Many people who need to get cash quickly often turn to payday lenders who will give them the money they need until they get their next paycheck. Unfortunately, the way these loans are set up makes it difficult for borrowers to satisfy their terms or get current on the loans. Many borrowers find themselves in an endless cycle of debt that benefits no one but the lenders.
In 2009, the Virginia legislature changed the rules regarding payday lending in order to put an end to the 300-plus percent interest rates and ensure the fair treatment of borrowers. Despite these efforts, however, many payday lenders are still finding ways to avoid Virginia law and continue victimizing borrowers who are already in a difficult financial situation.
In many cases, these practices can be considered predatory in nature and often violate the various state and federal statutes. If you have been forced to pay unreasonable interest rates or have been misled regarding the terms of the loan, you may have legal recourse to recover the money you lost. The Fairfax payday lending fraud attorneys at the law firm of Surovell Isaacs Petersen & Levy are prepared to help you fight the businesses participating in these practices.
Internet Payday Loans
Internet payday loans are illegal in Virginia. Most of the companies offering these loans do not comply with Virginia law, and many openly sell your information to third parties. Internet-based companies that offer payday loans should not be doing business with Virginia borrowers. If you have a payday loan that you arranged via the Internet, you should speak to one of our lawyers immediately. We may be able to help you get out of it.
Loudoun County Car Title Lending Fraud Attorneys
Until October of 2010, car title loans were essentially unregulated in Virginia. Under a new law, car title lenders will be regulated by the State Corporation Commission and have limits imposed as to how much they can lend, the term of the loan and the level of interest they can charge. As a borrower, however, you can still be charged extremely high interest rates that make it easy to default on the loan and put you at risk of losing your vehicle.
Discuss Your Case With One of Our Attorneys
If you have been the victim of predatory lending practices, don't be afraid to ask for help. Our law firm has helped countless clients to resolve these matters, and we are committed to seeing that all lenders are held accountable to the law. Contact our office today to schedule an initial consultation. You can reach us by phone at 703-648-8279 or simply contact us online.