Rather than restricting consumer hdfc loan personal loan eligibility, state officials should be focused on finding a federal solution, said Peter Barden, spokesman for the Online Lenders Alliance, in a statement.
Other states have prosecuted individual online lenders. California sanctioned at least ten online lenders starting last year. Minnesotas attorney general has settled or won rulings against eight online payday lenders - most recently, an 8 million ruling in May against a company that operated without a state license.
Last month, Virginia sued a different lender on similar grounds. But New Yorks was the first public action against such a wide range of players in the online payday lending industry.
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