Legal Question in Credit and Debt Law in California

Whatever people are dumb enough to agree to, for example the payday loan companies that charge 798%. Or is it 897%. There is a California "usury" law but it is toothless. The banking and payday loan lobby bribed Sacramento into gutting that law many years ago. And a lender located out of state, say in Nevada or South Dakota is free to lend at whatever sky's-the-limit interest rate their state allows them to charge.

See http://ag.ca.gov/consumers/general/usury.php

California's legal interest rate is 10% APR. However, the legally allowable interest rate is whatever the lender can negotiate.