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

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

Do not get it done, Virginia!

Our neighbor towards the south is legislation that is weighing allows loan providers here in order to make car-title loans with triple-digit rates of interest 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 enable you to borrow secured on the worthiness of one’s car, are such bad discounts that a lot more than 1 / 2 of the states, including Maryland, fundamentally do not allow them.

Yet consumer defenses are just since strong as the weakest rules in neighboring states.