Latest battle over California lending market: Should grocery stores offer large loans?

The pilot program was created, they argue, to encourage lenders to make loans that otherwise weren’t being offered. But there’s no such gap in the market for loans larger than $2,500. Last year, California lenders made nearly 750,000 loans of between $2,500 and $10,000. Though nearly half came with triple-digit APRs, more than 40% charged less than 40% APR, according to a state report.