PDF Payday Lenders and the Military: A Study of Hampton Roads ...
[Pages:25]Payday Lenders and the Military: A Study of
Hampton Roads, Virginia
Karen J. Hastings
Advisor: Gregory Thomas Pennsylvania State University
Introduction
Payday Lenders have long been identified as targeting military populations
Area of concern to leadership due to security risks
Hampton Roads has unique military and civilian makeup, making it an ideal area to study
Large Military Population: Army, Navy, Air Force, and Coast Guard (arguably the most militarized region in the US)
Varied Civilian Population: income, rural/urban, ethnic groups
Background
Payday Lenders charge extremely high interest rates and have historically preyed on junior service members
2005 Graves and Peterson "Predatory Lending and the Military: The Law and Geography of `Payday' Loans in Military Towns"
Looked at 20 states, 109 military installations, and 15,000 payday lenders
Found greater concentrations of payday lenders per capita near military installations
Federal & State Measures
Congress passes Military Lending Act in 2006
Caps interest rate at 36% Requires rights disclosure Prohibits arbitration Can't waive Service member's Civil Relief Act (2015)
Service Response
Varies by Service
Virginia (2009)
Restricted loans to one at a time per borrower Established tracking database to determine eligibility Created mandatory longer repayment times Capped interest rate at 36% Limited fees to 20% of loan May not make loans to military members, spouses or dependents $1,000 fine per violation 29.41% decrease in Payday Lenders in 2009
Hampton Roads
Goals and Objectives
Determine if numbers of payday lenders have decreased since 2005
Determine if Military has continued to be a target
Methodology
Methodology: Phase I
Obtained Data Background data
US Census Bureau TIGER US Geological Survey ESRI ArcGIS Online
Payday Lenders/Banks
American Factfinder (historical numbers) Virginia State Corporation Commission
Geocode FDIC
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