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California Regulator Focuses on Small Balance Consumer Lenders (and Indirectly on Online Lead Generators)

October 17th, 2018

“The California Department of Business Oversight (DBO) is focusing its attention on lenders offering triple-digit APR small-dollar loans.

Via a letter, the DBO recently issued formal information requests to 20 high-volume lenders licensed under the California Financing Law (CFL). The selected lenders all reported, in their 2017 annual reports filed with the DBO, that they made at least 1,000 small-dollar consumer loans ranging in size from $2,500 to $9,999. Of those loans, 90% carried APRs equal to or greater than 100%.”

To read full publication, click here.

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