Payday Lending Compromise

The Bristol Herald Courier weighs in

The bill caps interest rates at 36 percent, but minimizes the financial risk to the lending companies by allowing them to charge a fee equal to 10 percent of the loan and a $5 verification fee. This reduces the cost of a $365 loan (the Virginia average) from $418.07 to $411.54.(LINK)

There are some good comments posted. One states that "I personally know of someone who had to pay almost $200 to get a 24 hr tax refund of only $1500. That should also be illegal." Interesting.

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