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

Experiencing misled, fooled and eventually threatened by high-interest price car and payday name loan providers, Virginians are pleading with federal regulators never to rescind a proposed groundbreaking rule to rein in abuse.

Tales from nearly 100, attached with a Virginia Poverty Law Center page asking the buyer Finance Protection Bureau never to gut the guideline, stated these triple-digit rate of interest loans leave them stuck in a type of financial obligation trap.

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