Virginia House Passes Payday Loan Bill Without Interest Rate Cap

Gov. Timothy M. Kaine’s (pictured, putting out fire) is the last man standing between a bill hand-written by the PayDay loan industry and Virginia consumers.

The bill imposes no limits on the currently 391% interest rates, but do limit the amount of loans allowed to be given to a single borrower. The Washington Post reports,

    “Del. Onzlee Ware (D-Roanoke), a supporter of the bill, said payday loans give poor residents a choice instead of having to rely on charities and churches when they need cash.”

Just like when you swallow poison you can either get your stomach pumped, or you could take an axe and chop it out. — BEN POPKEN

House Passes Payday Lending Reform Bill Without a Rate Cap [Washington Post]

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