Some online loan providers charge 900% interest and ignore Virginia legislation.

Some online loan providers charge 900% interest and ignore Virginia legislation.

A loose-knit selection of Virginians, stung by triple-digit rates of interest on payday along with other loans, is wanting to accomplish just exactly what the overall Assembly won’t — make sure all loan providers, including on line people, follow Virginia laws and regulations.

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. Continue reading “Some online loan providers charge 900% interest and ignore Virginia legislation.”