So how were consumers helped?
June 20, 2009 | Associated Press, Virginia, industry, regulation, states | Comments (0)The AP’s Dena Potter looks at the data in Virgina:
New laws that cut down on the number of payday loans borrowers can get have drastically reduced the number of the short-term, high-interest loans issued in Virginia.
Last year, Virginia’s payday lenders made nearly 3.4 million payday loans, or about 281,000 each month. Through the end of May, lenders had issued 226,807 loans, an average of 45,000 per month _ an 84 percent decline, according to the Bureau of Financial Institutions.
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