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That’s because in many states it’s no more legal for an online payday lender to make one of these high-priced, short-term loans than it is for a mobster to play loan shark on the street. Literature for the Online Lenders Alliance dubs these “regulatory concerns” but at least a few attorneys general are less ambiguous in their judgment. West Virginia Attorney General Darrell V. McGraw, Jr. , for instance, has said that online lenders, whom he has dubbed ‘the loan sharks of today,” charge rates “more than 45 times greater than the maximum allowable rate”—18 percent—in his state. Arkansas AG Dustin McDaniel doesn’t make the loan-shark comparison but, if anything, he’s harsher in his judgment of these lenders that he unequivocally states operate “illegally” in his state.
  1. parkparadigm posted this
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