team. I’m very satisfied, very pleased with their performance, their hard work, and their diligence.Thank you team!
I recently had Spodek Law Group represent me for a legal matter in NYC and I am thoroughly impressed with their services.Alex Zhik secured the best possible outcome for my case.It was a seamless journey from the initial consultation to the resolution of my legal matter. From the moment I spoke to Todd about my case, his enthusiasm to help was evident, setting a positive tone for the entire experience. The efficiency and professionalism displayed by the team is commendable.A particularly noteworthy aspect of their service is their user-friendly portal to upload your documents/evidence. This not only simplified the process, but showcases their commitment to streamline the client experience.Lastly, in an industry where legal fees can often be a concern, I found their pricing to be very reasonable, making needing legal assistance feel accessible and stress-free.I am grateful for their support and wouldn't hesitate to turn to them again in the future.
This causes customers to owe more money than they can afford when it’s time to repay their loan, forcing them to apply for yet another payday loan. It doesn’t take long before the customer is in so much debt with the lender they end up paying back double, triple, or more than the amount they borrowed in the first place.
Special Considerations and Penalties
Special consideration and additional laws apply to loans over a certain amount of money. Loans of more than $2.5 million are subject to a different set of rules than loans less than $250,000. This is why it’s imperative someone with a criminal usury case contacts a New York attorney for help understanding the law, what the penalties might be, and how you can plead your case to avoid fines, penalties, probation, and even jail time.
Loan Fees and Penalties
Many people have questions about fees that originate with their loans. Fees are not always calculated when it comes to the interest rate being charged on a loan, specifically in real estate loans. Other fees, however, might apply to the interest charged on a loan. Understanding the differences, which fees are considered, and which fees are not is helpful when it comes to understanding criminal usury.
Understanding New York Usury Penalties
How a lender is charged for usury in New York varies based on the case, the offense, and several other factors. While it’s typically considered a white collar crime, there are lenders that face prison time for providing loans with criminal usury rates. Most people who face prison time are also found guilty of other financial crimes. If usury is the only crime a lender is guilty of, the most common penalties are financially related. Probation is not uncommon, and many lenders with states licenses put their licenses at risk if they’re found guilty of criminal usury.
Finding an attorney who works with you to ensure you are given the best possible protection in a criminal usury case is in your best interest. Our attorneys work with the knowledge and experience it takes to help clients defend their case by understanding the charges brought against them and the crimes they’re being accused of committing. Talking to an attorney about your rights helps you understand the law, which protects you and your business.
