Check n’ Go no longer lending money in Virginia

The Ohio based payday lender, Check n’ Go, is no longer loaning money to customers in the commonwealth, at least for the time being. A company spokesman said Tuesday morning Check n’ Go is “re-examining the status” of its stores in Virginia.

Check n’ Go director of public relations, Jeff Kursman, said the company has no plans as of now to pull out of Virginia. It has more than a half dozen locations in and around the Roanoke Valley, according to a store locator on its website.

“At this point we are examining the potential profitability of our stores and making determinations based upon their ability to generate profit,“ Kursman said.

Kursman said a recent state law doubling the amount of time payday loan customers have to pay the companies back essentially cut Check n’ Go’s profits in half.

“There is consumer demand for short term credit options and that demand is not going away,“ Kursman said.

Some customers are worried the company might leave Virginia for good.

Pat, whom declined to give her last name, said she is a frequent Check n’ Go customer.

“I have medical bills that need to be paid and sometimes they just hit me,“ she said.

Some state lawmakers have long argued payday lenders charge too much interest for its services.

News source: wsls.com

Below are the monthly archives: