The media drumbeat
June 14, 2010 | Virginia, industry | Comments (0)Fredricksburg.com keeps up an unrelenting crusade:
Some Virginians know, but many don’t, that car-title, payday, and open-ended lenders charge interest rates of 300 percent APR to 400 percent APR on loans.
By any definition, this is usury. But usury is legal in Virginia under laws passed and reaffirmed every year by the General Assembly.
Payday, car-title, and open-ended lending are reverse Ponzi schemes.
The Virginia legislature examined these services carefully. They acted. But nothing is ever good enough for agenda-driven journalists.
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