Enova International, Inc. Consumer Loan Complaint

Enova International, Inc. Consumer Loan department,

Installment loan Managing the loan or lease Virginia

When meeting with a Consumer lawyer for another matter, the subject of online installment loans came up as being illegal in the state of Virginia. In order to charge usury rates of more than 12 % the lender has to be licensed in Virginia. If their name is not this list, -, then they are not allowed to charge more than 12 %. Virginia law 6.2-306 states that a person can not waive away the rights to the usury laws of their state. Since, the contract is illegal it is not binding. I was told to revoke their ACH rights and to cease payments immediately. At that time I had already paid - for a loan of -. I have paid back their principal and the 12 % interest. I was told that due to this breach of the law that under Virginia Code .2-1541. A. Unlawful contracts void ; recovery of amounts paid. B. The lender on any loan for which a person has taken any action in its making or collection in violation of 6.2-1501 shall not collect, receive, or retain any principal, interest, or charges whatsoever with respect to the loan, and any principal or interest paid


While I do appreciate the loan i do not appreciate the fact that they take advantage of the financial needs of people they deemed easy prey. We believe what they write and assume that it is legal. I guess they are banking on the ignorance of their borrower. They like to respond that they are licensed to lend money in Virginia. However, they fail to address the fact that no one at the Bureau of Financial Institutions for Virginia can find that proof. While they may be able to lend to Virginians it should be done legally. They are not a bank, therefore they may not export deregulation from my home state or preempt my home state protections.