I was puzzled when I recently watched an ad for Pay-Day-Loan (or the like) that in the disclaimer specifically mentioned that they didn't provide their service in New York due to legal limits on interest rates. So I looked it up and found this page which suggest that while New York has a limit on interest charged of 16% then many other (majority) has a similar limit with many being 8-10%.
Store cards and credit cards are often linked to an interest rate of 20% of more -- while the page suggest that for California where I live the limit is 10% -- so are they breaking the law or is a credit card simply not a "loan" and qualify under these rules?
Similar, the New York's limit of 16% does not look like the most stringent -- for example Texas is 10% and West Virginia is 8% -- so is there anything which set New York apart compared to other states when it comes to interest rates?
