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At A Glance
Class action legal actions are increasingly being filed against online payday lenders over claims that the businesses are charging you exorbitant interest prices вЂ“ sometimes as much as 800% вЂ“ in breach of state and federal laws and regulations. Continue reading for more information.
Exactly Why Are On The Web Payday Lenders Getting Sued? WhatвЂ™s This YouвЂ™re Talking that is loophole about?
State rules cap loan interest levels at particular percentages to lessen predatory lending. By way of example, in Virginia, many companies cannot levy significantly more than a 12% interest.
It really is thought that some online payday lenders, nevertheless, are billing yearly portion prices more than …