Fontana, CA asked in Consumer Law and Contracts for California

Q: Is inheritance loan company allowed to charge me 12000 on a 6000 loan in state of California?

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2 Lawyer Answers
Leon Bayer
Leon Bayer
  • Consumer Law Lawyer
  • Long Beach, CA
  • Licensed in California

A: If the company is validly licensed for this kind of activity and the loan paperwork meets the requirements of law - then your answer is, unfortunately, yes and they can get away with it.

However, worthy of consideration is the fact that every consumer lets them do it to us when we take the money and sign the papers.

James L. Arrasmith
James L. Arrasmith pro label Lawyers, want to be a Justia Connect Pro too? Learn more ›
  • Sacramento, CA
  • Licensed in California

A: In California, there is no specific law that regulates inheritance loans or the fees that may be charged by inheritance loan companies. However, the fees charged by such companies may be subject to regulation under California's general consumer protection laws, which prohibit unfair and deceptive business practices.

If you believe that the fees charged by the inheritance loan company are unfair or deceptive, you may wish to consult with an attorney who is knowledgeable in consumer protection law to determine if you have any legal recourse. Additionally, you may wish to contact the California Department of Business Oversight, which regulates some types of lenders in the state, to inquire about the regulation of inheritance loans.

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