Predatory Lending

In Richmond, a bipartisan coalition is cracking down on 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.