Experiencing misled, cheated and eventually threatened by high-interest rate payday and vehicle name loan providers, Virginians are pleading with federal regulators not to ever rescind a proposed groundbreaking guideline to rein in abuse.
Tales from nearly 100, mounted on a Virginia Poverty Law Center page asking the buyer Finance Protection Bureau not to ever gut the guideline, stated these triple-digit interest loans leave them stuck in some sort of financial obligation trap.
VPLC Director Jay Speer said the guideline that the CFPB is thinking about overturning — needing loan providers to check out a debtor’s ability that is actual repay your debt — would stop lots of the abuses. Continue reading ““Caught in a trap”: Virginians describe payday loans to their experiences, urging feds to modify”