Photo: Taber Andrew Bain, Creative Commons
Virginia’s car-title lending industry has exploded in the six years since the General Assembly crafted regulations legalizing loans that have more than 200 percent interest rates. But Virginia is not alone. States across the country are struggling to deal with payday loans and Internet loans and open-ended credit loans – a set of financial products critics call “predatory lending.” As Michael Pope reports, that’s why lawmakers in Washington are hoping to create new rules to crack down on the industry.
Virginia Public Radio 