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Compare short-term loans in Virginia
New laws went into effect in 2021. Here's what you need to know.
When you have unplanned expenses and are on a tight budget, a payday loan could be helpful. Payday loans, a type of short-term loan, give you quick access to money when you need it. Read on to find out about the laws in Virginia and everything else you should know about how payday advances work.
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I’d like to know if it is illegal in Virginia to have bussinesses do on line loans . Can they take you to court for non payment if it wasn’t done in store front and it wasn’t even me
Hi Joe,
Thanks for getting in touch with Finder!
According to our page, online lending is illegal in Virginia so you must visit a storefront if you want to take out a payday loan.
Hope this clarifies!
Best,
Nikki
Is NHcash a legal loan company in VA?
Hi Carol,
Thanks for leaving a question on finder.
NH Cash is available for residents in VA. For all your other loan options in VA, please refer to the table above.
Please send me a message if you need anything else. :)
Cheers,
Joel
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
Hi Angela,
Thank you for contacting Finder.
Getting multiple payday loans depends on the lender and your state of residence. Generally, you often need to meet more tough criteria than when you applied for your first loan because a second short-term loan is more of a risk to the lender and a greater financial burden to the borrower.
Lenders will want to ensure you will be able to repay the loan. To do this, they will review your current financial situation and look at multiple factors, which can include your credit history, what payments you make on your current loan, your current employment, and your income. If you already have a lot of debt obligations or you lost your job after you took out your first short-term loan, you could have trouble qualifying.
However, since each lender has its own regulations when it comes to reloans, it’s best to still speak directly with your lender so they can advise you further on any possibilities of you getting approved for another loan.
I hope this helps. If any other questions arise, please feel free to contact us at any time.
Cheers,
Danielle
i just lost my job and i have poor credit but i need 5000 dollars what loan could i qualify for?
Hi Ronnie,
Thanks for your question.
We do have a list of $5,000 loans you may qualify for. 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
During the cooling off period am I allowed to apply for a payday loan in another store?
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
I have a loan out now that is due next week. That will be my 5th loan so that company told me I’ll be on a cool off period for 45 days. Will it be that way all across Virginia at all the pay day loan companies? Or I can go to another one to get a loan after making the payment the next day ?
Hi Chanel,
Thank you for your inquiry.
Yes. In order to protect consumers, Virginia has different cooling off periods depending on how many loans you’ve taken out.
I hope this information has helped.
Cheers,
Harold