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Here’s what you need to know about payday loans in Virginia

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.

Our top pick: OppLoans Installment Loans

  • Min. Loan Amount: $500
  • Max. Loan Amount: $5,000
  • Turnaround Time: 1 business day
  • Loan Term: 9 to 36 months
  • Requirements: Direct deposit, meet minimum income requirements
  • Easy online application
  • Quick approval
  • Fast funding
  • Long repayment terms

Our top pick: OppLoans Installment Loans

Comes with the option to change your due date so you won’t fall behind on repayments.

  • Min. Loan Amount: $500
  • Max. Loan Amount: $5,000
  • Turnaround Time: 1 business day
  • Loan Term: 9 to 36 months
  • Requirements: Direct deposit, meet minimum income requirements
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What are the laws about payday loans 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:

  • Maximum loan amount: $500
  • Loan term: Two or more pay periods
  • Total loans: You can only have one outstanding loan at a time
  • Financing fees: 36% annual interest, a $5 verification fee and 20% of the principal
  • Finance charge: A 14-day $100 loan costs $26.38
  • APR: A 14-day $100 loan has an APR of 687.76%
  • Collection costs: $25 non-sufficient funds (NSF) fee, court costs and reasonable attorney’s fees ($250 or less)

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.

Virginia lawmakers enforcing online payday loan laws

There are lenders online that sidestep the law and offer payday loans to residents of Virginia. Lawmakers are rallying together to stop this predatory practice, but it helps to know that online lending is banned in the state. If you’re browsing online or comparing lenders, remember that you can’t apply, even if it’s more convenient. This will help enforce the laws and prevent you from taking out a loan with huge interest rates–and giving lenders access to your checking account.

Here are some lender options for payday loans

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.

Updated August 23rd, 2019
Name Product Filter Values Max. Loan Amount Turnaround Time Requirements
$5,000
1 business day
Direct deposit, meet minimum income requirements
Comes with the option to change your due date so you won’t fall behind on repayments.
$2,600
1 to 2 business days
Active checking account, regular source of income, email address
Get access to tools to help you plan a career move, make some extra cash or search for a better-paying job.
$35,000
As soon as the next business day
Regular source of income, verifiable bank account, US citizen, ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
$50,000
1 business day
Must be employed and receive regular income, earn at least $800 a month, have a checking account and be an 18+ years old legal US citizen.
Get a flexible installment loan with fast funding through one easy online application form.
$3,000
1 business day
Checking account, $1,500+ monthly income, recent pay stub, live in eligible state, 18+ years old
Financing with transparent terms to residents of five states.
$15,000
1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
$10,000
As early as 1 business day
$1,000+ monthly income after taxes, valid checking account
Explore its online education center to get tips on budgeting, how to prioritize your bills and more.
Varies by state
1 business day
Regular source of income, bank account, US citizen or permanent resident, ages 18+
Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.

Compare up to 4 providers

Here’s how Virginia residents can apply for payday loans

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.

What should I consider before taking out a 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.

If you need quick money, here are some alternative credit options

Bottom line

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.

Do you have any more questions about payday loans in Virgina?

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US Payday Loans Offers

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CashNetUSA Loan

Apply for a short-term loan with an easy online application and dedicated customer service.

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Check into Cash Payday Loan

With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

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OppLoans Installment Loans

Installment loans with competitive rates from a top-rated direct lender.

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LendYou Short-term Loans

Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.

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12 Responses

  1. Default Gravatar
    JoeMay 13, 2019

    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

    • Avatarfinder Customer Care
      nikkiangcoMay 14, 2019Staff

      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

  2. Default Gravatar
    CarolOctober 10, 2018

    Is NHcash a legal loan company in VA?

    • Default Gravatar
      joelmarceloOctober 11, 2018

      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

  3. 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

    • Default Gravatar
      DanielleSeptember 13, 2017

      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

  4. 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?

    • Avatarfinder Customer Care
      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

  5. Default Gravatar
    VicMarch 6, 2017

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

    • Avatarfinder Customer Care
      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

    • Default Gravatar
      ChanelDecember 13, 2017

      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 ?

    • Avatarfinder Customer Care
      HaroldDecember 14, 2017Staff

      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

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