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April 29, 2014

VIDEO: Fast Cash, Exorbitant Interest: States Act to Reign in Lawsuit Lenders

Across the nation, individuals in need of funding to file lawsuits are falling victim to financial lenders who claim easy, fast cash.

What these lenders fail to mention, however, are the maliciously high interest rates that can exceed 200 percent. For example, in a recent Michigan case, six women field a suit against the state and borrowed $635,000, only to end up owing $3.1 million to their lender.

“[Lawsuit lenders] are investing in these lawsuits with no ethical or legal restraints in how they conduct themselves,” says former Georgia Attorney General Thurbert Baker, an outspoken advocate for lawsuit lending usury laws. “When you have that, it interferes with the lawyer-client relationship, not to mention the consumers who are getting re-victimized by having to absorb exuberant interest rates.”

Read our full blog post and view our new video at FacesofLawsuitAbuse.org.

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