Column: Payday loan providers, recharging 460%, aren’t subject to California’s usury law. Leviticus 25:36 makes God’s emotions about excessive interest also plainer: “Take thou no usury of him.”

2021-05-22T00:23:57+01:00

Column: Payday loan providers, recharging 460%, aren’t subject to California’s usury law. Leviticus 25:36 makes God’s emotions about excessive interest also plainer: “Take thou no usury of him.” It’s a concern I have expected a whole lot: If California’s usury legislation states a loan that is personal have actually a yearly rate of interest of significantly more than 10%, just how do payday lenders break free with rates of interest topping 400%? a wide range of visitors arrived at me with that head-scratcher once I penned Tuesday of a supply of Republican lawmakers’ Financial Selection Act that could eradicate federal oversight [...]