Today is payday loan today. We're (almost) sure.

Stop me if you've heard this before, but House and Senate committees are meeting today to consider legislation that would restrict the payday loan industry. Yes, this was supposed to happen last week, but talks over a compromise bill bogged down.

But we are now in the final week of the General Assembly session, and there is word of a solution in the works.Lobbyists and lawmakers were talking about a handshake deal that was reached on Friday, but there was no story in the Daily Press because it STILL didn't quite seem to be done.

This morning, key legislators are continuing to meet behind closed doors. Those said to be involved are Sen. Ken Stolle, R-Virginia Beach, Del. Glenn Oder, R-Newport News along with Sen. Don McEachin, D-Richmond and possibly Sen. Phil Puckett, D-Russell.

Meanwhile, the payday lending industry continues its all-out media blitz to support its argument that the loans help working people pay off emergency bills. The Community Financial Services Association has launched its own blog called Payday Pundit. Check it out here.

It provides an interesting window into how the debate is playing out in other states.

Comments

[Payday loan]

The charges on Payday loans can add up, if someone doesn’t pay on time. Other than that, it’s a good option for someone that doesn’t want to get caught up with credit cards debts. They can also help in a tight situation, its quick, and most places are open longer hours than banks.

[Breezie]

The charges on Payday loans can add up, if someone doesn’t pay on time. Other than that, it’s a good option for someone that doesn’t want to get caught up with credit cards debts. They can also help in a tight situation, its quick, and most places are open longer hours than banks.

[Bad Credit Payday Loans]

Most of us are living in paycheck to paycheck and there are emergencies that we need payday loans. So payday loans are really neccesary.

[payday loan houston]

Please. Have you seen how much it costs the average person in Georgia now that payday loans are illegal? Or how much the average bounced check is percentage wise? Payday loans are necessary.

[glp]

I hope the General Assembly gets it right.
Its time to take responsibility for reigning in these preditory lenders.
They amount to nothing more than legal loan shark business in the Commonwealth.
The door should have never been opened for Payday lenders to enter our State.