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Hundreds to benefit from payday loan settlement
Hundreds of low-income Richmond area residents will benefit from the settlement of a lawsuit challenging the lending practices of Advance ‘Til Payday, a company that charges up to 960 percent interest on loans of $100 to $300. The settlement will result in the dismissal of at least 50 garnishment actions and 800 judgments that Advance ‘Til Payday had obtained in court against borrowers who defaulted on the loans, according to Jay Speer of the Virginia Poverty Law Center, which brought the suit.
