What’s behind Virginia’s move that is latest to fix lending guidelines and protect borrowers

What’s behind Virginia’s move that is latest to fix lending guidelines and protect borrowers

The issue is lenders’ constant look for loopholes

Under present legislation, Virginians spend as much as 3 times up to borrowers in other states for the payday and comparable high-cost loans which are frequently employed by cash-strapped households. But a reform bill on which their state Senate will vote Monday would bring the price down to complement exactly exactly what loan providers charge in states with recently updated legislation, such as for example Ohio and Colorado, while closing loopholes that high-cost loan providers used to avoid regulation. Leggi tutto “What’s behind Virginia’s move that is latest to fix lending guidelines and protect borrowers”