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Doug Semler wrote:
I think one of the only times "fairness" enters into contract law is
interest rate limits on loans; specific types of contracts have
regulatory or statutory constraints on them. You see that alot in
"People's Court" when the plaintiff sues for non payment and the
principle is awarded but the interest portion is denied because it
violates the constraints of the law. (No Loan Sharking Allowed g!)

LOL This is from a major bank's credit card site. Loan sharking is
obviously completely legal.

Annual percentage rate (APR) for purchases 18.24% variable.

Other APRs
Cash advance APR: 23.24% variable.
Default APR: 32.24% variable.

On Aug 6, 5:00 pm, "Gig 601XL Builder" wrDOTgiaconaATsuddenlink.net
wrote:
Doug Semler wrote:
I think one of the only times "fairness" enters into contract law is
interest rate limits on loans; specific types of contracts have
regulatory or statutory constraints on them. You see that alot in
"People's Court" when the plaintiff sues for non payment and the
principle is awarded but the interest portion is denied because it
violates the constraints of the law. (No Loan Sharking Allowed g!)

LOL This is from a major bank's credit card site. Loan sharking is
obviously completely legal.

Annual percentage rate (APR) for purchases 18.24% variable.

Other APRs
Cash advance APR: 23.24% variable.
Default APR: 32.24% variable.

You know. I never could figure that out. Neither the something like
400% APR charged by places that do paycheck advances (look at the
contract, the "fee" they charge is actually a "prepaid interest,"
which, over the course of a short period of time, amounts to that
insane amount.) But I can't loan my neighbor 500 bucks like that...

But, of course, those are still under "regulatory" or "statutory"
constraints. Even if the constraints are quite lax.

Doug Semler wrote:

You know. I never could figure that out. Neither the something like
400% APR charged by places that do paycheck advances (look at the
contract, the "fee" they charge is actually a "prepaid interest,"
which, over the course of a short period of time, amounts to that
insane amount.) But I can't loan my neighbor 500 bucks like that...

But, of course, those are still under "regulatory" or "statutory"
constraints. Even if the constraints are quite lax.

One good thing the Arkansas Legislature did a couple of years ago was deny
the places where you write a post dated check and then get a loan based on
it the right to use the state's hot check recovery program.

Before they did that it was a pretty sweet deal for the check/loan places.
They had the full force of the state's county sheriffs and prosecuting
attorneys to act as there collection department for bad loans.