Lawmakers in Virginia appear poised to “fix” an elusive “predatory lending problem. ” Their focus could be the small-dollar loan market that presumably teems with “outrageous” interest levels. Bills before the installation would impose a 36 % rate of interest limit and alter the nature that is market-determined of loans.
Other state legislators around the world have actually passed away restrictions that are similar. To improve customer welfare, the goal should be to expand usage of credit. Continue reading “Rate of interest caps harm customers Lawmakers in Virginia appear poised to “fix” an elusive “predatory lending problem. ””