Arkansas attorney general files lawsuit against online provider of high-interest loans
January 28, 2010
Arkansas' attorney general says he's sued a company that operates an online payday lending site that provides quick loans with triple-digit interest rates.
Written by The Associated Press, The Associated Press
LITTLE ROCK, Ark. (AP) - Arkansas' attorney general says he's sued a company that operates an online payday lending site that provides quick loans with triple-digit interest rates.
Attorney General Dustin McDaniel says he's filed a lawsuit against Geneva Roth Ventures Inc., which operates the site http://www.loanpointusa.com. The site advertises loans for Arkansas residents of up to $600 with a minimum interest rate of 364 percent.
At the height of payday lending there were about 275 lenders throughout Arkansas.
The last brick-and-mortar payday lending chain in Arkansas closed all its stores on July 31. McDaniel says he's now going after online sites that provide short-term, high-interest loans.
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