Online payday lender fined $90,000

Portland Business Journal:

An online payday lender that charged borrowers interest rates as high as 2,737 percent has been fined a record $90,000 by state regulators. In February, the Business Journal documented the growing problem of illegal online payday lenders. In 2006 and 2007, Oregon lawmakers passed a series of aggressive measures to curb payday lending, including a 36 percent cap on interest rates. Roughly 80 percent of the state's brick-and-mortar payday lenders closed since then, driving some borrowers to the Internet for emergency...

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