Some of the nation’s most sweeping reforms on payday lenders took effect in Virginia on Thursday, but some short-term, high-interest lenders are getting around the new law by offering different types of loans.
Legislators ended three years of debate over the industry last winter when they passed a law that limited borrowers to one payday loan at a time and extended the length of time they have to repay it, effectively limiting how many loans they can get each year.
A clampdown on high-cost instant loans takes effect Thursday, but lenders already are finding ways around it—and legislators are steamed. Despite new restrictions by the 2008 General Assembly, some payday lenders have recently won approval from Virginia’s business watchdog agency, the State Corporation Commission, to offer loans with potentially unlimited fees.
Payday loans are going to be harder to get come Jan. 1, at least that’s what Virginia lawmakers hope.
Associated Press - December 29, 2008 4:35 PM ET CONCORD, N.H. (AP) - A payday lender that says it can’t make enough money under a new interest rate cap in New Hampshire now wants the banking…
CONCORD — A payday lender that says it can’t make enough money under a new interest rate cap in New Hampshire now wants the banking commissioner’s permission to change its loan offerings — but not the high rates it charges. … - By NORMA LOVE The Associated Press
A payday lender that says it can’t make enough money under a new interest rate cap in New Hampshire now wants the banking commissioner’s permission to change its loan offerings — but not the high rates it charges.
Police are investigating after they said a man robbed a payday loans store in Miami then fled the scene.
U.S. markets up slightly … A funereal day for SUVs … Russia buys stake in Serb oil company … Payday loans an $8 billion U.S. industry … News from United Press International.
MONTGOMERY | Payday lenders expecting a Christmas boom this year are instead finding little holiday spirit among their customers.
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