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At A Glance
Course action lawsuits are increasingly being filed against online payday lenders over claims that the businesses are recharging exorbitant interest prices вЂ“ often as much as 800% вЂ“ in installment loans California online breach of state and federal guidelines. Continue reading to find out more.
State rules cap loan rates of interest at particular percentages to reduce predatory lending.
as an example, in Virginia, many companies cannot levy significantly more than a 12% rate of interest.
Its thought that some online payday lenders, nevertheless, are charging you yearly portion prices more than 800% in clear breach of the regulations.