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Column: Payday loan providers, billing 460%, aren’t subject to California’s usury law

Column: Payday loan providers, billing 460%, aren’t subject to California’s usury law It’s a concern We get asked a great deal: If California’s usury legislation states a loan that is personal have actually a yearly rate of interest of a lot more than 10%, how can payday lenders escape with interest levels topping 400%? Lots of visitors arrived at me personally with this head-scratcher when I had written Tuesday of a supply of Republican lawmakers’ Financial solution Act that will eradicate federal oversight of payday and car-title loan providers. I ran across the one-sentence measure hidden...

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