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Updated: 1:18 PM Oct 10, 2007
Waynesboro Payday Loan Resolution
Waynesboro, Va. Waynesboro has joined Staunton and Harrisonburg in the fight to cap payday loans.
Posted: 12:18 AM Oct 10, 2007 |
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Waynesboro has joined Staunton and Harrisonburg in the fight to cap payday loans, and the city also approved a referendum pamphlet at its Tuesday night meeting.
The Waynesboro City Council passed a resolution Tuesday night to ask the Virginia General Assembly to cap payday lending rates at 36 percent.
Staunton and Harrisonburg passed similar resolutions in recent weeks. Payday loans are short-term loans offered at high interest rates, mainly to people who need some money before their next pay day.
The resolution says the high interest rates target vulnerable people.
The city council is also moving forward to inform Waynesboro voters about what will be on the referendum ballot next month.
Residents will be voting on several projects in the city. The city council approved a pamphlet Tuesday night that will explain each project to the voters.
The council will use the general fund to pay for the printing and distribution of the pamphlets, which will be given out in two weeks.
Latest Comments
What interest rates? It's a one time fee. They ought to crack down on every other retail item they think is too expensive. Cable TV, coffee, bottled water.
So is it ok for these same people to go online to places like http://www.cashloancity.com as those loans aren't regulated by the state?
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