Predatory Lending

MIchael Pope

Companies that offer high-interest loans are fighting back against efforts to reform their industry, and part of that effort involves writing checks to political campaigns.

Michael Pope

For people who are really hard up for quick cash, reading the fine print of a contract is not always the top priority. That’s how many businesses thrive, charging interest rates in the hundreds to desperate consumers and trapping them in a cycle of debt. Now some elected officials are fighting back.

AP Photo / Steve Helber

No job? No credit? No problem, borrowers can go online to get a loan — and pay five thousand percent interest. But, as Michael Pope reports, that era might be coming to a close.

The internet has upended the recording industry, the newspaper industry and the hotel industry. Now state regulators are looking at how to handle the latest industry to go online — cheap and easy high-interest loans.

$15 Million Settlement in Tribe-For-Hire Scam

Jan 31, 2017
Manuel Balce Ceneta / AP

More than 15,000 victims of a predatory lending scheme in Virginia are having their loans absolved and receiving cash awards. That’s thanks to a $15 million settlement agreement approved in federal court in Richmond this week, one of the largest of its kind in history.