RICHMOND, Va. (AP) - Virginia will offer state employees loans
up to $500 in an effort to prevent them from turning to payday or
car title lenders during tough economic times.
Gov. Timothy M. Kaine announced the Virginia State Employee Loan
Program on Monday. It is a partnership between the Commonwealth of
Virginia Campaign, the state's employee charity giving program, and
Virginia Credit Union.
Borrowers must be a credit union member with at least $5 in a
savings or checking account. To qualify for a loan, participants
must successfully complete an online financial course and a
10-question financial literacy exam.
Legislators recently cracked down on payday lenders. Bills to
further regulate car title lenders have continuously failed.
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