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Updated: 3:25 PM Sep 26, 2007
Staunton Loans Letters
Staunton, Va. The Staunton City Council is hoping several more communities will follow the example of Harrisonburg and support a resolution to cap payday loan interest rates. Posted: 1:44 PM Sep 26, 2007 |
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The Staunton City Council is hoping several more communities will follow the example of Harrisonburg and support a resolution to cap payday loan interest rates.
Staunton mailed a letter to all towns, cities and counties in Virginia to ask for their support.
Staunton City Councilman Dickie Bell explains the rationale behind seeking a cap on interest rates.
He says, "Well, the first thing we had to decide was is this really a service and if it is, do we want to interfere with it? We've come to the conclusion here, as I think a lot of people have across the state and across the country, that this is not a solution to a short-term cash problem."
Latest Comments
Let me tell you something alright? Leading up to the time that we had to take out a cash loan, we didn't see anything but negative remarks from others online about the cash loan industry. We ended up almost losing our car because we waited. At the last minute, we borrowed $400 from cashloancity.com and I really believe it is the only thing "at the time" that saved us. I understand that there's a problem with some people abusing this industry and crying about it later, but what about the people that really need it and pay it back on time? We're even getting ready to have a positive mark on our credit because of it. Why are the people that never need this type of loan the same people that keep others from being able to get one?
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