Category Archives: Virginia

What’s going on in Virginia?

The state of Virginia is now offering short term loans to it’s 100,000 state employees at 25% annualized interest. There are other requirements and they’re limited to two of these a year. Timothy Caine, the governor of Virginia, is pretty proud of this fund. That’s fine, but this article is bunch of self serving, pork […]

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Virginia is getting into the emergency-loan business.

The Virginia State Employee Loan Program will offer small loans through the Virginia Credit Union and allow state workers who are members to borrow up to $500 twice a year. The loans will be 6 months and carry a 24.99% APR. I guess we’ll see what happens. Personally, I’m fine w/ this if they leave […]

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The (alleged) real history of payday loans in Virginia

This article is a response to an article that hammered Republican Del Oder of Virginia. He’s largely responsible for putting 35% of Virginia payday lenders out of business. Just curious, how does that help borrowers? He’s basically saying that the payday law passed in 2002 was in response to the bank rate export model where […]

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Virginia editorial just wrong

An article out of Lynchburg, VA had this to say about the payday loan industry: “… (General Assembly) failed to take the step that would put them on the same playing field with other financial institutions that loan money on a short-term basis to those who need it. That step, of course, is the 36 […]

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Virginia payday loans down 84%

This is a bit misleading. Many companies, like Advance America, are offering revolving lines of credit secured by an auto title loan. The new payday loan laws essentially doubled the amount of time borrowers had to pay and limited borrowers to one payday loan at a time. The big question here is: Does legislation work […]

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Check ‘n Go exiting Virginia

It’s not a done deal, but Check ‘n Go is probably going to stop offering payday loans in Virginia. It’s likely they’ll pull out all together. Check Into Cash is closing 19 of 64 stores — idling about 60 workers — and shifting to pricier, lightly regulated open-ended loans. With 150 stores in Virginia, Advance […]

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More drama in Virginia

As of right now, Check n Go has stopped writing loans in Virginia. They are contemplating closing 68 stores in Virginia writes Forbes magazine. On the surface, it does not make a lot of sense considering that the new payday laws allow a 20% fee plus 36% annual interest. The caveat is that it’s for […]

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