Without a doubt about Virginia’s payday and name loan laws and regulations among laxest when you look at the country

Without a doubt about Virginia’s payday and name loan laws and regulations among laxest when you look at the country

Individuals in Virginia whom just simply take away payday and title loans face interest levels up to 3 times more than borrowers in other states with more powerful customer protections, an analysis by Pew Charitable Trusts circulated this week concluded.

“Virginia’s small-loan statutes have actually unusually poor customer defenses, weighed against other regulations round the country,” Pew, a nonpartisan thinktank, published. “As an effect, Virginia borrowers frequently spend a lot more than residents of other states for loans and suffer harmful results, such as for instance car repossession and charges and interest that exceed the amount they received in credit.”

Among Pew’s findings:

• 1 in 8 name loan borrowers in Virginia has a car repossessed every year, one of many highest that is nation’s. Read more