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Far as I know, lenders can not charge more than 60% interest per annum
Where are you getting that? Different states have different usury limits. Some don't have one, and some have rules for payday-type lending (which can have a rate far higher than 50-60%).
leo707
2011 Sep 21, 7:37am
How i[s] this legal?
I ask myself that same question about how credit card companies run their operations.
MisdemeanorRebel
2011 Sep 21, 9:21am
Loansharks favorite place - outside military bases.
Full of young guys, and the army is very good about strong arming their own employees to pay debts.
You can actually get demoted for debts, at least that was the case before the Iraq War.
elliemae
2011 Sep 21, 4:12pm
It's always been legal. Huge industry.
http://www.ksl.com/?nid=148&sid=14023042
You don't have to be a rocket scientist to own one, either.
I received an email today from www.100dayloans.com that tells me I can borrow up to $1,500 for 100 days. The example they give is if I borrow $100 my interest would be anywhere from $15 to $26 after 100 days. So if I were divide 15 by 100, I get .15, multiply by 365 I get a yearly interest rate of 54.75% (assuming I'm a good credit risk) or as high as 94.9%! Far as I know, lenders can not charge more than 60% interest per annum, how can 94.9% not be over the legal limits? While there no one waiting to break my bones if I don't pay up, debt collector are waiting around to make threatening phone calls to me if I don't pay up. How it this legal?