Not reasonable at all, really. There is an argument that even 36% caps are
unreasonable for certain credit products like short term installment loans. Most consumer credit these days needs to involve a bank in order to get around state usury thresholds that essentially make installment credit unavailable, so a federal law that imposed a nationwide usury limit would freeze access to credit for millions of people almost overnight.
Creditors are not philanthropies and the risks and fraud and default are very high, particularly with unsecured products.
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In response to this post by WahooMatt05)
Posted: 07/01/2022 at 12:01PM