State of Virginia Sues NetCredit

The state of Virginia is alleging in a lawsuit against NetCredit that the online lender lent more than $47mn in illegal high interest loans; the state’s usury cap is 12 percent, they are alleging that the company is some cases charged an interest rate of about 150 percent; NetCredit is owned by Enova International and was unable to be reached for comment. Source.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.