Predatory lending that imposes abusive terms and interest that is high on borrowers no matter power to spend is just a nagging issue in Virginia, the 36th Senate District and particularly within the U.S. 1 corridor.
I’ll introduce legislation in January to get rid of these abusive methods.
There are numerous types of high interest or loans that are predatory. First, payday advances are loans which are guaranteed against a consumerвЂ™s paycheck. During 2009, the Virginia General Assembly enacted restrictions on pay day loans which caused the training to cut back to about six places close to the 36th District. Continue reading Surovell sets lenders that are predatory notice: вЂItвЂ™s coercive, immoral and incorrectвЂ™