Find out the important information you need before taking out a payday loan in Richmond.
Whether it’s an emergency repair or just making it through to your next paycheck, there are options to help you navigate the rocky waters of financial instability. A payday loan in Richmond can give you an easy way to access quick credit, but it does come at a cost. If you’re thinking about applying for one, read this guide to find out what’s involved.
How much can I borrow in Richmond?
Payday loans in Richmond follow the laws of Virginia. All payday loan lenders have to follow the Code of Virginia Title 6.2 Chapter 18. The same laws also apply to out-of-state lenders that want to provide online payday loans to residents of Richmond.
Under these laws, you can borrow up to $500 for two or more pay periods. However, it’s important to note that payday lending is illegal in the state of Virginia. This means residents of the Richmond can’t go through an online lender to finance their loan.
Why can't I take out an online payday loan in Richmond?Online lenders often require that consumers provide access to a bank account for lenders to deposit a loan and to debit the payment when it’s due. Because payday lenders have been known to keep debiting from an account even when there are insufficient funds–causing fees from the lender and the bank to pile up–Virginia legislators have decided to ban the practice of providing online loans. You won’t be able to take out a payday loan online in the state. Instead, you need to visit a physical location.
Find a lender that offers payday loans in Richmond
Remember that online lending is illegal in Virginia. You must visit a storefront if you want to take out a payday loan.
Why a resident of Richmond might want to take out a loan
- Bad credit is OK. Although lenders are likely to check your credit, it won’t play a huge role in your approval. Lenders care more about your current financial situation than your credit history.
- Simple application process. It’s easy to fill out a payday loan application, and when you visit a store, there will likely be someone available to help if you have any questions.
- Use your loan for anything. Whether you need the money for a bills or everyday expenses for a few weeks, you can use your loan funds for anything as long as it’s legal.
How much a short term loan can really cost you
Sam’s brother got into a small scuffle and landed himself in jail. Sam didn’t have enough to bail him out, so he decided to take out a payday loan to cover the cost. He visited a storefront and was approved for a $500 loan with a finance charge of $112.
The loan term lasted four weeks, and Sam was able to walk out of the store with a check he could cash to pay for his brother’s bail. During the term, they both picked up a few extra shifts at their jobs to cover the $612. At the end of the loan period, the lender cashed Sam’s post-dated check for the full amount. It cleared, and Sam was able to avoid any extra costs.
What you’ll need to apply for a payday loan in Richmond
Before you visit a lender, you’ll need to meet some basic eligibility criteria. You’ll have to be at least 18 years old, have a regular source of income and be a citizen or permanent resident of the US.
When you go to a store, you’ll need to bring proof of your employment, income and identity. Lenders will want your Social Security number and to know how much you make on a monthly basis before issuing a loan.
Payday loan locations in Richmond, Virginia
Where to get a payday loan in Richmond
If you’re looking for short term loan lenders in Richmond that operate out of storefronts, here are some of your options:
- ACE Cash Express. Southside Plaza, 617 D East Belt Blvd, Richmond, VA 23224
- Advance America. 6506 Hull Street Rd, Richmond, VA 23224
- All American Payday Loans. 700 E Main St #707, Richmond, VA 23219
- Cash-2-U Loans. 6100 Midlothian Turnpike, Richmond, VA 23225
- Check City. 21 E Broad St, Richmond, VA 23219
- Check into Cash. 3059 Mechanicsville Turnpike, Richmond, VA 23223
- Fast Auto & Payday Loans. 2600 E Main St, Richmond, VA 23223
- First Virginia. 159 E Belt Blvd, Richmond, VA 23224
- Guaranteed Payday Loans. 8191 Brook Rd, Richmond, VA 23227
- Quick Payday Loans of Richmond. 3126 W Cary St #722, Richmond, VA 23221