When Corinthian Colleges Inc. collapsed, leaving thousands of students in the lurch with student loan debt and credits that they didn’t know would be usable at other schools, they were generally unable to sue the failed for-profit educator because the students had unwittingly signed away their right to a jury trial or class action. CCI wasn’t the only for-profit operator with this anti-consumer practice, and a new report tries to get a grasp on the scope of the problem. [More]
too bad
Online Payday Lender Western Sky To Stop Funding Loans Sept. 3
By 8.27.13
If you’ve watched daytime TV in recent years, you’ve more than likely seen ads for Western Sky Financial a payday lender operating out of a tribal reservation in South Dakota. Facing lawsuits from around the country and increased scrutiny from regulators over triple-digit interest rates for its short-term loans, the company has announced it will stop funding new loans on Sept. 3. [More]
