predatory loan practices: Loan Sharks or Saviors?
- 12/15/06 04:53 AM
There has been quite a bit of noise lately about payday lenders and their very high (some would say "predatory") interest rates. Last Tuesday, 12/5/06, House Bill 619 was defeated in the Virginia House of Delegates. The purpose of the bill was to repeal the Virginia Payday Loan Act of 2002, which had exempted these payday loans from the maximum interest rate of 36%. Anyone with a checking account, an ID, and evidence of a job can borrow against their next paycheck, with a "payday loan". The concept is simple enough, and sounds like it does the job exactly as the (0 comments)