The industry contends that individuals will jump checks, head to other states or check out unregulated online payday lenders. But after North Carolina banned payday loan providers this past year, their state’s credit unions stepped up, and a fresh research from Virginia’s neighbor suggests that residents did not skip the lenders or lose usage of credit that is short-term.

The lenders have now set up in every major shopping center in the busiest corridors as the industry has grown since 2002 into a $1 billion business in Virginia in Hampton roads. Continue reading →