Legal Question in Consumer Law in California

Usury laws on simple interest loans

Hi I took out a loan from cashcall.com in march 05 made my first payment for 199.02 in april the amount of the loan was 2600.00 on their site they stated that the interest was simple interest upon getting the loan it states that the interest is 90.03% and if I keep the loan for the full amount i will have paid 8,509.64 my payments are 199 a month and it seems like only 20 dollars or less goes toward the principal amount is this usury and how can I get help to find out I was not aware that I would be making interest only payments I have to make 36 more payments. Thanks


Asked on 10/19/05, 1:17 pm

1 Answer from Attorneys
Aaron Davis Law Office of Aaron M. Davis

Re: Usury laws on simple interest loans

That certainly sounds like it may be usurious. Further, the company that made the loan may have engaged in other unfair business practices. We'd need to review the terms of the loan and talk with you to ascertain the strength of your case. We can handle cases in Southern California.

For a free consultation, please give us a call.

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Answered on 10/19/05, 2:20 pm


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