Virginia: Payday Lenders Skirted Regulation by Providing Open-Ended Lines Of Credit

Virginia: Payday Lenders Skirted Regulation by Providing Open-Ended Lines Of Credit

A 2009 Law Cracking Down On Payday Loans Including APR Caps And Loan Limits, Payday Lenders Began Offering Open-End Credit Lines With No Rate Caps after Virginia passed.

“There wasn’t much what the law states center could do in order to assist. “The open-end credit loophole is a means that the lenders need to get round the statutes,” said Ward Scull, the Hampton going business professional whose make use of Virginians Against Payday Loans resulted in this year’s crackdown. Continue reading “Virginia: Payday Lenders Skirted Regulation by Providing Open-Ended Lines Of Credit”