Link roundup: All the subprime stories you missed this weekend
Inside Subprime: September 11, 2017
By Caroline Thompson
Good morning! Here are six of the biggest subprime lending stories from the past few days.
Victims of Virginia predatory lending scheme to be reimbursed $9 million.
More than 9,000 Virginia residents who borrowed money from CashCall, an online lender that charged illegal interest rates of up to 230 percent on loans ranging from $700 to $10,000, will be getting a refund from the lender. In total, CashCall will be paying back customers $9.5 million, n average of $982 per person. Read more at:
If you live in Virginia and need cash quick, you deserve better than a scammy payday lender like CashCall. Instead, educate yourself on predatory payday lenders in Virginia, and see if you qualify for a line of credit from OppLoans!
California-based lending aggregator fined by CFPB for steering customers towards predatory payday loans.
Zero Parallel LLC, an online lending aggregator that claims to help potential borrowers find the best loan for their needs, has been fined $100,000 by the Consumer Financial Protection Bureau for selling customer profiles to the highest bidder, which often turned out to be lenders who did not follow the state’s usury laws. Read more at PYMNTS.
For more information on California payday lending, and to see if you qualify for a lower-interest, credit building installment loan, check out our California state page!
How the student loan industry is hurting young Americans.
Student loan giant Navient’s predatory lending practices and abusive collection policies have made life a living hell for many of the 44 million Americans living with student loan debt. Read more at The Guardian.
How to protect yourself from the Equifax breach fallout.
We reported on Friday that major credit bureau Equifax suffered a massive security breach earlier this summer. If you’re one of the estimated 44 percent of Americans whose information was stolen, you have options. Here are a few articles detailing what you should do in case of identity theft:
- How to Protect Yourself From That Massive Equifax Breach – WIRED
- How to Protect Your Information Online – The New York Times
- The Equifax Hack: What You Should Do Now – Financial Sense
Outstanding auto-loan balances hit $1.1 trillion.
According to Experian’s latest State of the Automotive Finance Market report, unpaid auto loans are up 7.1 percent in the year’s second quarter. Read more at Automotive News.
Want to learn more about the risks of car title loans? Check out our title loans education page, and avoid being a part of the 11 percent of borrowers who lose their cars.
Thieves rob Louisiana payday lender and make off with safe filled with $30,000.
Three men broke into Money Mart in Opelousas, Louisiana on Sunday night at approximately 3 a.m., through a hole they broke in the wall. Read more at KLFY News.