Cash Pay Advance

Plus the interest on the last round of loans that she has rolled over because all her interest payments prevent her from paying off the principal on her loans. Virginia legislators are deep into their second year of debate over whether to tighten the rules governing the state’s 790 payday loan shops — or to squeeze them so hard they close up entirely. But people who have lousy credit and cannot turn to banks — many who have jobs and own homes but run short between paychecks — need a source of money. The industry and its supporters in Richmond — payday lenders contributed $486,000 to legislators last year — propose to save their business by limiting borrowers to two or three loans at a time and prohibiting customers from taking out a new loan until at least 24 hours after they’ve paid off their last one. People who need quick cash face a variety of pricey options, industry advocates say, arguing that their 391 percent interest rate compares favorably with the cost of bank overdrafts, credit card late fees or bounced-check fees. Find Out More

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