Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Compare your loan options in Richmond, Virginia
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.
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
Frequently asked questions
More guides on Finder
43 Black-owned banks by state
Now is the time to support Black-owned institutions so they can continue fighting systemic racism and working to close the wealth gap that exists in America.
Compare car loans and repayment options available during COVID
Reach out to your lender directly to discuss alternate payment options.
What you need to know before you defer your loan repayments during COVID-19
Deferring repayments can ease financial strain right now, but it will cost you in the long run.
How often can you refinance your home?
You can refinance your mortgage as often as it makes sense.
HARP loan program alternatives in 2020
There are other government programs that can help you lower your interest rates and monthly payment to keep you from delinquency.
Mortgage rates in West Virginia
Mortgage rates in West Virginia are usually higher than the national average.
Mortgage rates in Virginia
Mortgages rates in Virginia bounce above and below the national average.
Grants to help your business during the coronavirus outbreak
Look to your local government and private companies for cash you don’t have to repay.
Financial assistance for people affected by the coronavirus
Where to find relief if the COVID-19 outbreak hurts your income.
Ask these 6 questions before getting a car loan
A few answers now can save you money on your car loan down the road.
Ask an Expert