California this year sought to banish high-cost lenders. OppLoans was undeterred.
A new state law this year capped interest rates—currently at about 37% a year—for some consumer loans. But OppLoans is charging 160% on a typical loan in California, according to its website, using a partnership with a Utah bank to continue selling in the state despite the new rules.
I know maybe we should cap rates at 5% for all loans...
I'm keeping mine.
Wait...so what we are saying is we need to prevent people from purchasing a product that they want buy making that product illegal? Prohibition rarely works for any product. Its not like other lenders are suddenly going to start doing subprime loans because there is a demand.
The most ingenuity is seen when a prisoner needs a weapon or when a bank wants money
like what's wrong with yello taxi