Payday loans offer fast cash, but costs and interest leave many Virginians deep with debt

Payday loans offer fast cash, but costs and interest leave many Virginians deep with debt

With only a couple of days to head to pay money for her last semester at Norfolk State, Nadeen Williamson decided she’d want to spend the bill that is whole at once, as opposed to do another education loan.

After Googling “fast money,” she ruled out of the top three names that popped up that she didn’t want a payday or car title loan because she knew from talking to the people who she served at her church’s feeding ministry.

Williamson is one of the thousands of Virginians that have discovered themselves unexpectedly spending thousands to pay back high-interest short-term loans from companies which have discovered a means around the state’s customer security guidelines.

They’re individuals like:

  • the Williamsburg health that is mental who couldn’t make her $28,000-a-year salary stretch to pay for rent, student education loans and medical bills, despite the $4,700 in payday and internet loans she took away, including $1,150 she borrowed after filing for bankruptcy. […]