Confessions of a Payday Lender - CounterPoint
In Virginia, payday lenders are allowed to charge an annual interest rate of 600%, trapping consumers in a cycle of endless debt. Already the House Appropriations Committee on June 9 approved an amendment that would delay implementation of any new rules that restrict payday loans. The coming months will offer lenders plenty of opportunity to try and derail the CFPB’s efforts.
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