Keep Payday Lending Out of West Virginia
Payday loans notoriously carry 300+% APR (annual percentage rate). Strategically located in low-income neighborhoods, payday lenders intentionally trap borrowers in debt that they cannot escape. The average payday borrower is trapped by ten transactions in a year.
Though payday lenders are not allowed in our state, we still need a strong national rule. Payday lenders will use a weak rule to seek a green light to come back into West Virginia.
Thank you so much for acting today.