What: Preach-In Rally Against Predatory Lending
When: Friday, January 24, 11 a.m. – 12 p.m.
Where: ACE Cash Express, 4213 Portsmouth Blvd, Portsmouth, VA 23701 (Alexander Corner)
Portsmouth, Va.— Faith leaders and community members from Virginia Organizing are coming together on Friday, January 24 at ACE Cash Express in Portsmouth to hold a Preach-In focused on the abusive practices of payday and title lenders in Virginia. The Preach-In is one of a series of events happening across the Commonwealth known as “Fair Lending Fridays,” sponsored by the VaPerl Coalition.
Virginia has become the East Coast capital of predatory lending because it has some of the weakest consumer protections for payday and auto title loans in the nation. Hundreds of thousands of Virginia residents are trapped in debt and charged over 200 percent interest by out-of-state companies.
Faith leaders are urging the Virginia General Assembly to act boldly in 2020 to fix the abusive practices in the payday and title lending market and save hardworking families millions of dollars each year. In Portsmouth, they call on Virginia Senator Louise Lucas, Delegate Stephen Heretick, and Delegate Don Scott to be champions for bills that limit these practices.
Reverend Dr. John T Myers, Associate Conference Minister of the United Church of Christ, will speak against the immoral practice.
“Here in Virginia, our legislators allow predatory lenders to charge over 200 percent interest, far more than the very same companies charge in other states,” said Myers. “As people of faith and conscience, we must fight against companies that enrich themselves by charging rates that lead people into the debt trap.”
To interview a spokesperson for this event, please contact Meghan McNamara at 847-922-1213 or Meghan@virginia-organizing.org.