It’s a concern I have expected a great deal: If California’s usury legislation states a loan that is personal have a yearly rate of interest of a lot more than 10%, how can payday lenders break free with interest levels topping 400%?
a wide range of visitors came at me personally with this head-scratcher once I composed Tuesday of a supply of Republican lawmakers’ Financial preference Act that could expel federal oversight of payday and car-title loan providers. Continue reading “Column: Payday loan providers, recharging 460%, are not at the mercy of Ca’s usury legislation”