RICHMOND, Va. (AP) — One of Virginia's biggest payday lenders is considering pulling out of the state because it says it can't make money under new restrictions that went into effect at the beginning of the year.
Mason, Ohio-based Check 'n Go has 68 locations in Virginia, and more than 120 employees could lose their jobs.
After three years of debate, legislators last year passed reforms that included limiting borrowers to one payday loan at a time and doubling the amount of time they had to repay the loans.
Company spokesman Jeff Kursman said Check 'n Go has quit offering loans while it decides whether to continue to do business in Virginia. He would not say when the company would make a final decision.
Email
Facebook
Google
Twitter
Favorites
More
Advertisement