Attorney and State Commissioner of Financial Institutions Iris Ikeda joins producer/host Coralie Chun Matayoshi to discuss:
- why the Legislature got rid of payday loans effective 1/1/22
- what are installment loans and why they are better for the consumer
- what is the maximum amount you can borrow
- what are the maximum allowable interest rates and fees
- whether you can prepay or payoff your loan without penalty
- why you need to make sure that the lender is licensed and how you can find out.