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: Northern Virginia Personal Injury LawyerPay Day Loan Rates Should Not Be Capped in Virginia
By Ben Glass
The Virginia General Assembly has started its 2008 session and one are of controversy is whether so-called "Pay-
Day" loan rates should be capped.
House Bill 12 proposes limiting the annual rate of these loans to 36%. This is a bad idea.
A "pay-day" loan is a short term unsecured loan, usually of only a few hundred dollars, that generally carries a rather high rate of interest, especially when annualized.
The governement should NOT regulate these loan rates. Here are the reasons:
Full post as published by Northern Virginia Personal Injury Lawyer on January 14, 2008 (boomark / email).
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