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Some states move to limit online short term lenders

Aug 25, 2012 Quinn Thomas

Online short term loans can offer short term lending options for many consumers. However, some local governments are looking to pass regulations that limit these internet companies from operating within their jurisdiction. According to KARK-TV, Arkansas Attorney General Dustin McDaniel filed a lawsuit against online short term lenders PDL Support LLC and Platinum B Services LLC, claiming they gave out loans illegally to state residents. The source reports that McDaniel has received a court order that prohibits the two businesses from operating within Arkansas. PDL Support and Platinum B agreed on a settlement with the state and will pay a $80,000 fine, although both stated they did nothing wrong when working with consumers. One online company that is trying to help borrowers with alternative finance options is The business recently released an article that highlights the benefits of using the internet to obtain loans, including quick application and approval processes. Online short term lenders want to help consumers cover their emergency and necessary expenses.