May 4, 2018 / 9:39 PM / 3 months ago

Virginia AG sues online lender Net Credit alleging consumer ‘debt trap’

Chicago-based online lender Net Credit has been hit with a lawsuit by the state of Virginia accusing it of misleading borrowers about its license and trying to collect debt under bankruptcy protection, Virginia’s Attorney General Mark Herring announced on Friday.

The lawsuit is asking for restitution for as many as 47,000 Virginia borrowers who took out Net Credit loans since 2012, paying interest rates of up to 155 percent.

To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2Ief2R4

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