What: Community forum to share stories and information about predatory car title, payday, and internet loans
When: Monday, December 17 at 5:30-7 p.m.
Where: Danville Public Library Auditorium (511 Patton St., Danville, VA 24541)
Danville, Va. — Virginia Organizing, in partnership with Virginia Poverty Law Center and Virginia Legal Aid Society, will hold a community forum on December 17 at 5:30 p.m. at the Danville Public Library to call attention to the harm that predatory lending is doing to Danvillefamilies. People will share their experiences with predatory loans, get free legal help, and get involved in a statewide campaign to regulate predatory internet loans.
“During this time of year, we all want to show feelings for our loved ones in tangible ways. If we can’t afford it, we get desperate and seek out these legal loan sharks. The rest is history—and a lesson in being swindled,” said Mary Barnes, a leader in the Danville Chapter of Virginia Organizing.
“I know college-educated professionals who need loans and have had to depend on legal loan sharks to make ends meet. This recourse has led to unimaginable stress and bad credit reviews,” said Barnes.
While Virginia has some restrictions on storefront lenders, the online payday loan industry operates with no oversight.
“Internet lenders provide the same predatory and reckless loans as storefront payday and car title lenders. Same obscene interest rates, same deceptive business practices, same unbreakable cycle of debt for vulnerable consumers. On top of that, even more abuse of borrowers due to the sale of their personal financial information,” said Jay Speer, executive director of the Virginia Poverty Law Center.
The Danville Chapter of Virginia Organizing is calling on Delegate Danny Marshall to protect consumers and support new regulations when the next General Assembly session starts in January.
To interview a spokesperson about this event, contact Nik Belanger at 434-709-4953 or nik.belanger@virginia-
