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Posted on October 1, 2020 at 3:54 am

Marylanders can’t visit Virginia to get high-cost loans that are car-title

Marylanders can’t visit Virginia to get high-cost loans that are car-title

Do not get it done, Virginia!

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

Car-title loans, which permit you to borrow secured on the worthiness of one’s automobile, are such bad discounts that a lot more than 1 / 2 of the states, including Maryland, essentially do not allow them.

Yet customer defenses are merely since strong as the weakest rules in neighboring states. Just because one state bans the loans, its residents can drive over the state line and borrow at whatever loan terms are permitted here. Read the rest of this entry »