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What is the highest interest rate allowed by CA law?


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2004-11-13 10:26:02
2004-11-13 10:26:02

California, as well as 26 other states have no limitation on interest rates, user fees, late penalties, etc for credit cards. Arkansas is the only state with very strict usury statutes.Federal usury laws are of little help, as the only stipulation is for the credit card companies to inform customers of their rates and fees. There has been a bill "stuck" in legislation to place a 17% cap on interest rates, it is doubtful it will ever become law.


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I am trying to find the answer to this question because I am getting charged over 90% interest by cash call, and I don't think this is at all legal!!!

It is regulated by state law, so it depends on where your credit agreement is in effect. Where I am it's 33% annually.

It is determined by comptroller of state by averaging the discount rate of the Federal Reserve Bank of New York for the preceding year and adding 500 basis points to the averaged federal discount rate.

The usury rate is 5% in Wisconsin but, unfortunately auto loans are exempt from the law Wis. Statutes 138.06

I am no law expert but i believe it is 12%. Do not be fooled, delinquent loans through the rules out the window,

a law that establishes a maximum interest rate for credit transactions of 24 percent

No. It was never allowed in old and new testament either.

Usury law put a ceiling on interest rate

There is no federal law limiting auto loan interest rates. State regulations limit them. Most states have upper limits ranging from 8% maximum, to 20% or more. Shop different dealers or lenders for the lowest rate your credit rating will permit.

Monetary loans(Depending on the local laws),or a loan at excessive interest rate.

I'm not sure if you meant the highest Law or the highest Court. I know of no such law being considered the "highest law". However, the highest Court is the US Supreme Court. Highest law= US Constitution

The reasonableness standard is the standard by which a law is allowed to stand because it is reasonably related to a legitimate government interest.

They were, but once they become a judge they are not allowed to practice law since it would be a conflict of interest.

Which law is the highest law in South Africa

Law enforcement jobs have the highest divorce rates.

TEXAS, the legal rate of interest is 6%. Interest does not begin until 30 days after an account was due. The judgment rate of interest is 18% or the rate in the contract, whichever is less. There are a number of specific ceilings for different types of loans. the federal government passed a special law which allowed national banks (the ones that have the word "national" or the term "N.A." in their name, and savings banks that are federally chartered) to ignore state usury limits and pegged the rate of interest at a certain number of points above the federal reserve discount rate. In addition, specially chartered organizations like small loan companies and installment plan sellers (like car financing companies) have their own rules.

15% plus a fee for 6% late payments is what is allowed in VA for Consumer loans. Also, Virginia law requires payday lenders to be licensed even if they have a storefront business in Virginia. David

In March of 2009, the state of South Carolina passed a law that requires Payday loan companies to change the way they calculate interest on loans given within the state. Interest will now be charged on a flat basis and can only compound at the maximum rate of 26%. Before the law, interest was being charged at the rate of over 270%.

I think it was about 1986...the Regan years...that the law was changed and interest that wasn't part of a mortgage stopped being deductible.

Maryland is not as clear cut as other states. In a former company, I worked for we operated under the CSO (Credit service organization). In many states, Maryland included - that's a fancy way of getting past high interest rates. Long story short. Maryland is just as expensive to borrow money as the rest of the country. For payday loans and other high cost of credit loans. Your looking at north of 600% APR.

Federal Law is the highest law in any state, followed by state, then local law.

The Constitution is the highest law in the United States.

A special interest is a group or business who wants something written into law that will benefit them alone and no one else. We have a lot of that in state and federal laws. A good example is in 1946 a law was passed that allowed health insurance companies not to come under the laws the antitrust laws. This has allowed the insurance companies to dominate the market and to force completion out.

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