Without a doubt about Payday and name loans require reform

Without a doubt about Payday and name loans require reform

For too long payday and name loan providers have actually mistreated Virginia’s traditional usury limitations and trapped families with debt, recharging interest levels of 200 and 300 %. As faith leaders we come across firsthand the devastation that predatory lending has caused, and then we have traditionally needed safeguards to safeguard our congregants and next-door neighbors. Virginia hosts a varied variety of faith traditions, and although we might not constantly see attention to attention on theology or politics, in terms of high-cost financing, our communities speak in one single sound: the full time has arrived when it comes to Commonwealth to place a conclusion to predatory lending and make sure that every loans are safe, affordable, and reasonable. Read More