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 hotlineHere 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 […]
Study Finds Online Lenders are Often ‘Fraudulent and Abusive’The Pew Charitable Trust released a new report, Fraud and Abuse Online: Harmful Practices in Internet Payday Lending yesterday. Nothing in this reports surprises us here at VPLC because we hear almost every day from people who call us for help with an online loan. Nevertheless it is shocking to see the key findings from this report: […]
Don’t Become Shark Bait by Getting Line of Credit & Online LoansMonday’s blog warned of the dangers of swimming with Virginia’s payday and car title lenders. Today we want to warn you about other dangerous predators trying to lure Virginians with promises of “Fast Cash” and “No credit/no problem” loans. Believe it or not, these lenders are even worse than payday and car title lenders. […]
12 On Your Side Alert: Warning About E-mail Loan OffersBy Gray Hall, NBC 12 There is a warning about a suspicious email that may show up in your inbox. It’s an offer for a loan. If you need some quick cash, it may sound good but consumer experts say don’t reply. The subject of this email is “Do you need a loan?” If you […]