Marylanders can not visit Virginia to get high-cost car-title loans

Marylanders can not visit Virginia to get high-cost car-title loans

Never take action, Virginia!

Our neighbor towards the south is weighing legislation that will allow loan providers there to help make car-title loans with triple-digit interest levels to customers in Maryland along with other states. This just four months after Virginia lenders had been prohibited from making such loans out of state.

Car-title loans, which enable you to borrow on the worthiness of one’s car, are such bad discounts that a lot more than 50 % of the states, including Maryland, basically do not let them.

Yet customer defenses are merely because strong as the weakest rules in neighboring states. Continue reading