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.

  • EDITORIAL: Consumer protection is in peril

    EDITORIAL: Consumer protection is in peril

    Published by The Culpepper Star-Exponent Watch your wallet, because Congress is coming after the federal watchdog set up, following last decade’s financial crisis, to police agains ...

  • CFPB faces Senate challenge on prepaid card rule

    CFPB faces Senate challenge on prepaid card rule

    Published by Politico Sen. David Perdue (R-Ga.) is seeking to nullify regulations on prepaid spending cards, a move that is drawing fire from consumer groups and lackluster support ...

  • $12 Billion in Relief to Scammed Consumers

    $12 Billion in Relief to Scammed Consumers

    Please read below for a message from our friends at Americans for Financial Reform. Did you know that if you have a dispute with your bank or financial company, that there’s an age ...

  • 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 w ...

Families Can’t Wait

Families Can’t Wait

Click here to see how much wealth is stripped from our communities by payday and car title loans since March 2015. Every day, payday and car title lenders drain $23,951,459 out of ...

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Inside The Fast-Cash World Of Virginia Car-Title Lenders

Inside The Fast-Cash World Of Virginia Car-Title Lenders

Listen to the full story at WAMU (click here).  You may have heard their jingles on the radio or seen their commercials that play endlessly on late-night TV. Perhaps you have driv ...

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Virginia consumers benefit from CFPB

Virginia consumers benefit from CFPB

Published in Public News Service. RICHMOND, Va. – The Consumer Financial Protection Bureau (CFPB), which celebrates its fourth anniversary this month, has recovered billions of do ...

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Jay Johnson Talks National Movements at Populism 2015

Jay Johnson Talks National Movements at Populism 2015

Virginia Organizing Treasurer Jay Johnson rallied the crowd at Populism 2015 in Washington, D.C. Jay's remarks were part of a Saturday plenary session featuring speakers across th ...

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Consumer Financial Protection Bureau (CFPB) Working to End Payday Loan Debt Traps

Consumer Financial Protection Bureau (CFPB) Working to End Payday Loan Debt Traps

The Consumer Financial Protection Bureau (CFPB) is holding a field hearing in Richmond today and will announce that it is publishing an outline of proposals under consideration th ...

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Up From Debt: Debra’s Story

Up From Debt: Debra’s Story

Virginia Organizing participated in The Alliance for a Just Society's Up From Debt conference in March. Debra Grant shared her story (watch below). Have you ever been trapped in a ...

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VPLC, Along with Two Other Law Firms, File Class Action Law Suit

VPLC, Along with Two Other Law Firms, File Class Action Law Suit

Originally posted by Virginia Poverty Law Center on November 12, 2014. by VPLC “They were debiting my bank account and causing overdrafts so I had to close the account and default ...

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Payday loan business profitable

Payday loan business profitable

December 10, 2012By Becky Thomashttp://www.dailyprogress.com/opinion/letters_to_the_editor/article_ff5f2f9c-4330-11e2-a80d-001a4bcf6878.htmlI’ve spent some time trying to ve ...

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VA Interfaith Group Calls on AG to Stop Illegal Internet Loans

VA Interfaith Group Calls on AG to Stop Illegal Internet Loans

If you need help getting out from under an internet payday loan, you can visit www.virginiafairloans.org or call the Predatory Loan Help Hotline at 866-830-4501.October 30, 2012By ...

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Predatory Lending Overview

Predatory Lending Overview

 For nearly six years, Virginia Organizing has joined with many other organizations in urging the members of the Virginia General Assembly to stop predatory lenders and the f ...

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