California Interest Rates
California State Interest Rates
The following is the California law on basic interest charges for pawnshops as of January 1, 2002. The actual law can be found in California Financial Code Section 21200.5. The description of the law below has been rewritten in laymen's terms. A 2.5% interest charge per month on the principle (loan amount) of the loan, including, but not more than $225. A 2% interest charge per month on a principle loan amount more than $225, including, but not more than $900. A 1.5% interest charge per month on a principle loan amount in excess of $900, including, but not more than $1,650. A 1% interest charge per month on a principle loan amount from $1,650 to $2,499.
PawnZone™ Corp. can set the interest rate
for loans more than $2,500. One month's interest may be charged for
any part of the month in which a pawned item is redeemed.
90 Days Loan Calculator.
You can use this es timator to calculate loans for the amounts of less than $2,500 for the period of 90 days.
Loans of $2,500 and more — all interests and fees are as agreed upon.