The state of Vermont is going after online loan sharks. Bill Sorrell, D-Vt. Attorney General, says the predatory lenders are taking advantage of thousands of low and moderate-income Vermonters by offering short-term, high-interest loans over the Internet. Sorrell says the loans-- with an average interest of 300 percent-- are designed to entrap consumers in long-term debt.
The lenders are not properly registered and the interest rates violate state law.
Sorrell appeared on the Channel 3 News at 6 p.m. to talk about predatory lending. Watch the video for more.