GRACE Letter of Support
GRACE is a local organization that helps families in emergency situations by coordinating outreach among community and church service and assistance programs. GRACE wholeheartedly supports House Bill HB619 to repeal the Pay Day Loan Act and HB325 to cap car title loan APRs at 36%. We recently worked directly with a family that almost lost their car because of this type of loan. Eventually, the title loan company settled for a smaller amount when GRACE became involved and a generous church helped pay off the loan. Our organization can not afford to pay for this type of financial emergency. Payday and car title lenders prey on families in our area that are already struggling to make ends meet. Ultimately, predatory lending limits our ability to help these families out of times of crisis. We strongly support legislative improvement from the Virginia General Assembly. Additionally, we are doing all we can to inform the public about this egregious situation.