Your house of Delegates and Senate each voted recently to pass through bills that may alter regulations associated with short-term financing such as payday advances so that you can fight predatory financing, loans with unfavorable terms towards the borrower. The Virginia Poverty Law Center, an advocacy group for low-income Virginians, supported the legislation.

“Most for the funding taking place now could be merely gouging people and making obscene profits for the payday and car title financial institutions without any wish to have assisting individuals and making it mutually useful,” stated Jay Speer, executive manager related to VPLC and manager from the Center for Economic Justice. [Read more…]