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Kooskie K
Is there a law against being charged an outrageous interest rates on loans?
Yes, there is a law against outrageous interest rates. The most that can be charged is different depending in which state the loan is made. An example of this is that if you live in one state and have credit card in two different states their maximum interest rate may be different.
The jury is still out for the pay day loan companies. Some courts have determined that they cannot charge the outragesous interest rates. It is best to stay away from them.
Ibredd
Generally it is the states that set the interest for the type of loan. Some states like New Jersey allow credit cards to much leeway.
nas88caror 300
it just depends what state you live...some do some don't
merlin_steele
I don't think so. Some easy-loan companies have charged at least 20 percent or more that I know of.
Lisa
There are credit acts that deem that companies must treat all parties equally. Ask someone you know to call and get a rate and see what rate they are given. If you still have concerns, you can raise them with the management.
Arbitrage
It depends on the state. There's a listing of the states and their max interest rates here: http://www.lectlaw.com/files/ban02.htm
This is the rate at which an individual or a corporation can lend at.
Banks have different limit because you need a license to lend money at those higher rates. It's usually tied to the discount rate set by the Fed.
Clyde
it's called extortion....and loan sharks can't do it but banks can
AlphaFemale
Absolutely not. Those payday loan places charge even more than what you have listed.
the sealer
Yes, I believe there is. The most anyone, includung loan sharks, can charge is 25% interest. Check with your local better business bureau. Find another loan company and drop the one you're with.
thunder2sys
There is no law against charging interest rates that high. Now it is illegal to charge a different rate than what was given to you when you signed to loan documents.
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