I have no idea if this is a law, but 1.5% per month is about 20% pa. I think that anything over 20%-30% starts to fall into the classification of "predatory len

I have no idea if this is a law, but 1.5% per month is about 20% pa. I think that anything over 20%-30% starts to fall into the classification of "predatory lending" or similarly frowned upon practices. As I said, no idea about laws but I wouldn't be surprised if this is against various industry standards.