Are High-Interest Personal Loans a Necessary Evil?

Groups fighting for justice for the poor, the working class and people of color are trying to attract support for a proposed law that it would make it more difficult for loan companies, which the state Department of Business Oversight says are disproportionately located in minority and low-income areas, to charge exorbitant fees for their services. AB 1109 by Assemblyman Ash Kalra would cap personal loan interest rates at 24 percent.