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Posted: 11:56 AM Aug 18, 2010
W.Va. Sues 8 Companies Over Illegal Payday Loans
Attorney General Darrell McGraw is suing eight companies for offering Internet payday loans that are illegal in West Virginia.
Reporter: The Associated Press Email Address: anna.baxter@wsaz.com |
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CHARLESTON, W.Va. (AP) -- Attorney General Darrell McGraw is suing eight companies for offering Internet payday loans that are illegal in West Virginia.
The lawsuit filed Wednesday in Kanawha County Circuit Court demands the companies turn over records of their accounts in West Virginia and immediately stop all lending.
McGraw says the companies have refused to cooperate with his investigation.
Payday loans are typically made for 14 days and involve interest rates as high as 800 percent. McGraw says they're a predatory trap for struggling West Virginians.
The targeted companies are based in Arizona, Delaware, South Dakota and California.
Since 2005, McGraw has settled lawsuits with 107 Internet payday lenders, collecting $2.4 million in refunds and canceled debts.
Latest Comments
Posted by: use your brain people
on Aug 19, 2010 at 12:24 AM
the smart thing to do,is for people to STOP using these type of services, and it will put them out of bussiness. the goverment should step in and put a cap on the amount they can charge ,they should have to follow the same rulls as your local bank does when it comes to loaning money
Posted by: Shannon
on Aug 18, 2010 at 12:21 PM
I did one with one of these companies and wont ever do it again. Gosh made it worse then when I started
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