Payday lenders innovate in VA
January 1, 2009 | VAs Against Payday Loans, alternatives, customers, industry, industry critics, media coverage | Comments (0)From the article:
Jamie Fulmer, spokesman for the nation’s largest payday lender, Advance America, said unregulated, open-end loans are necessary to keep fastcash stores profitable and to meet the needs of some borrowers.
“In these times, when credit is more difficult, we need to provide as many options as possible,” Fulmer said.
“It sees to me such an obvious slap in the face of legislators,” James W. “Jay” Speer of the Virginia Poverty Law Center said of the industry’s latest loan products.
Lenders got the okay from the State Corporation Commission. How is that a slap in the face to anyone?
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