Pay Day lending changes in effect; Extends time allowed to repay loan

From NBC12 News

RICHMOND, VA (NBC12) - Some of the nation's most sweeping Pay Day lending reforms are now in effect in Virginia. 

The new law limits borrowers to one Pay Day loan at a time, and extends the amount of time you have to repay it.    

It also requires the creation of a database to better track those loans. 

Some lenders are getting around the new law by offering open-end credit. This allows them to charge whatever they want as long as they don't charge anything for the first 25 days.

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