“Caught in a trap”: Virginians describe payday loans to their experiences, urging feds to modify Experiencing misled, fooled and eventually threatened by high-interest price car and payday name lenders, Virginians are pleading with federal regulators to not rescind a proposed groundbreaking guideline to rein in abuse. Tales from almost 100, attached with a Virginia Poverty Law Center page asking the customer Finance Protection Bureau to not ever gut the guideline, stated these triple-digit rate of interest loans leave them stuck in some sort of financial obligation trap. VPLC Director Jay Speer stated the guideline that the CFPB is thinking about overturning — needing ...