Well, we said this would happen if they banned storefront payday lending in DC
June 10, 2008 | DC, media coverage | Comments (0)During the rate cap fight in Washington, DC last summer, industry representatives warned the DC City Council that residents would use unregulated offshore Internet payday loan services if storefronts were effectively banned. Well, the consumer reporter at local Channel 4, Liz Crenshaw, says that what’s happening.
Crenshaw, who produced several biased reports against the industry, doesn’t go as far as to say the industry was right, the media wrong, but this story is a start. From her story:
And finally a warning from the DC Department of Insurance, Securities and Banking about illegal payday loans. We did several Payday loan stories last year before DC essentially put the stores out of business last January. But DC warns that new payday lenders are illegally making the loans available via the internet, charging borrowers up to 2-thousand percent interest, and taking payments directly from the borrowers checking account.
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