Posts Tagged Predatory Lending

​Attorney General and Lawmakers Target High-Interest Loans

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Teena Hamlin stands outside the Allied Cash Advance in Richmond where she took out a loan in a moment of desperation. (Credit: Michael Pope)

For people who are really hard up for quick cash, reading the fine print of a contract is not always the top priority. That’s how many businesses thrive, charging interest rates in the hundreds to desperate consumers and trapping them in a cycle of debt. Now some elected officials are fighting back. Michael Pope reports.

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The Ongoing Efforts to Regulate Online Loans in Virginia

Mark Levine

Delegate Mark Levine, D-Alexandria, is part of a group that is hoping to impose new regulations on the online lending industry in Virginia. (Credit: AP Photo / Steve Helber)

No job? No credit? No problem, borrowers can go online to get a loan — and pay five thousand percent interest. But, as Michael Pope reports, that era might be coming to a close.

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Virginia Lawmakers Seek to Tame the Wild West of Online Lending

 

 

The internet has upended the recording industry, the newspaper industry and the hotel industry. Now state regulators are looking at how to handle the latest industry to go online — cheap and easy high-interest loans. Michael Pope has details.

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$15 Million Settlement in Tribe-For-Hire Scam

Mark Herring

Virginia’s Attorney General Mark Herring settled the landmark case this week. (Credit: Manuel Balce Ceneta / AP)

More than 15,000 victims of a predatory lending scheme in Virginia are having their loans absolved and receiving cash awards. That’s thanks to a $15 million settlement agreement approved in federal court in Richmond this week, one of the largest of its kind in history. Michael Pope has the story.

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State Lawmakers to Consider Options on How to Stop Predatory Lending

Payday Lender

Credit: frankieleon / Creative Commons

Lawmakers in Richmond are taking action that could result in a crackdown on high-interest loans many consider predatory. Michael Pope reports.

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Lawmakers Want to Limit Fees From Payday Advance Companies

Payday Lender

Lawmakers want to limit the amount of fees a company like Advance Till Payday can impose on people who take out a loan. (Credit: frankieleon / Creative Commons)

Lawmakers in Richmond are considering a bill that would crack down on fees attached to loans that critics call predatory. Michael Pope has the story.

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