Help for Virginians who can’t make rent payments or afford triple-digit interest rates on payday and car-title loans is fading as the pandemic drags on.
Legal aid lawyers are bracing for a flood of eviction cases and stepped-up loan company pressure for repayment in full, instead of the usual practice of refinancing old debt with new loans.
Virginia will slash its cap on interest rates as of Jan. 1, and several loan companies have said they’re pulling out of the state as a result. Those companies will want to get their money first, said Jay Speer, executive director of the Virginia Poverty Law Center.
That's exactly what Fast Auto Loans is telling Kiana Raiford, of Hampton.