Predatory Lending

Michael Pope

Since the election of President Trump in 2016, efforts to crack down on predatory lending in Washington have all but ended. That’s causing a fair amount of concern among people who oppose high interest rates.

In Richmond, a bipartisan coalition is cracking down on predatory lending.

MIchael Pope

Companies that offer high-interest loans are fighting back against efforts to reform their industry, and part of that effort involves writing checks to political campaigns.

Michael Pope

For people who are really hard up for quick cash, reading the fine print of a contract is not always the top priority. That’s how many businesses thrive, charging interest rates in the hundreds to desperate consumers and trapping them in a cycle of debt. Now some elected officials are fighting back.

AP Photo / Steve Helber

No job? No credit? No problem, borrowers can go online to get a loan — and pay five thousand percent interest. But, as Michael Pope reports, that era might be coming to a close.