January 11, 2017
Back in May, LoanMax surrendered its dual licensing authority at this location in the Arlandria section of Alexandria. Until that time, the company had legal authority to offer car-title loans and consumer-finance loans, leading to concerns among many lawmakers about the possibility for a bait-and-switch operation. Five other car-title lenders currently have dual license authority to offer open-end line of credit loans, so the concern about bait-and-switch has not been resolved.
Stories this photo appears in:
Predatory Lenders Work Behind the Scenes to Avoid Regulation and Evade the Law
Campaign contributions and political connections used to sidestep crackdown.
Predatory Loans in the Crossfire: Lawmakers conflicted about how to handle high-interest loans.
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