Column: Pay-day lenders, charging you 460%, aren’t subject to California’s usury law
It is a question I get asked much: In the event that California’s usury laws states a personal bank loan can not has a keen yearly interest rate greater than ten%, just how can pay-day loan providers pull off rates topping eight hundred%?
Numerous customers came within myself with this lead-scratcher once i penned Saturday in the a provision away from Republican lawmakers’ Monetary Choices Work that would eliminate government oversight off pay-day and you will car-term lenders. Continue Reading
