Monthly Archives: May 2022

$489 million in relief to victims of illegal internet payday loans approved by Virginia court

It was announced on May 13th that $489 million in relief will be given to victims of illegal internet payday loans approved by Virginia court. The federal court gave preliminary approval to a class-action settlement that would provide $489 million of relief to victims of illegal internet loans. Consumers who were charged 600% in interest will not need to submit a claim form and will receive a notice via email or U.S mail to address this issue that has been a concern since 2019. A predatory hotline has been set up at (866) is 830-4501 to advocate for better laws to protect borrowers.

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