Samuel D. asked
My son, a veteran with bipolar disorder, took out several online loans during a manic episode. One loan for $500 has an interest rate of 785%. Is this legal in New Jersey? He has contacted legal aid and a law clinic but has been unable to find pro-bono assistance. He is currently being treated at the East Orange, NJ VA and is back on his medication. The loan company claims to be based in Alaska.
March 12th, 2023
Jerry S. answered
The high-interest rate on the loan your son took out, particularly at 785%, is likely illegal in New...
March 12th, 2023
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