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.
вЂњVirginia’s small-loan statutes have actually unusually poor customer defenses, weighed against other regulations round the country,вЂќ Pew, a nonpartisan thinktank, published. вЂњAs 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.вЂќ
Among Pew’s findings:
вЂў 1 in 8 name loan borrowers in Virginia has a car repossessed every year, one of many highest that is nation’s. Read more