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Payday lending exploded in 2002 when the Virginia General Assembly passed the Payday Loan Act. Since then, almost 800 locations have sprung up across the commonwealth – that’s more than 2 payday loan shops for every McDonalds and 3 for every Starbucks!

In addition to paying astronomical interest rates (upwards of 780% annual percentage rate) on payday loans, borrowers are often lured into a cycle of debt driven by repeated loans from the same and different lenders. This access to "easy money" turns out to be an inescapable debt trap that ensnares unsuspecting borrowers and turns their financial futures into absolute nightmares.

Help us express to state legislators that these type of loans do not belong in Virginia. Consumers deserve basic protections from predators. Request that the Virginia General Assembly repeal the Payday Loan Act of 2002. Such legislation would bring payday lenders under the 36% APR cap by which all other small lenders abide, the Consumer Finance Act. Payday lenders would not have to shut their doors. Rather, they would be required to conform to reasonable limits that would make them responsible lenders.

SIGN THIS PETITION TO HELP END PREDATORY LENDING IN VIRGINIA!

Your signature shows direct support to REPEAL the Payday Loan Act.