Articles - Virginia Payday Loans and Virginia Payday Loans Online

A recently released study conducted by the University of Virginia's Weldon Cooper Center has revealed a high percentage of Virginia residents have taken advantage of Virginia payday loans, pawnshop and Vrginia payday loans online.

The study shows over 275,000 Virginia families -- or about 10 percent --have borrowed from alternative loan sources to help them pay for basic needs such as repairs, bills and other critical needs.

A prior Cooper Center survey indicated almost 25 percent of Virginians - are not earning enough income to meet their needs. In addition, that study showed 28 percent of Virginians do not have savings, stocks or resources they may need to pay for emergency situations.

Of the 275,000 families utilizing alternative payday loans online sources, almost half of them, or 120,000 households, have taken out Virginia payday loans.

The Cooper center study examined 2009 national banking statistics from the FDIC.

The research also found:

* Over 95,000 Virginia households, or 3 percent, used pawn loans. * Over 100,000 families, or 3.6 percent, have used rent-to-own stores to lease items such as appliances or furniture. * Over a four-year span that ended in '09, almost 150,000 Virginia families used an auto-title loan.

Virginia passed a law in 2008 that dramatically limited a Virginia payday loan company's ability to operate in the state. Data shows that the law led to an immediate drop in payday loan revenue, from $1.3 billion in 2008, to $170.5 million (plus $40.3 million in interest and fees) in 2009.