The state Supreme Court adds a little clarity on high-interest loans, but not enough
“The California Supreme Court struck what seemed like an important blow for consumers this week, unanimously declaring that the rates on some consumer loans can be so burdensome and so onerous that they are illegal; lenders, the court said, are not free to impose whatever interest rates and terms they please on desperate borrowers, but must stick within limits. Yet the ruling provided no clarity at all on how to distinguish between a loan that’s merely burdensome and one that’s illegal.”