West Virginia is Insane

Here’s what the West Virginia state’s attorney had to say about payday lending in the Times West Virginia:

“It’s a very very shadowy industry, and it operates very much off the grid. The only answer to payday lending is to ban it.”

Talk about taking the moral high ground.

Now, payday loans are illegal in West Virginia and lenders should respect that; but I don’t think the DA, acting as a voice of the state, is right. He should just stick to “It’s illegal in West Viriginia.”

The Internet companies being accused of either making or collecting Internet payday loans in West Virginia are Cash Advance Now, Debt Doctor, Direct ROI, E Smart Credit Network, Island Payday, Platinum Finance payday business, Sonic Cash, A.C.A. Recovery, Capital Collections, Covenant Management Group, Oasis Financial Solutions and Westbury Ventures.

The state has been successful in driving Internet lenders out. For example, Wisconsin just recently settled a class action law suit against and Internet lender. You can read the post here.

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