By aceuser

Surovell sets lenders that are predatory notice: ‘It’s coercive, immoral and incorrect’

Surovell sets lenders that are predatory notice: ‘It’s coercive, immoral and incorrect’

Predatory financing that imposes abusive terms and high interest levels on borrowers aside from capacity to spend is a nagging issue in Virginia, the 36th Senate District and particularly within the U.S. 1 corridor.

I shall introduce legislation in January to get rid of these abusive techniques.

There are numerous forms of high interest or predatory loans. First, payday advances are loans which are guaranteed against a consumer’s paycheck. Last year, the Virginia General Assembly enacted restrictions on payday advances which caused the training to cut back to about six places close to the 36th District.

In 2010-11, a number of the exact same businesses went back into Richmond and persuaded the legislature to authorize vehicle name loans. In Northern Virginia, car title loans are offered by companies like Title Max, Loan Max, Advance America, Cash Point or Fast Auto Loans today.   Read more