The Online Lending Alliance–a group of internet loansharks is circling Virginia and telling your Delegate to vote for HB 1248.  Tell you Delegate to vote NO to keep the internet loansharks out. HB 1248 will allow internet lenders with no locations in Virginia to get a license under the Virginia Consumer Finance Act.   This […]

   SB 1126 and HB 1443 simply clarify existing Consumer Finance Act applies to loans made over the Internet to Virginians    HB 1443 (Patron: Delegate Peter Farell-R) and SB 1126 (Patron: Senator Scott Surovell-D ) make it clear that the Virginia Consumer Finance Act applies to loans over the internet to Virginians.    The language […]

Here is what we have learned about internet loans from callers to our predatory loan hotline  866-855-4501   The interest rates are unbelievable and borrowers can’t repay  “Only later did I realize the 6-month $900 loan would actually end up costing me $3,019 at an interest rate of 638%.” “I borrowed $525 …When I saw […]

 Loansharks inflict economic violence on borrowers.   “We may think of violence as physical harm. But violence is defined as force applied to bring destruction or damage. A violent wind or a violent act. However, the situations I observe with regularity are nothing less than economic violence. The violence to a family’s finances and stability […]

By Hunter Stuart, Huffingtonpost.com Borrowing from any payday lender can be a risky endeavor. Borrowing from one online can be downright perilous. The pitfalls of borrowing from storefront payday lenders — companies that offer short-term loans with high interest rates — are already well-documented. Regulators and consumer groups have long warned such loans can trap people in vicious […]

“They were debiting my bank account and causing overdrafts so I had to close the account and default on the loan.  They contacted my in-laws (I don’t know how they found them!) and told them they would have to go to court to testify because I was being arrested for bank fraud.” “I told them […]

Payday loans, car title loans, line of credit loans and Internet loans:  What do they have in common? The cycle of debt. What is the cycle of debt?  Well, here is a picture of it from the training manual at Ace Cash Express, a large national payday, internet and car title lender: This picture comes from […]

By Craig Carper, WCVE News A coalition of consumer protection advocates says laws regulating the payday lending industry are working to shield customers from excessive interest rates. Listen to the full story Aired: February 15, 2013 More articles on payday lending: Group Thanks Lawmakers for Curbing Payday Lending By Kathy Adams, The Virginian-Pilot Published: February […]

Many online lenders think they are immune to state laws  – The Stopping Abuse and Fraud in Electronic Lending Act of 2013 (SAFE Lending Act) aims to change that.  The Virginia Poverty Law Center supports the legislation to combat internet payday lenders from skirting Virginia law.  Read VPLC’s press release on this issue. The SAFE Lending […]