Business & Economy

California Supreme Court says loan interest rates can be deemed 'unconscionable'

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Can interest rates on consumer loans in California be so high that they're illegal? On Monday, the California Supreme Court said yes. 

The court did not set a hard limit, but did say judges can decide that some interest rates are "unconscionable," and therefore in violation of state law. The question came up in a case against Orange County lender CashCall.