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 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.
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.
- 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.
- 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
- 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
The cost of a Virginia payday loan
Virginia payday loan rules restrict costs associated with your loan. Here’s what you need to know:
Here’s how Virginia residents can apply for payday loans
Applying for paycheck advance loans is easy.
Where else are payday loans available?
Compare payday loans in your state
Have any more questions about Virginia payday loans?
How often can I get on a payment plan?
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.
What is the loan term of payday loans in Virginia?
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.
Can I cancel my loan?
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.
Who should I contact to file a complaint about cash advance lenders in Virginia?
You should get in touch with the Virginia Bureau of Financial Institutions.