Compare your loan options 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.

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.

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.

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Name	Product	Filter Values	Max. Loan Amount	Turnaround time	Requirements
LendYou Short-term Loans			$15,000	Same business day to 1 business days	$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.	Go to site More Info		loading Fetching your data...
Check Into Cash Installment Loans			$3,000	1 to 2 business days	Bank account, email address, phone number, US citizen or permanent resident, ages 21+, $3,500 minimum income in California	Borrow money with lower payments and more time to pay than a traditional payday loan.	Go to site More Info		loading Fetching your data...
OppLoans Installment Loans			$5,000	1 business day	Direct deposit, meet minimum income requirements, live in eligible state	Comes with the option to change your due date so you won’t fall behind on repayments.	Go to site More Info		loading Fetching your data...
Fast5kLoans Short-term Loans Connection Service			$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.	Go to site More Info		loading Fetching your data...
CashUSA Installment Loans			$10,000	As fast as same business day	Regular source of income, bank account, US citizen or permanent resident, age of majority in your state	Explore its online education center to get tips on budgeting, how to prioritize your bills and more.	Go to site More Info		loading Fetching your data...
Jora Installment Loans			$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.	Go to site More Info		loading Fetching your data...

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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. Worried you can’t afford to pay back a payday loan? Consider these low-cost alternatives available in Virginia instead.

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

• How often can I get a repayment plan?

  You may receive a payment plan once every 12 months. Lenders can’t charge you for this, but you must repay the outstanding loan amount in 4 equal installments within a 60-day period.

• Is there a cooling off period between loans?

  Yes. In order to protect consumers, Virginia has different cooling off periods depending on how many loans you’ve taken out.

  • You must wait 1 day after payment of your loan.
  • You must wait 45 days after your 5th loan within a 180-day period.
  • You must wait 90 days after going on a payment plan.

• Can I refinance my loan?

  No. Virginia law doesn’t allow for individuals to roll over or refinance a paday loan.

• Can I have my funds deposited directly into my account?

  No. Your loan must be either cash or a check from the lender.

• Can a lender draw directly from my bank account?

  No. Virginia law only allows payday lenders to cash a check written to them for the total amount.

• Where can I file a complaint about a payday lender?

  You should contact with the Virginia Bureau of Financial Institutions.