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“Caught in a trap”: Virginians describe their experiences with payday advances, urging feds to modify

Experiencing misled, cheated and eventually threatened by high-interest price payday and automobile title loan providers, Virginians are pleading with federal regulators to not rescind a proposed groundbreaking guideline to rein in abuse.

Tales from almost 100, attached with a Virginia Poverty Law Center page asking the buyer Finance Protection Bureau not to ever gut the guideline, stated these triple-digit rate of interest loans leave them stuck in a type of financial obligation trap.

VPLC Director Jay Speer stated the guideline that the CFPB is thinking about overturning — needing loan providers to check out a borrower’s real capability to repay the debt — would stop most of the abuses.

“Making loans that a borrower cannot afford to settle may be the hallmark of that loan shark and never a lender that is legitimate” Speer penned in the page to your CFPB.