Va. (Legal Newsline) — Consumers in Virginia will receive $15.33 million in restitution and
debt relief as part of a settlement with CashCall Inc. and its president and
CEO Paul Reddam.
CashCall, which offered online loans, and Reddam allegedly deceived borrowers and charged
high interest rates of up to 230%.
lenders are quickly becoming a new source of high-interest, financially risky
loans," Attorney General Mark R. Herring said. "Unfortunately, like payday and car title loans
before them, these small dollar loans issued online often come with exorbitant
interest and fees that can trap a borrower in a cycle of debt. This is the
largest settlement my Predatory Lending Unit has secured against an online
"I'm glad we're going to be able to get some relief to consumers who
were harmed and I hope this settlement sends a clear message that we will not
allow lenders to deceive, defraud, or illegally abuse Virginians."
Assistant Attorney General James Scott and Senior Assistant Attorney general Dave Irvin
of Attorney General Herring's Predatory Lending Unit handled the case for