Action Alert
Has your loacilty already made a 36% resolution?
Have your local government join the 36% revolution!
To find out more on how other localities are demanding the General Assembly take action to prevent all forms of predatory lending with the simple fix of a 36% APR cap, email us to find out more.
Federal Financial Reform Passed!
THANK YOU! You helped make this reform a reality!
To everyone who called, emailed or visited their Congressional representative or Senator, we thank you very much. This effort could not have passed without the help and support of all of you.
Of course now that the bill will be signed by the President, our real work begins. The regulatory process will be long and hard, but with your continued support, we will be able to make sure that the Consumer Financial Protection Bureau creates rules and regulations for predatory lenders as its first order of business.
We will need your help in the days, weeks and months ahead to advocate for real limits on predatory loans, especially for a 36% APR cap.
For more information on how to get involved or volunteer, email Dana today!
For more information, visit our car title lending page.
Headlines
Predatory Press
Daily editions of VaPERL's Predatory Press can be found on the Downloads page.
Share Your Story
Read the stories of people who have been caught in the debt trap. We know that it is wrong that any working family would be targeted by predatory lenders, but even we were shocked by some of the stories we have heard about car title and payday lenders.
Do you have a story? Share it with us so that we can help others to restore trust in lending by promoting fair lending in Virginia.
Payday Lenders Knowingly Violating State Law
A recent Order from the Rockingham County General District Court in Virginia found that the industry-wide payday lender practice of back to back loans is a willful violation of Virginia law. More specifically:
- § 6.1-459. Required and prohibited business methods.
- 6. A licensee shall not refinance, renew or extend any loan.
Joining the 36% Movement
Localities throughout Virginia are examining resolutions to urge the General Assembly to cap payday loan interest rates at 36%. Take a look at the ever-expanding list (.pdf).
You can also help spread the 36% message by downloading this flyer and by calling your General Assembly members at 1-800-211-0914.