For payday loans and interest rates, do the loan companies have to follow state laws regarding them?
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For payday loans and interest rates, do the loan companies have to follow state laws regarding them?
Asked on October 31, 2012 under General Practice, Illinois
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Under the laws of all states in this country, pay day loan companies are required to abide by state usury laws on interest. In fact, many of these companies have gotten themselves in trouble by charging too high of an interest rate for such laws in violation of state law.
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