Historic settlement sees online loan providers wiping down $380 million with debt. Virginians led the way in which.
2020-11-30
Historic settlement sees online loan providers wiping down $380 million with debt. Virginians led the way in which. RICHMOND — A handful of persistent Virginians, burned by triple-digit rates of interest to their online loans, won a groundbreaking settlement that is national is designed to shut a loophole that let loan firms pretend to be indigenous Americans to skirt state loan-sharking rules. The settlement, authorized by U.S. District Judge Hannah Lauck, wipes out some $380 million of debts owed by more than one million people across the country wednesday. Lenders promised to get rid of all reference to those loans — most of those theoreticallyRead More →