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 and does it help or hurt the consumer?

One borrower Sheila Woods said that she preferred the original payday loan because she always knew what she would owe, although she admitted they can be addictive. She said she’s gotten away from the dangerous “vicious cycle” of relying on payday or open-end loans.

Payday loans are a simple product that consumers understand. Isn’t that what we’re going for?

You can read the full article in the Daily Press.

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