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California Supreme Court says loan interest rates can be deemed 'unconscionable'
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California Supreme Court says loan interest rates can be deemed 'unconscionable'
Can interest rates on consumer loans in California be so high that they're illegal? On Monday, the California Supreme Court said yes.
The court did not set a hard limit, but did say judges can decide that some interest rates are "unconscionable," and therefore in violation of state law. The question came up in a case against Orange County lender CashCall.
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But the game has changed: Congress voted to eliminate funding for public media across the country. Here at LAist that means a loss of $1.7 million in our budget every year. We want to assure you that despite growing threats to free press and free speech, LAist will remain a voice you know and trust. Speaking frankly, the amount of reader support we receive will help determine how strong of a newsroom we are going forward to cover the important news in our community.
We’re asking you to stand up for independent reporting that will not be silenced. With more individuals like you supporting this public service, we can continue to provide essential coverage for Southern Californians that you can’t find anywhere else. Become a monthly member today to help sustain this mission.
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