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 percent interest rate cap on an annual basis — the same cap that applies to other lending institutions.”
And who are these institutions that are offering short-term cash at 36%? There may be one or two, but that’s it. I don’t know how to sugar coat this, but this type of statement is a blatant lie.
You can read the full article here.
