High court: Interest on some personal loans can be illegal

SAN FRANCISCO (AP) — In a win for consumers, the California Supreme Court ruled that interest rates on some personal loans may be so high that they are illegal under state law.
The court in its unanimous decision on Monday did not define exactly what interest rate would qualify as unconscionable and acknowledged that determining that figure could be daunting.
But Associate Justice Mariano-Florentino Cuellar said “courts have a responsibility to guard against consumer loan provisions