Why can’t I take out an online payday loan in Richmond?
Online lenders often require that consumers provide access to a bank account for lenders to deposit a loan and to debit the payment when it’s due. Because payday lenders have been known to keep debiting from an account even when there are insufficient funds–causing fees from the lender and the bank to pile up–Virginia legislators have decided to ban the practice of providing online loans. You won’t be able to take out a payday loan online in the state. Instead, you need to visit a physical location.