Actress Eva Longoria is now being sued. The lawsuit has been brought by a business associate. The lawsuit claims that Eva Longoria charged more than the allowable interest on a short term personal loan. This is also known as usury. The usury lawsuit was filed within the state of California, in which the restaurant is operating. The restaurant, nevertheless, filed for bankruptcy in Nevada. She is making sure that nothing forces her to live off of a quick personal loan|She is making sure that nothing causes her to live off of payday cash loans|She is making sure that absolutely nothing forces her to live off of a payday loan. Resource for this article – Eva Longoria sued under usury laws, Nevada! bankruptcy proceeds by MoneyBlogNewz}.
How Beso ended up going bankrupt
Beso, the restaurant and bar owned and operated by actress Eva Longoria, has filed for bankruptcy. There was a profit in the restaurant of $14.6 million. About $76,000 a month was being lost still. The $2.5 million in assets are supposed to be protected with the bankruptcy. Still, owing a lot of money is Eva Longoria as a creditor. All debts owed by the restaurant may be restructured. This is what the Reno, Nevada, court is trying to do. The court is sorting out the debts and assets while the restaurant is going to stay open. It may close any time though.
Usury getting Eva Longoria sued
In an attempt to keep Beso up and running, Eva Longoria provided a $1 million loan to the managers of the restaurant. This short-term loan came with extensive terms for the repayment. Eight percent of the loan and a 23.33 percent stake in the company was what the business had to pay. In order to get the money needed for the restaurant, the managers agreed to all of these terms. California state rules were then read by the company following this. They filed a lawsuit after decided they had been charged far too much.
What Longoria's investment got her
Only $1 million was invested into the company by Eva Longoria. Then, she got $4.6 million back in interest from Beso. This $4.6 million racked up in just two years, putting the annual percentage rates above 200 percent. If Longoria is found guilty of usury for acting as a loan lender, then she could be ordered to pay back the full $4.6 million she has received in interest payments for the loan.