California should expand loans that help lower-income borrowers. This bill would do that
“Hard-working Californians have long been the target of predatory lenders, which the California Supreme Court recently ruled can no longer offer loans with ‘unduly oppressive terms’ and interest rates so high they are ’unconscionable.’ While the decision is laudable, the court did nothing to clarify what defines ‘unconscionable’ and what, if anything, the ruling will mean for working families who are borrowing at triple-digit interest rates and are trapped in an endless cycle of debt.”