Some online loan providers charge 900% interest and ignore Virginia legislation. So borrowers are suing.
A group that is loose-knit of, stung by triple-digit rates of interest on payday as well as other loans, is wanting to accomplish exactly what the overall Assembly won’t — make sure all lenders, including on line people, follow Virginia rules.
In a number of federal legal actions, they’ve alleged lenders are hiding behind indigenous American tribal governments to get around a Virginia law banning usury and a federal anti-racketeering legislation that targets loan sharks’ business collection agencies techniques.
The legal […]