“Payday Syndicate” Accused Of Charging Illegal Triple-Digit Interest Rates In NY

“Payday Syndicate” Accused Of Charging Illegal Triple-Digit Interest Rates In NY

States have usury laws to limit illegal lending from loan sharks and organized crime. Some states’ laws limit interest rates on loans so much that payday lending and other predatory financial products are effectively banned. New York is one such state, and prosecutors there have filed charges against the operators of a “payday syndicate” that allegedly issued loans with illegally high, triple-digit interest rates. [More]