Editor's choice: OppLoans Installment Loans
- APR starting at 4.66%
- Funding as soon as the next business day
- Accepts fair credit
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.
If you’re short on funds and looking to borrow a small amount of cash to get by between paychecks, you might be considering a payday loan. This guide will help you navigate payday lending in Virginia.
Payday lending is legal in Virginia. Virginia Code Ann. §§ 6.2-1800 et seq., titled payday lenders, governs all aspects of payday lending in the state. No business or individual can provide payday loans to residents of this state without obtaining a license from the Virginia State Corporation Commission. A lender can’t provide a payday loan online because the application requires individuals to hand over their bank account information–so avoid any lender that claims to offer an online loan.
Here are the basic rules surrounding payday loans:
You can cancel your loan by repaying the total borrowed amount by the end of the business day after you receive your funds. This means if you borrow money on a Monday, you can cancel your loan until the lender closes on Tuesday.
Check the websites of any providers you’re interested in to confirm they operate in Virginia. Remember that online lending is illegal in Virginia so you must visit a storefront if you want to take out a payday loan.
Applying for payday loan is easy, but they can be very expensive. Because of this, all lenders will require that you have a regular source of income, be at least 18 years old and a citizen or permanent resident of the US.
When you visit the lender’s storefront, you’ll need to bring proof of employment or benefits (if the lender allows it), proof of your address and a blank check. You’ll also need to know your Social Security number and be willing to fill out an application that asks for personal details.
Once you’re finished, an employee will process your application and you’ll know within a few hours if you’ve been approved for the loan.
Payday loans can be expensive if you don’t repay them right away — and car title loans in Virginia can be even more costly. Because of this, they should be used as a last resort.
If you have ongoing financial issues, you could apply for one of the many assistance programs in Virginia. Programs like Energy Assistance, the Supplemental Nutrition Assistance Program (SNAP) and 2-1-1 VIRGINIA can all be helpful when you’re trying to balance your budget.
A payday loan can be a good way to afford unexpected expenses between paychecks. Knowing the laws will help you avoid disreputable lenders. Always be sure you can repay your loan, and don’t hesistate to ask questions or report illegal behavior when you see it. Worried you can’t afford to pay back a payday loan? Consider these low-cost alternatives available in Virginia instead.
You won’t be able to apply for a new loan unless you’re a returning customer.
Get your loan payments covered when you experience a disability and can’t work, but with limited coverage.
The Balance Assist loan, set to launch in January 2021, offers loans from $100 to $500 for a flat $5 fee.
No-fault divorce may be faster and cheaper, but fault divorce may have more financial benefits if you’ve been wronged.
Disability insurance typically pays out between 40% and 80% of your income, but will depend on the type of policy you have.
Get near-instant access to LendFi loan funds, plus earn 4% cashback on all purchases with the LendFi Visa Card.
If you need to remove a tree from your property, consider paying with plastic.
Whether you’re looking to find a long-lost relative or simply learn about your family’s past, AncestryDNA could meet your needs.
Trying to choose the right gaming console for you and your family? You’ll find everything you need to know about Microsoft’s Xbox One console right here.
Here’s what to know about Molekule, the air purifier that promises to destroy pollutants in your home like smoke, dust and mold.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.