Virginia Cash Advance Stores are Reasonable Options
By Paul RizzoPayday Loan Writer
The Daily-Press June 9 letter “Cap ‘misery’,” which argued for a 36 percent APR cap on payday loans, was not based on important facts. Payday loans are short-term, usually taken for only two weeks, not annual loans.
A 390 percent APR on a quick payday advance is a nonsensical, disingenuous metric used by extremists to cloud the debate. To reach this number, a two-week loan would have to be “rolled over” 26 times.
Extremists may hurt the very people they claim they’re trying to help by advocating to eliminate an available credit option for the consumers they purport to represent. Nearly all banks and credit unions do not provide temporary credit through small-dollar, short-term loans.
Bad credit payday loan stores provide reasonable Virginians with a well-regulated option, responsibly delivered for meeting unexpected expenses. Legislators should not take that option away from Virginians.
Martin Ray
District Director of Operations, Check ‘n Go,
Newport News
