Only 1 state changed its regulations minimum that is regarding optimum loan term: Virginia raised its minimum loan term from 1 week to 2 times the length of the debtor’s pay cycle. Presuming a pay that is standard of fourteen days, this raises the effective restriction by about 21 days. The 3rd line of dining table 5 quotes that loan size in Virginia increased almost 20 times an average of as an effect, suggesting that the alteration had been binding. Read the rest of this entry »