In 2003, more than 250,000 Virginia consumers received more than one payday loan.*
In 2003, 124 payday lending stores opened in Hampton Roads.**
40 Virginia Beach
26 Newport News
The VA Bureau of Financial Institutions reports that 1/3 of the total statewide payday lenders reside in the Hampton Roads area.***
Sources: *Better Business Bureau Serving Western Virginia Consumer Alert: Virginia Data Proves Payday Loans Equal Costly Cash. June, 2004. **Flagship News. It’s Hard To Break Free From Payday Lending Trap. http://www.flagshipnews.com. June 19, 2003 ***The Virginia Pilot. Payday Lenders Expect Booming Business Here Military Presence, Tight Incomes And A New State Law Help Draw Short-term Loan Firms to Hampton Roads. October, 2002.
What happens when you call an internet lender?
Thanks largely to payday lenders, the 2007 John Warner Department of Defense Authorization Act contains language that could ultimately have an adverse affect on any financial institution serving the military.