Why is Congress trying to gut laws passed to deal with Wall Street abuses?

The U.S. House of Representatives is set to vote on the so-called CHOICE Act, which would essentially undo all the protections put in place after the last Great Recession and bank bailout.   Here are a few questions we all must consider and ask of our Congressional representatives as they prepare to take America’s financial marketplace […]

Welcome to Shark Week 2015

 Loansharks inflict economic violence on borrowers.   “We may think of violence as physical harm. But violence is defined as force applied to bring destruction or damage. A violent wind or a violent act. However, the situations I observe with regularity are nothing less than economic violence. The violence to a family’s finances and stability […]

Car Title Loans in Virginia = Disaster

The State Corporation Commission (SCC) just released the 2014 statistics on car title loans in Virginia and there is good news and bad news. The good news is the number of loans is down 13%. The bad news is an enormous amount of these loans end in disaster and it’s only going to get worse.  […]

Auto Title Loans Riskier Than Payday Loans, New Report Says

By Herb Weisbaum, NBC News Digital When you’re desperate for cash and have run out of options, you might be willing to risk your car to buy yourself some time. That’s what happens with an auto title loan. You keep your car, but sign over the title to the lender who uses the vehicle as […]

What Could Go Wrong if You Dip into Shark Infested Lending Waters

Continuing with our Shark Week theme, we wanted to dive a little deeper into what could actually go wrong if you get a car title or payday loan. VPLC operates a hotline for Virginians in trouble with or with questions about payday and car title loans.  We give advice and assistance to anyone that calls 866-830-4501. Here […]

Beware of Virginia’s “Shark” Infested Lending Waters

In honor of Shark Week, we want to ask:  Is it now safe to go in the lending waters in Virginia? Over the last several years, the Virginia General Assembly has passed legislation to regulate high-cost payday and car title lenders.  Is it now safe to borrow from these lenders?  The answer to that would […]

All Bad Loans Have One Thing in Common: The Cycle of Debt

Payday loans, car title loans, line of credit loans and Internet loans:  What do they have in common? The cycle of debt. What is the cycle of debt?  Well, here is a picture of it from the training manual at Ace Cash Express, a large national payday, internet and car title lender: This picture comes from […]

More Virginians Than Ever are Stuck in Car Title Loans they Cannot Afford

  The Virginia Bureau of Financial Institutions just published data about car title loans made in Virginia in 2013 and it isn’t pretty.   Does it seem like there are a lot more car title loan stores than there were a year ago? That’s because we had a 23% increase in car title loan stores:  […]

Car-Title Lenders Surge in Northern Virginia

By Michael Pope, WAMU In the last few weeks, drivers have noticed a subtle change at the intersection of Fairhaven Avenue and Route 1 in Northern Virginia. The palm-reading fortune teller who had this location for decades has closed up shop, and the building is now a LoanMax — the newest location of the growing […]

Virginia Becomes Hub for Risky Car Title Loans

By Frederick Kunkle, The Washington Post When Brenda Ann Covington needed money a few months ago, she had only one big item left to pawn: her Chevy truck. Covington used the 2005 Silverado pickup as collateral to borrow money from one of the growing number of Virginia businesses that lend cash against a person’s car. […]

New Data Shows Car Title Loans Big Business in Va.

By Michael Felberbaum, Associated Press Virginia car title lenders doled out nearly 128,500 loans worth more than $125 million in 2011, according to data collected by the State Corporation Commission for the first full year under state regulation. Car title lenders were unregulated in Virginia until October 2010, when a new law took effect that […]

Need Quick Cash? Avoid These 6 Traps

By Barbara Diggs, Fox Business Don’t Risk Your Car With Title Loans Like payday loans, car title loans are small, short-term loans that come with a triple-digit annual interest rate. But while payday loans are secured with a postdated check, title lenders hold the title of the borrower’s vehicle — and a copy of the keys — […]

CashPoint Distributes Settlement Checks after AG Investigation

By Gray Hall, WWBT NBC12 A settlement check may be coming your way. CashPoint, a car title lender, will refund nearly $600,000 to more than 800 Virginia customers. Attorney General Ken Cuccinelli alleges the company operated without a license for two months in 2010. In a letter sent to hundreds of Virginia’s CashPoint admits it made […]

Several Measures Aim to Help Struggling Virginians

By Kathy Adams, The Virginian-Pilot From outlawing fraudulent home foreclosures to protecting college students’ credit ratings, a handful of bills before the General Assembly look to ease the burden on Virginians who are struggling financially and to protect them from being cheated. Although only a few consumer protection bills have progressed this session – during […]

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