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.
Copyright 2009. WWBT, Inc. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.