on our many susceptible citizens. This genteel state, that calls itself an accepted spot for enthusiasts, is a location for predators. Many states surrounding Virginia (North Carolina, western Virginia, and Maryland) prohibit automobile title loans, which typically charge 200-300% interest in the loan. If your borrower misses an individual repayment, the mortgage business can repossess the automobile and offer it. Approximately 20% of automobile name loans result in repossession. Car title lenders repossessed 20,000 cars in Virginia in 2014.

Although a lot of states enable pay day loans, Virginians spend three times more interest than borrowers in Ohio and Colorado — the legislatures in those states have enacted reforms that are lending. Pay day loans are generally loans that are short-term become repaid in 2 days. Read More