Protecting Consumers from Predatory Lenders
For years Loan sharks have been praying on California consumers through loans with interest as high as 200% or even 300%. Irresponsible lenders have particularly targeted low income African American and Latinos. In this new episode of Look West, Assemblymember Monique Limón, the author of the new law that caps interest rates for loans between $2,500 to $10,000 to 36%, talks about the problem and what is next with nationally recognized Social and Economic Justice advocate Reverend Shane B. Scott.
