Virginia legal advocates are on the lookout for attempts to subvert the state s Fairness in Lending Act. The 2020 law establishes a fair regulatory framework for lending in the state - but it seems some lenders are finding ways around it, such as referring to different types of loans as an "advance." A Consumer Reports investigation has found some "advances" have been offered at an interest rate of 490%. Jay Speer - executive director of the Virginia Poverty Law Center - said despite the name change, it s still a loan. .
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