WAMU 88.5 : News

Filed Under:

Advocates Promote Responsible Lending In Virginia

Play associated audio

Many lawmakers and advocates continue to work to abolish predatory lending practices in Virginia. The Virginia Partnership to Encourage Responsible Lending (VaPerl) says the number of payday lending institutions has declined from 769 in 2008 to 267 in 2011.

The organization says 470,000 loans were made in 2011 compared to 3.3 million in 2008. But more title loan, Internet, and open-end credit lending agencies that charge high fees and interest rates are now doing business.

The Virginia Credit Union League's Louis Wood says those lenders prey on people who think they have no recourse. But he says most don't know that credit unions offer alternatives.

"So often we'll pair that with financial counseling, and also with other products that help the borrower build credit or encourage savings," he says. "And you know our message to our consumers is this: If you are a member of a credit union, look to your credit union for those small dollar emergency loans. If you're not yet a member of a credit union, there's a credit union out there eager to serve you no matter what your financial need or financial situation."

VaPerl members say they're being proactive in educating people about alternatives to predatory lenders, but it will take time. They're pursuing legislation to crack down on Internet lending, which is illegal, but uses loopholes that must be closed.

NPR

Jack Davis, Cartoonist Who Helped Found 'Mad' Magazine, Dies

Money from a job illustrating a Coca-Cola training manual became a springboard for Jack Davis to move from Georgia to New York.
NPR

Cookie Dough Blues: How E. Coli Is Sneaking Into Our Forbidden Snack

Most people know not to eat raw cookie dough. But now it's serious: 46 people have now been sickened with E. coli-tainted flour. Here's how contamination might be occurring.
NPR

Regulators Draw Up New Rules To Stop Abusive Practices By Debt Collectors

The Consumer Financial Protection Bureau receives more complaints about debt collection than any other issue.
NPR

Writing Data Onto Single Atoms, Scientists Store The Longest Text Yet

With atomic memory technology, little patterns of atoms can be arranged to represent English characters, fitting the content of more than a billion books onto the surface of a stamp.

Leave a Comment

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