Lender guarantees arbitration in place of legal actions — then sues

Lender guarantees arbitration in place of legal actions — then sues

An online loan provider that has charged Virginians as much as 360 percent interest promised clients it might arbitrate disputes instead of just take them to court. Instead this has sued a large number of Hampton Roads borrowers, court public records show.

However some Virginia borrowers within the Richmond and Washington suburbs, Southwest Virginia and Culpeper County, are going to court also.

They allege that the business, Tennessee-based Advance Financial 24/7, insisted it get access to their bank reports to immediately withdraw repayments, a breach of federal legislation.

Additionally they state Advance told them that they would have to travel to Tennessee to make payments in person if they tried to cancel an automatic withdrawal authorization. Continue reading “Lender guarantees arbitration in place of legal actions — then sues”