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  • January 30, 2021
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Virginia: Payday Lenders Skirted Regulation by Providing Open-Ended Lines Of Credit

Virginia: Payday Lenders Skirted Regulation by Providing Open-Ended Lines Of Credit After Virginia Passed A 2009 Law Cracking Down On Payday Advances Including APR Caps And Loan Limits, Payday Lenders Started Providing Open-End Lines Of Credit With No Price Caps. “There ended up beingn’t much what the law states center could do in order to assist. “The open-end credit loophole is an easy method that lenders need to get round the statutes,” said Ward Scull, the Hampton going business administrator whose use Virginians Against Payday Loans resulted in this year's crackdown. Unlike other customer loans, open-end credit agreements are at...
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