Categotry Archives: Debt

For the Protection Of Debtors

Most states have usury laws designed to protect people from modern day “moneychangers.” These laws prohibit lending money at an interest rate in excess of a certain statutory maximum. This is a “usury limit.” rates vary quite a bit from state to state, but they average about sixteen percent maximum. Why then, do some “predatory lenders” get away with charging twenty five percent, thirty five percent, even forty five percent in states that have much lower limits? We should thank […]