Soon Online Payday Loans May be Only Option in Virginia

Payday Lenders in Virginia face regulations
We may see an uptick in the number of online payday loans borrowed in Virginia if the legislature runs payday lenders out of the state.
It looks like Virginia might be heading in the same direction as New Hampshire, where Advance America has announced it will [...]

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Advance America
Wednesday, February 11th, 2009 by
Elizabeth Fairchild

Protesters Target Payday, Car Title Loans in Virginia

Payday loan stores hit from both sides
In Harrisonburg, Va., today several picketers held up signs and passed out fliers in front of a payday loans store. Currently legislation is working its way through the Virginia legislature that would ban these lenders from using “open end loans.”
Virginia lenders that issue short-term [...]

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Protesters in Virginia post up at a payday lending store.
Friday, February 6th, 2009 by
Elizabeth Fairchild

More Restrictions on Virginia Payday Advance Loans

Payday lenders in hot water
Last year Virginia passed a 36 percent  interest rate cap on payday advance loans. In an effort to save their businesses, payday lenders began finding ways around the debilitating law by offering open-ended credit.
Under Virginia open-ended credit laws,  lenders can charge any interest rate as long [...]

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Virginia senator Richard Saslaw crafted the legislation that bans payday lenders from offering open-ended loans.
Tuesday, January 27th, 2009 by
Elizabeth Fairchild