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. This form of legalized loansharking is bad for Virginia - it hurts consumers, families, our military, and the economy.

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. In eliminating carveouts for loansharks, this legislation would bring payday lenders under the 36% APR cap by which all other small lenders abide (Consumer Finance Act). Under this statute they would be required to conform to reasonable limits that define responsible lenders.