News About the Ever-Changing Payday Advance Industry
The Front Page
Payday lenders pocket $4.2 billion in excessive fees each year from Americans who seek a two-week loan and end up trapped in debt, according to a report by the Center for Responsible Lending and a recent article in The Miami Herald.
Virginia’s biggest faith-based lobbying groups have mostly separate agendas for the 2007 General Assembly, with priorities that vary from tightening the state’s divorce laws to promoting renewable energy. So reports The Virginian-Pilot.
And you thought your credit card interest was high.
Last September, Congress passed a law that limits the rate of interest that can be charged on a quick payday loan to members of the U.S. military and their families to 36 percent.
Not that being a pawn broker is a dying industry, but making short-term cash advances - commonly referred to as payday loans - just happens to be more profitable.
The House of Delegates recently killed legislation aimed at banning payday loan lending, the controversial storefront industry that makes high-interest short-term loans to thousands of Virginians.
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In banking terminology, the west Mesa area is “underbanked.”