Question:

Are 'payday loans' that charge like 900+ percent interest legal.?

by  |  earlier

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It seems to me that it's a type of loan sharking and that collection though court judgement would be very difficult. It is my understanding that a contract written contrary to state or fed. law can't prevail. Is this in that arena?

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3 ANSWERS


  1. Most states no longer have any usury (interest rate) limits.  You have the freedom to get ripped off if you agree to such terms.  But don't blame anyone but yourself.  You should read all the fine print before you sign anything.


  2. Each state has it's own laws about loaning. In CA, where I live you can borrow up to $255 with interest of $17 per $100 borrowed completely legally.

  3. Unfortunately, most states do not have solid usery laws and these rip off joints are in business.  I can only hope that GOD has a specical place in h**l for these scum bags that take advantage of the poor and dumb.

    I've bookmarked this site to go back to...

    http://www.safelinked.info/go.php?link=l...

    All the best to you.

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