Illegal Internet Payday Loans & Car Title Loans

Virginia Partnership to Encourage Responsible Lending


All Internet payday lenders and some car title lenders have made illegal
loans to Virginians. Consumers are encouraged to call the payday loan
hotline, 866-830-4501, if they feel that their Internet payday or car
title loan was illegal.


RICHMOND-Consumers who either have an Internet payday loan or who took
out a car title loan in Virginia in late 2010 or early 2011 may have
been the victims of predatory lenders who were making these loans
illegally in the commonwealth.  The Virginia Partnership to Encourage
Responsible Lending, a consumer advocacy coalition, is urging those who
may have taken out one of these loans to call its payday loan hotline:
866-830-4501.


Internet payday loans are illegal in Virginia. It is a felony for an
Internet payday lender to make payday loans in Virginia.  Consumers
cannot be forced to pay back an illegal loan and should continue to
monitor their credit as most internet lenders sell their personal
information opening them up to identity theft and false debt buyer
claims.


Some car title loans that were made in Virginia in late 2010 and early
2011 by Virginia lenders who were not yet licensed may have also been
illegal. It is a Class 1 misdemeanor to make car title loans without a
license.


If consumers got a car title loan from one of the following lenders
between October 1, 2010 and the date the lender was licensed, it may be
illegal:


Allied Title Lending-- Licensed February 17, 2011

Beach Title Loans-Licensed January 27, 2011

Buckeye Title Loans-Licensed December 15, 2010

Cash 2-U Title Loans-Licensed November 16, 2010

Cashpoint-Licensed December 02, 2010

Express Check Advance-Licensed December 22, 2010

TitleMax-Licensed December 27, 2010


Thousands of Virginians are stuck in predatory payday and car title
loans they can never hope to repay. Many consumers do not know many of
these loans are illegal. Consumers are encouraged to call the Virginia
Partnership to Encourage Responsible Lending hotline at 866-830-4501 for
free advice if they think you got an illegal Internet payday loan or car
title loan in late 2010 or early 2011.