— Armed with quotes from scripture and posters that read, “All Faiths Believe in Justice, ” faith leaders and activists have already been using towards the roads across Virginia to protest the scourge of predatory financing. Chanting “Stop taking advantage of this poor! ” they are calling on Virginia legislators to manage predatory that is unscrupulous whom charge a lot more than 300% interest on payday and vehicle name loans.
For the past couple of weeks, activists arranged by the Virginia Interfaith Center for Public Policy (VICPP) have now been keeping prayer vigils regarding the sidewalks in the front of payday and car name loan stores in Yorktown, Roanoke, Falls Church, and two shops in Richmond.
Virginia has transformed into the East Coast money of predatory financing where in actuality the typical vehicle name loan debtor takes down that loan of $1116 and has now to settle a lot more than $2700. “These lenders are preying regarding the poor that are forced to just take these loans during a economic emergency, in addition they usually become caught in a period of debt and despair, ” said Rev. Read more