Category: Predatory Lending

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For four years, Virginia Organizing has joined with many other organizations in urging the members of the Virginia General Assembly to stop predatory lenders and the financial trap they set for people in dire financial straights.

In 2008 a payday loan bill was enacted with provisions that fell far short of what we wanted at the time as it only helped reduce, not stop abusive financial practices of payday lenders. However, our efforts to end predatory lending in Virginia continue because predatory car title loans and open-ended loans simply took over where payday loans left off.

In 2010, the Virginia General Assembly enacted legislation providing some reforms to car title lending, helping protect consumers from this financial trap. The legislation was not perfect due to the high interest rates permitted, but was considered a major victory because it included time limits on the loans, interest rate caps, notices before cars can be repossessed, more information provided to borrowers and licensing requirements for lenders.

Virginia Organizing joins organizations throughout the Commonwealth in supporting a 36% interest rate cap on all loans in Virginia, a measure that will end predatory lending once and for all.

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New Rip Off Clause Rule

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2017 Mid-Year Report Now Online!

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We’re Telling Congress: Make Loan Sharks Follow the Rules

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Richmond, Va.—“The Consumer Financial Protection Bureau (CFPB) was created to stop payday, car title, and other high interest, debt trap lenders from abusing working people,” said ...

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$12 Billion in Relief to Scammed Consumers

$12 Billion in Relief to Scammed Consumers

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Don’t Miss the Friday Deadline!

Don’t Miss the Friday Deadline!

We have only one more day to submit comments to the Consumer Financial Protection Bureau (CFPB) in support of strong rules for predatory lenders. Will you take a minute and visit ...

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Good News and Bad News

Good News and Bad News

We’ve got some good and bad news. The Consumer Financial Protection Bureau (CFPB) has extended the comment period to October 7, 2016 for the proposed rules aimed at reducing the h ...

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