Subprime Lending News 7/10/17:
Car title lenders win big, Ohio payday stores snub lawmakers, and Facebook scammers are coming for your cash.
By Caroline Thompson
From tales of Facebook scammers to shady car-title lenders, these are the top financial stories you need to know today!
Ohio payday lenders snub state legislators.
As members of the Ohio General Assembly work to close a loophole that allows payday lenders to get around the state’s 28 percent APR cap on payday loans, a group of payday lenders was scheduled to meet with legislators to help in the reform process. But according to watchdog group Ohioans for Payday Loan Reform, the lenders never showed up. With the average interest rate for a payday loan in Ohio currently at a staggering 591 percent, it’s no wonder they were AWOL — they’re just not interested in closing a loophole that keeps money flowing into their pockets!
Scammers con Facebook users out of thousands.
Facebookers beware, that friend you’re chatting with on Messenger might not be so friendly. A group of Nigerian scammers have been hacking into people’s Facebook accounts, stealing their identities, and messaging their friends about a fake government grant program. The scammers claim all you need to access $100,000 in government grants is pay $1,500 in “fees.” Once you pay, they disappear, and you’re out a grand.
Virginia Supreme Court sides with car-title lenders.
The Supreme Court of Virginia has ruled that car title lenders do not have any obligation to release their annual reports to the public. This means anyone looking for information on a car-title lender’s average loan amount, number of repossessions or any other information about their annual business practices is out of luck. While this is good news for car-title lenders in Virginia, it’s bad news for transparency!
All the best finance experts you should be following.
Everyone needs a trusted source for solid, smart money advice, but it can be hard to tell the fakers from the actual money makers! We put together this list of our six favorite financial gurus who you can turn to when you need some insight into financial trends or tips on credit, investing, taxes, saving for retirement and more!