Did you know?
- More than 1/2 of payday loan customers remain in debt for 199 day out of the year (more than six months) while the average repayment period for a payday loan is approximately 2 weeks.
- The average amount borrowed on a payday loan is $350 but the total fees paid over a 12 month period for payday loans is $458.
- 1/2 of all payday loan customers earn $22,476 or less.
- 25% of all payday loan customers report some form of public assistance or other benefits.
- Virginia offers a minimum of two payday cycles for loan repayment and a madated cooling-off period after loan repayment.