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What you need to know about payday lending in Virginia before you apply

If you’re short on funds and looking to borrow a small amount of cash to get by, you might be considering a payday loan.

This guide will help you navigate the complexities of payday lending in Virginia.

Check into Cash Payday Loan

Check into Cash Loans

Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.

  • Min. Loan Amount: $50
  • Loan Term: Varies by state
  • Turnaround Time: 1–2 business days
  • Total Costs: Varies depending on the amount and your state of residency.
  • Must be 18+
  • No security needed
  • Confidential and secure!

    Are payday loans legal in Virginia?

    Payday lending is legal in Virginia. Code of Virginia Title 6.2 Chapter 18, titled payday lenders, governs all aspects of payday lending in this state.

    No business or individual can provide payday loans to residents of this state without obtaining a license from the Virginia State Corporation Commission. The same laws apply to out-of-state lenders who wish to provide online payday loans to residents of Virginia.

    You can’t borrow more than $500 through a payday lender at any given time.

    The Bureau of Financial Institutions has a “Consumer Guide to Payday Lending” available on its website.

    Cooling off periods depend on your payday loan history. Normally, you can get a new payday loan one day after you repay the last one ,but if you take out five payday loans within 180 days, there is a cooling off period of 45 days. This increases to 90 days if you repay a loan through a payment plan.

    Consider these lenders for a short term loan in Virginia

    Check the websites of any providers you’re interested in to confirm they operate in Virginia.

    Rates last updated September 25th, 2017
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Maximum Loan Amount Term of Loan Turnaround Time
    LendUp Payday Loans
    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.
    $250
    7–30 days
    Generally receive the money the next business day
    CashNetUSA Loan
    Apply for short term loans, installment loans or lines of credit in 30 states typically with a day’s turnaround.
    Varies by state
    Varies by state
    1 business day
    ACE Cash Express Payday Loans
    Quick short term, installment and title loans come with no prepayment penalty and a 72-hour satisfaction guarantee.
    Varies by state
    Varies by state
    Generally receive the money the next business day
    Check City Payday Loan
    Apply for a fast, secure and confidential payday loan — even with less-than-perfect credit.
    Depends on state of residency
    Varies by state
    Next day
    Check into Cash Payday Loan
    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.
    $1,000
    Varies by state
    1–2 business days

    Compare up to 4 providers

    How a Virginia payday loan might benefit you

    Here’s why you might consider getting a Virginia payday loan:

      • Quick application process. A payday loan in Virginia can give you fast access to the funds you need. If you apply in-store, you can get your money within an hour.
      • Use the money any way you need. You can use the funds from a payday loan for just about any reason.
      • No collateral needed. Payday loans are unsecured so you don’t have to worry about providing collateral to secure your loan.
      • Bad credit is OK. If you have a bad credit history, you can still apply. Providers of payday loans take your existing financial situation and ability to repay into account.

      If you’re in need of money, consider all your options before taking out a loan

      The cost of a Virginia payday loan

      Virginia payday loan rules restrict costs associated with your loan. Here’s what you need to know:

      • Maximum finance rates and fees. A loan fee can’t exceed 20% of the amount advanced. A lender may charge a $5 verification fee. The maximum finance charge for a 14-day $100 loan is $26.38. The maximum APR for a 14-day $100 loan is 687.76%.
      • Collection fees. Providers of cash payday loans in Virginia can charge one non-sufficient funds (NSF) fee, not exceeding $25. A payday lender can also charge court costs and reasonable attorney fees, not to exceed $250.
      • Rollover fees. Virginia payday lending laws don’t permit refinancing, renewal or extension of payday loans, so rollover fees don’t apply.

      Here’s how Virginia residents can apply for payday loans

      Applying for paycheck advance loans is easy.

      Eligibility requirements:

      • You should be at least 18 years of age
      • You should be a US citizen or a permanent resident
      • You should have a regular source of income

      Required information:

      • Your name, date of birth, Social Security number and a valid form of ID
      • Your residential address, email address and phone number
      • Details about your employment and income

      Where else are payday loans available?

      Have any more questions about Virginia payday loans?

      You can get on a payment plan once in a 12-month period.

      No. Your loan proceeds come in the form of either cash or a check from the lender.

      The loan term should be at least two times your pay cycle. After the due date, the lender cannot charge interest in excess of 6% APR.

      Yes. You may 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 may cancel your loan until the lender closed on Tuesday.

      You should get in touch with the Virginia Bureau of Financial Institutions.

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    6 Responses

    1. Default Gravatar
      AngelaSeptember 13, 2017

      If you already have a payday loan out can you take another one out even if the first one is not due yet? If so do you have to go to the same place

      • Staff
        DanielleSeptember 13, 2017Staff

        Hi Angela,

        Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.

        It depends on the lender and your state of residence. If it’s legal in your state, you’ll need to meet more stringent criteria than when you applied for your first loan because a second short term loan is more of a risk and a greater financial burden. Find out more through this page.

        I hope this helps.

        Cheers,
        Danielle

    2. Default Gravatar
      RonnieSeptember 11, 2017

      i just lost my job and i have poor credit but i need 5000 dollars what loan could i qualify for?

      • Staff
        AnndySeptember 11, 2017Staff

        Hi Ronnie,

        Thanks for your question.

        You may compare your loan options on this page. Kindly note that the amount that you can borrow depends on your state of residence.

        Please review the eligibility criteria and the terms and conditions of the loan before submitting your application.

        Cheers,
        Anndy

    3. Default Gravatar
      VicMarch 6, 2017

      During the cooling off period am I allowed to apply for a payday loan in another store?

      • Staff
        HaroldJuly 24, 2017Staff

        Hi Vic,

        Thank you for your inquiry.

        Cooling off periods depend on your payday loan history. In a normal scenario, you can get a new payday loan one day after you repay the last one. If you take five payday loans within 180 days, a cooling off period of 45 days applies. This increases to 90 days if you end up repaying a payday loan through a payment plan.

        I hope this information has helped.

        Cheers,
        Harold

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    LendUp Payday Loans

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    Check into Cash Payday Loan

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