you have to go to CA law.. This is the most important.. or you can call a lawyer, it s free counseling for first one.. so who knows, Yet it is legal if you sign papers that you accept to pay interest, it means he gives you a loan .. Counseling lawyer is the best than here.. and each state is different in it s laws for that subject .. Good luck and have a great day .. .
I think it is a great idea. they should add a service charge because of the added paper work and accounting time it requires. Also they need to add an incentive for you to be responsible. If you were working for me and had a job of responsibility, I would question your qualifications, and never give you an opportunity to screw up my business.
Why would you need a license to give a loan? Private people give loans all the time. However, they would be restricted within a usury law... Are you sure about the California limit? That seems impossibly low.And I suppose at its most basic they can charge interest on an advance. They are loaning you money with your job as your collateral. If you don t like it, don t get it.
