Zimmerman Reed is currently investigating claims against payday lenders for charging excessive interest rates. If you obtained a payday loan and believe that you were charged an excessive interest rate, we would be interested in investigating your claim and talking to you to see if we can help.

We charge no fee unless recover successfully obtain some relief for you. If you are interested in learning if we can help, please fill out a free case review form or call us at 1.800.887.8029.

Background

For years payday lenders have lent money to financially vulnerable borrowers at extremely high annual interest rates, often exceeding 300-400%. A payday loan is usually a short-term, high cost loan, generally for $500 or less that is due on your next payday. These loans are widely known to exploit consumers in tight or difficult financial circumstances. Consumers often renew the loans when they are unable to pay them off, creating a cycle of mounting debt. Over the past decade, payday lending has become “one of the fastest growing segments of the consumer credit industry” and, as of 2005, “there were more payday-loan stores in the United States than McDonald’s, Burger King, Sears, J.C. Penney, and Target stores combined.[1]

Most states have statutes protecting consumers and prohibiting the charging of excessive interest rates, also called usury. Like other states, California’s usury laws are primarily designed to penalize entities that take advantage of unwary borrowers. California, like most states, places limits on interest rates, and outlaws unfair lending practices. Under these laws, California borrowers may be entitled to all interest paid above these limits, as well as significant other relief such as triple damages and attorneys’ fees

How We Can Help

If you obtained a payday loan and believe that you were charged an excessive and illegal interest rate, we would be interested in investigating your claim to see if we can help you.

We charge no fee unless recover successfully obtain some relief for you. If you are interested in learning if we are in a position to help you, please submit a free case review form or call us at 1.800.887.8029. Zimmerman Reed has more than 30 years of experience handling consumer protection claims and we are here to listen to your story and answer any questions you may have.