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 lenders would rent a bank charter to get around state laws.

Anyway, the article is worth reading.

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