“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%.”
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