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Nearly 10 percent of Virginia households use high-cost loans

Nearly 10 percent of Virginia households have used short-term, high-interest payday, pawnshop and auto-title loans to make ends meet.

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RICHMOND, Va. (AP) — Nearly 10 percent of Virginia households have used short-term, high-interest payday, pawnshop and auto-title loans to make ends meet.

A study by the University of Virginia’s Weldon Cooper Center for Public Service released Tuesday shows that more than 275,000 financially struggling families in Virginia have turned to alternative financial-service providers to pay for basic needs such as food, housing and transportation. They also are using the high-cost loans to pay for unexpected expenses stemming from job losses, car repairs and medical bills.

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