Monday, October 7, 2013

State, Federal Crackdowns Targetting Online Payday Lenders Intensify

State and federal regulators are turning up the heat on companies making payday loans online and claiming they are immune from laws against such loans because they are operated by Native American tribes.

Last week, Arkansas Attorney General Dustin McDaniel announced a "consumer protection lawsuit" against three companies and two individuals accused of colluding to offer payday loans online at usurious rates to Arkansans and falsely claiming tribal affiliation.