Payday Loans Online Center - UsePaydayLoans.comReceive Fast Cash in 1 Hour Payday Loans, Cash Advances from
Small Payday Loan Application Homepage Online Application Payday Loans Tips and News Answers - Questions Site Map

Eight Payday Lender Sued In West Virginia

Eight companies have been sued for offering payday loans online via internet in the state of West Virginia, where payday loans are entirely forbidden. Attorney General Darrell McGraw demanded them to stop giving payday loans.

All the eight companies refused to cooperate with McGraw's investigation that included the companies in question surrendering the records of their accounts in the state mentioned.Eight Payday Lender Sued In West Virginia

The reason why 24 hour payday loans are prohibited in many states including Arizona is that they are capped with a very high interest rate, which is usually 600-800% in APR. By law, in West Virginia interest rates for consumer loans can't be any higher than 18%. The difference is exorbitant, that's why payday loans are considered traps for those who are in a desperate need of money.

Targeted are the companies and individuals in five states - Arizona, California, Delaware, Florida and South Dakota. They are said to play an unfair game.

Attorney General Darrell McGraw has already settled 107 lawsuits with high interest loan lenders, collecting more than $2.4 million in refunds. He has also managed to cancel debts for more than 8,000 residents of West Virginia.

Posted on Tue, 2010-09-21 15:45
Copyright © 2016 - All rights reserved.

This website is a middleman striving to match your needs with the offers of lenders. The site wants to satisfy your needs with the best offer, thus ensuring your financial stability and proper work of lenders. The operator of the site is not a lender, a representative or an agent of any lender. The operator set forth his goals in serving as effective and neutral middleman. There will be no promotion or any kind of advertising of the lenders that are less acceptable in your case. As offers vary among different lenders the site undertake the task of correlating needs and offers. You are to know that time of processing, approval and credit checks are the factors determined by lenders, so we cannot be 100% in each case. Lenders, as a rule, do not check your credit scores through Trans Union, Experian and Equifax. Still some payday loan lenders can get consumer reports and credit checks by means of other providers. There is no need to worry as credit score is rarely affected with such checks. NOTE! Cash advance loans are short-term loans which aren't used as long-term loans (it is the basic rule). For long-term financial solution you should use long-term loans.