The Pledge

I believe that lending should help build a future, not destroy it with triple digit interest rates and downward spirals of debt.

I believe that Virginians should have access to short-term, small loans; but before the door for viable options will open, the door to predatory payday loans must close.

I believe that individuals, faith communities, financial institutions, businesses and government must work together to create responsible solutions and promote financial literacy.

I call on our state lawmakers to join signers of this faithful pledge for the common good; to provide us with an environment in which our efforts are supported, not undermined by legal loopholes that benefit predatory lenders. I believe Virginians should be protected from usury that's disguised as fees, and to make room for real, viable short-term lending options that will reduce poverty, brighten a future and create safer and stronger neighborhoods.

The 2002 Payday Loan Act provides a special exemption for this one industry from Virginia's usury cap law. I call on our Virginia state legislators to remove this special exemption and cap the interest of payday loans to 36% APR.

Signed by:
[Your name]
[Your address]