The U.S. House of Representatives is set to vote on the so-called CHOICE Act, which would essentially undo all the protections put in place after the last Great Recession and bank bailout. Here are a few questions we all must consider and ask of our Congressional representatives as they prepare to take America’s financial marketplace […]$15 Million Settlement in a “Tribe for Hire” Scam!
Virginia Poverty Law Center filed a class action lawsuit almost 3 years ago after a man called our hotline about a loan he had received from Western Sky/Cashcall. VPLC’s Board Members Kristi Kelly and Len Bennett took on this case and both spent a lot of time and resources litigating this case. Virginia’s Attorney General’s […]Line of Credit lenders are out of control and need some reasonable limits
Delegate David Yancey has tried for years to put some reasonable limits on the odious practices of former payday lenders that now evade regulation with their “line of credit” loans. HB 2465 is a common sense Bill that puts some of the same restrictions on these loans that are in place for payday loans: 1. […]Adding Internet Lending to Virginia’s Consumer Finance Act – SB 1126 & HB 1443
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 […]Vote Yes on SB 1038 Vote Yes on SB 1125
Here is what we have learned about internet loans from callers to our predatory loan hotline
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 […]What We Have Learned About “Line of Credit Loans” from Our Hotline Callers
Here are the lessons we’ve learned directly from borrowers’ experiences with open-end, “line of credit” loans. 866-855-4501 Borrowers get caught in a debt trap “I kept paying and paying and paying on it, but the balance never went down. After a year and a half of never missing a payment, my balance was higher than […]Welcome to Shark Week 2015
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 […]