The Bureau of Financial Institutions added the 2011 payday and car title loan #s to their annual report. The payday loan numbers haven’t changed much since 2010 except the payday lenders are suing a lot more people.
This is the first full year of numbers for car title lenders in Virginia.
- We now have 378 car title lender locations (267 payday loan locations)
- 128,446 loans made
- 105,542 borrowers
- Average loan amount $976
- Average loan term is 306 days
- 8,378 cars repossessed
- 4,910 cars sold after repossessed
