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At this time, the best approach is to offer installment loans rather than payday loans via the Internet, one of the alternative methods (cash rebates, ISP model, etc.) discussed in our training materials, or the newest model, the CSO (Credit Services Organization) approach.
For a thorough discussion of the payday loan industry and access to our payday loan training materials, we recommend you proceed to Payday and Paycheck Loans.com
The attorney general for West Virginia is very aggressive in stamping out payday loan; including payday loan Internet operators!
State AG Reaches Settlement with Payday Lenders; Agreement Nets $305,000 in Refunds July 23, 2010
West Virginia Attorney General Darrell McGraw announced a settlement with FFD Companies, operators of at least five Internet payday loan web sites, to refund illegal fees and interest to West Virginians and halt marketing within the state.
Under the settlement, the defendants will pay refunds totaling $305,446.53 to 576 affected West Virginia consumers who obtained payday loans by computer through interactive web sites operated by the FFD Companies. Additionally, the FFD Companies, which denied wrongdoing, agree to a permanent ban on making or collecting payday loans in West Virginia.Attorney General McGraw stated, "We will not rest until all payday lenders agree, as the FFD Companies have now done, to stop marketing these predatory payday loans over the Internet to West Virginia consumers."
Illegal in West Virginia, payday loans are high-interest loans or cash advances with interest rates that reach as high as 600 to 800% APR. The loans, typically made for 14 days, are secured by a post-dated check or an agreement authorizing electronic debits from the consumerís checking account.
McGraw filed a lawsuit that charged the defendants had engaged in the making and collection of Internet payday loans in violation of West Virginia law. Since McGraw began investigating the industry in 2005, his office has reached settlements with 107 Internet payday lenders and their collection agencies, resulting in $2,452,978.87 in refunds and cancelled debts for 8044 West Virginians.
The settlement involves eight corporations under the FFD umbrella and their principals, with offices in Delaware, Georgia, New Mexico, Nevada, Texas, and Utah. The FFD Companies and websites that entered into the agreement include: FFD Ventures, LP of Carson City, NV, and Atlanta, GA; DFD Ventures, LP of Carson City; First Fidelity, Inc. of Carson City, Wilmington, DE, and Atlanta; FFD Resources I d/b/a Cash Supply of Espanola, NM, and Atlanta; FFD Resources II, LLC d/b/a Web Payday of Atlanta; FFD Resources III, LLC d/b/a Payday Services of Salt Lake City, UT, and Atlanta; FFD Resources IV, LLC d/b/a Payday Yes of Wilmington; FFD Resources IV, LLC d/b/a Paper Check Payday of Wilmington; and Great American Credit Management of Atlanta and Houston, TX.