Payday Lending Practices Receive Scrutiny In Virginia | WAMU 88.5 - American University Radio

WAMU 88.5 : News

Filed Under:

Payday Lending Practices Receive Scrutiny In Virginia

Play associated audio

By Anne Marie Morgan, Virginia Public Radio

Consumer advocates and 99 local governments in Virginia are calling on the state general assembly to cap interest rates on payday lending. Several lawmakers have also introduced legislation that would limit interest on similar, open-ended consumer loans.

Recent stricter laws have resulted in less payday lending, but consumers can still get these and other high-interest loans.

Staunton City Council Member Bruce Elder says localities see the negative effects, such as when lower-income citizens default and lose their cars.

"And at the heart of many of these situations -- this also is legal situations -- are these predatory loans, are these car-title loans. People have lost their ability to get back and forth to work," he says.

The 99 localities are calling for a 36 percent cap on payday lending and some on ALL similar loans. Bill opponents say the loans are the only way that consumers with bad credit can get urgently-needed cash.

WAMU 88.5

Second Annual Funk Parade To Take Over U Street

This weekend you can get funky on U Street with live music, a street festival and a parade, as tomorrow marks the second Funk Parade. Funk Parade organizers couldn't get a permit to march down U Street last year, but the crowd veered off V Street anyway to where co-founder Justin Rood always...
NPR

How Dangerous Is Powdered Alcohol?

Last month, the U.S. Alcohol and Tobacco Tax and Trade Bureau approved a powdered alcohol product, making both parents and lawmakers nervous. Some states have already banned powdered alcohol. NPR's Arun Rath speaks with Brent Roth of Wired, who made his own powdered concoction and put it to the test.
NPR

Obama Administration Forced To Defend Strategy Against ISIS In Iraq

On this Memorial Day, the Obama administration finds itself defending its foreign policy strategy in Iraq where the self-proclaimed Islamic State, also known as ISIS, has captured the city of Ramadi.
NPR

In California, Technology Makes "Droughtshaming" Easier Than Ever

As California's drought continues, social media and smart phone apps let just about anyone call out water waste, often very publicly.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.