Fast Payday Loans

How payday lending typically works: Someone who needs cash immediately but is two weeks away from getting paid writes a check for the amount the borrower wants, plus a fee that the lender will keep. The lender holds the check until the borrower's payday before cashing it. Under a Virginia law passed by the General Assembly last year, annual interest rates on loans of $2,500 or less are capped at 36 percent. But in recent years, many lenders that have opened storefronts for payday lending in Virginia have skirted regulation because of their affiliations with federally chartered banks outside the state. Federal banking regulators have recently started cracking down on such affiliations. For the second time, the Senate Privileges and Elections Committee sent to the floor a campaign bill dubbed "Stand By Your Ad" that would require candidates for statewide office to appear in their own television, print and radio commercials. HB 558, sponsored by Del. S. Chris Jones (R-Suffolk) and backed by Attorney General Jerry W. Kilgore (R), passed the House overwhelmingly and had been unanimously approved by the Senate panel. But last week, senators sent it back to the committee for further review because some lawmakers were concerned that violators would face excessive penalties.

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