This Week in Alexandria Coronavirus
Alexandria approaches 1,000 reported coronavirus cases and Virginia surpasses 20,000, but Phase I recovery could come May 15.
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Loan Sharks in the Water
Lawmakers crack down on predatory lending, although reform won’t happen for eight months.
The LoanMax on Mount Vernon Avenue in Arlandria is open for business during the pandemic, and colorful signs in the windows announce in English and Spanish that the car-title lender remains open during a stay-at-home order — offering loans at 200 percent annual interest during a time when unemployment claims in Alexandria are skyrocketing. Those kinds of interest rates will be illegal under the Fairness in Lending Act, which Gov. Ralph Northam signed last week after lawmakers signed off on some last-minute changes. But the ban on such high-interest lending won’t take effect until New Years Day 2021, which means high-interest lenders have eight months to engage in an unprecedented lending spree during the worst economic crisis since the Great Depression.