Conservative Viewpoints

"Government is not the solution…it is the problem" -Ronald Reagan

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Archive for August, 2008

Credit Unions slowly fill void as Predator Payday Lenders leave D.C.

Posted by Stephen on August 12, 2008

By Jordan Weissmann
Washington Post Staff Writer

Stephanie Vann used to rely on payday loans to cover her rent and summer camp for her three children. She felt ashamed and kept her finances secret. But the short-term, high-interest loans seemed to be her only option.

Now, if the single mother needs a loan, she works with the Treasury Department Federal Credit Union. She can get longer-term loans for small amounts to tide her over — and at vastly lower interest rates.

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Posted in E. Payday Lending, F. Business and Economy | 2 Comments »

Killing regulations costs a lot

Posted by Stephen on August 12, 2008

Any reader of this page knows that “payday lending” is alive and well in the Valley, especially given the often bright appearance of the facilities housing such services. Nine such lenders are here locally, while nearly 800 are sprinkled across the Commonwealth. These payday lenders, a recent report in the Richmond Times-Dispatch revealed, spent millions of dollars during the last year to fend off plans to tightly regulate their business.

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Posted in C. State Politics, E. Payday Lending, Op-Eds | Leave a Comment »