Is 730% Interest Legal in California
Date: Tue, 04/05/2011 - 08:15
I took out a $200 loan from Liberty Group LLC, and unfortunately did not pay attention to the 730.00% interest rate. They have debited my checking account $60 five times, totaling $360.00. None of the money has gone to pay off the principle. The $60 dollars is a finance fee. Is this legal, and do have any recourse? I live in California.
Did you check the Ca.s licensee data base to see if they were li
Did you check the Ca.s licensee data base to see if they were licensed to lend, they are required to be licensed in your state, check below:
http://www.corp.ca.gov/FSD/licensees/default.asp
If they aren't listed, they aren't licensed. Also, make sure they are a payday lender and not an installment type of lender.
[URL=http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html]CLICK HERE[/URL] to find out how to deal with illegal lenders.
