This is a widget area

If you go to "Appearance" in your WP-Admin you can change the content of this text in "Widgets", or you can remove this box completely under "Theme Options"

Some online loan providers charge 900% interest and ignore Virginia legislation. So borrowers are suing.

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 typical Assembly won’t — make sure all loan providers, including on line people, follow Virginia guidelines.

They’ve alleged lenders are hiding behind Native American tribal governments in order to get around a Virginia law banning usury and a federal anti-racketeering law that targets loan sharks’ debt collection practices in a series of federal lawsuits. (more…)