“New York Attorney General Sues High-Interest Lender”

Let’s cheer for Eric Schneiderman, New York’s Attorney General, who takes on companies that have victimized real people: New York Attorney General Sues High-Interest Lender – NYTimes.com.

New York State’s top prosecutor filed suit on Monday against an online lender that offers short-term loans at interest rates of more than 300 percent, the latest warning shot in a sweeping battle by state authorities to enforce local interest rate caps.

Eric T. Schneiderman, the New York State attorney general, sued Western Sky Financial and its affiliates, which claim connections to American Indian tribes — ties that the lenders have argued immunize them from federal and state laws.

I have a friend who desperately needed a loan and was similarly victimized for borrowing not a lot of money which turned into a huge amount of money when he had to pay it back.

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