By Shawn Martin
“California’s online payday loans attacked”, and rightfully so!
The kind of headline I love seeing. California is joining in the fight to eliminate illegal online payday loan companies, but there are so many of them to shut down, the fight may last a while.
It seems to be a battle between state laws and the ability for online lenders to completely disregard those laws and drain their clients offline bank accounts with huge fees and multiple loans.
See how we deal with payday loan debt!
Continue reading “Online payday loans attacked”
October 25th, 2012 by Shawn Martin
California payday loan laws are similar to other states in they are designed to protect the borrower.
You must be licensed to give internet payday loans in California but it is legal to do business in Payday and cash advances.
The maximum amount of a Payday loan or cash advance in California is 31 days. No roll overs are allowed, and the interest rate is 15 percent of the amount loaned.
A 14 day loan will cost you $17.50 and that works out to an APR of 459 percent annually.
The laws are aimed at avoiding predatory lending practices. Because of the many choices of lenders in California we suggest you make sure the one you choose to do business with is on the up and up.
Continue reading “California Payday Loan Laws”