Tag: payday loan

Ward Scull: No more usury

Letter from Ward Scull Submit letters: freepress2@ntelos.net   Some Virginians know, but many don’t know, that car title, payday, and open ended lenders charge interest rates of 300 percent, 400 percent APR or more on their loans. By any definition, this is usury. But usury is legal in Virginia under laws passed and reaffirmed every […]

The Rant | Free market forces, sure

    Video Essay by Chris Graham freepress2@ntelos.net Virginia Gov. Tim Kaine wrote this week in a Wall Street Journal op-ed that the payday-loan industry is “an obvious consequence of free market forces responding to consumer demand.” AFP editor Chris Graham points out other examples of free-market forces responding to consumer demand that are just as […]

Jay Speer | “Let them eat cake”

This is what is seems some legislators have been telling victims of predatory lending for years. Or put another way, if we take away payday and car title loans at 350 percent interest, where else will these people turn for help? Should we just “Let them eat cake”? Or are there other solutions?