WSAZ - Local News and Breaking News Coverage for West Virginia, Ohio and Kentucky

Predatory Loan Investigation

Kanawha Circuit Court has ordered 10 Internet payday lenders to comply with an investigation conducted by Attorney General Darrell McGraw.

The lenders must stop making and collecting "payday" loans in West Virginia. The lenders were also ordered to produce the subpoenaed documents.

"Payday" loans are short term loans or cash advances, usually for two weeks, that are secured by a post-dated check or secured by the consumer's consent to an electronic debit for the full amount owed from a personal checking account.

Since the investigation began in 2005, McGraw's office has concluded settlement agreements with at least 17 Internet payday lenders.

Here's a list of the companies that were ordered by the court to comply with McGraw's investigation:

  • Ambassador Financial Services d/b/a Nationwide Cash of Esponola, Minnesota

  • American Interweb Marketing d/b/a CASHrebateonline.com of Carson City, Nevada

  • Americash Hotline LLC d/b/a Direct Cash Express of Wilmington, Delaware

  • Cash Advance, Inc. of Carson City, Nevada

  • Cash Advance USA of Miami, Florida

  • Cash Net of Salt Lake City, Utah

  • GECC d/b/a Cashdirectnow.com of Rapid City, South Dakota

  • Internet Cash Advance Marketing, Inc., d/b/a Cash Back Values of Carson City, Nevada

  • Quickpayday.com Financial Solutions of Logan, Utah

  • USA Cash Center of Rapid City, South Dakota

      For more information, you can call the Consumer Protection Hot Line at 1-800-368-8808 or visit www.wvago.us.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
WSAZ NewsChannel 3 645 Fifth Avenue Huntington, WV 25701 304-697-4780 WSAZ Charleston 111 Columbia Avenue Charleston, WV 25302 304-344-3521
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 6973557