A spokeswoman for Loan Point USA declined to have a statement on the lawsuit between the AG and the online payday lender. Attorney General Dustin McDaniel said at his office that he has filed its first-ever lawsuit in opposition to a online payday lender operating on the Internet. This is to avoid the increasing scams in the Internet that most of the people fell into.
Including in the states Deceptive Trade Practices Act, Geneva Roth Ventures Inc. and its owner, Mark Curry has been served because they go against the 17 percent limit on interest rates for consumer loans. This lawsuit has been files in Pulaski County Circuit Court with the plaintiff and the defendant. This company owns website that have the service and offer a short term online payday cash loans that can avail by the applicants with the amount up to $600 with a minimum interest rate of 364 percent and a maximum rate of 1,365 percent.
Businesses like Loan Point USA offer consumers false hope. In these difficult financial times, it is especially appalling for a company to offer needy consumers a loan at more than 1,000 percent interest. It is my hope that through efforts such as this lawsuit, these online businesses will learn that they are unwelcome in Arkansas. McDaniel said in a news release.
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