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 the payday loan industry alone. Competition is better than legislation.

You can read the full article in the Richmond Times Dispatch.

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