Keyword: lendingpractices

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Keyword: lendingpractices

California advances bill to cap consumer loan interest rates

09/14/2019 2:10:34 AM PDT · by C19fan · 54 replies
AP ^ | September 13, 2019 | Staff

California lawmakers approved legislation Friday to cap interest rates for consumer loans, a measure that supporters say is designed to blunt predatory lending practices. The bill would cap consumer loan interest rates at 36 percentage points above the main interest rate set by the Federal Reserve, which is currently around 2%. Consumer advocacy groups say some loan companies charge interest rates as high as 225%.

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