Payday Loans in Virginia

Payday Loans
Explore our list of payday loan providers in Virginia. Whether you're looking for $255 payday loans online, same-day options, or no credit check loans in VA, we provide detailed information to assist your decision. Learn about the regulations, limits, and most reliable online payday loans in Virginia.
Offers: 5
Updated:
11.06.2024
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100.00 – 20000.00 $
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from 0.05 %
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Loan term for the financial product

5 days – 3 months
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3.09
(20 Ratings)
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from 4.00 %
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to 1 months
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4.06
(20 Ratings)
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50.00 – 1500.00 $
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208.04 – 782.14 %
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Loan term for the financial product

14 days – 31 days
Moneytree
Payday loan
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3.138
(13 Ratings)
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$100-$500
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Interest rate

up to 482.32%
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Loan term for the financial product

up to 14 days
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3.23
(41 Ratings)
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100.00 – 445.00 $
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to 0.92 %
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Loan term for the financial product

to 24 days

A payday loan is a type of short-term loan that is typically due on the borrower's next payday. In Virginia, payday loans are regulated by the Virginia Bureau of Financial Institutions.

In Virginia, payday lenders can offer loans of up to $2,500 to borrowers. The loan term must be between 4 and 24 months. Lenders are allowed to charge a maximum fee of 36% per year, plus fees.

Payday Loans in Virginia

What is the Payday Loan Limit in Virginia?

In Virginia, payday lenders can offer loans of up to $2,500 to borrowers. The loan term must be between 4 and 24 months. However, the amount you can borrow may be limited based on your income and other factors, as lenders must determine whether you can afford to repay the loan.

The minimum repayment term can be less if the total monthly payment on the loan is not more than 5% of your monthly income.

Some online payday lenders state you can get up to $500 on a payday loan with 2 repayment periods. This means your loan amount should be less than 5% of your monthly income.

How to Borrow a Payday Loan in Virginia?

Apply for a loan

  1. Find a lender. Research licensed payday lenders in Virginia, either by searching online or asking for recommendations from friends or family. Read reviews and check the lender's credentials and reputation.
  2. Meet the eligibility requirements. Virginia payday lenders have certain requirements that borrowers must meet to qualify for a loan, such as being at least 18 years old, having a regular source of income and a valid checking account.
  3. Apply for a loan. Fill out an application either online, in person, or over the phone. You will need to provide personal information, such as your name, address, and employment information, as well as details about the loan amount you are requesting.
  4. Receive loan approval. Once you submit your application, the lender will review it and determine whether you qualify for a loan. If you are approved, the lender will provide you with a loan agreement that outlines the terms and conditions of the loan.
  5. Receive funds. If you accept the loan agreement, the lender will typically deposit the funds directly into your checking account. You can then use the funds for whatever purpose you need.

Pros and Cons

Pros

Quick access to cash. Payday loans can be approved and funded quickly, often within hours or even minutes of applying.

Easy to qualify. Payday lenders typically have relaxed credit requirements, making it easier for people with poor credit or no credit to borrow money.

No collateral is required. Payday loans are unsecured, meaning you don't need to put up any collateral, such as a car or home, to secure the loan.

Cons

High fees and interest rates. Payday loans can be very expensive, with fees and interest rates that can add up to several hundred percent APR.

Short repayment terms. Payday loans are typically due on the borrower's next payday, which may not provide enough time to repay the loan without incurring additional fees and interest.

Risk of the debt cycle. If a borrower cannot repay the loan on time, they may be forced to roll over the loan, taking out a new loan to pay off the old one, which can lead to a cycle of debt.

Requirements

  1. Age. You should be at least 18 years old.
  2. Income. You must have a regular source of income, such as a job or government benefits.
  3. Bank account. You must have an active checking account in your name.
  4. Identification. You must provide a government-issued ID, such as a driver's license or passport.
  5. Contact information. You must provide a valid phone number and email address.

    Interest Rates

    In Virginia, payday lenders are permitted to charge a maximum annual percentage rate (APR) of 36% on payday loans, plus fees. There are maintenance fees of up to 8% and late fees of $20. Total costs cannot be over 50%. The verification fee is not allowed.

    However, many payday lenders charge higher fees and interest rates than the maximum allowed by law, so carefully review the lender's terms and conditions before agreeing to a loan. 

    If you cannot repay the loan on time, you may be charged a $20 fee, and the loan may not be rolled over into a new loan. This can lead to a debt cycle that can be difficult to break. For these reasons, payday loans should only be considered as a last resort, and borrowers should carefully consider the costs and risks before agreeing to a loan.

    Lenders in Virginia

    • PaydayChampion offers online payday loans of up to $2,500. The finance fee can range from 16.11 percent up to 419%.
    • ACE Cash Express is a financial services company that offers a variety of lending options, including payday loans and cash advances. Customers can apply for these loans either online or in-store. In addition to these short-term lending services, Ace Cash Express also provides check cashing and bill paying services, available at over 850 locations. The company offers loans in several locations across the state, including Virginia Beach, Norfolk, and Chesapeake.
    • Magnolia Payday Loans is a financial services company specializing in offering online payday loans. The company specifically targets individuals with bad credit history, and provides instant approval for loans without credit checks. The company has several locations in Virginia. You can apply in Arlington, Chesapeake, Centreville, Herndon, Virginia Beach, Roanoke, Newport News, Richmond, Charlottesville, and Suffolk.
    • Check City specializes in offering quick cash loans, particularly those needed before payday. The company provides various services including fast cash loans, payday loans, check cashing, tax services, and money orders. You can visit Colonial Heights, South Side Richmond, and West End Henrico locations to apply.
    • Fast Payday Loans has a location in Harrisonburg. You can apply even with poor credit.

    Alternatives

    1. Personal loans. If you have good or fair credit, a personal loan from a bank or credit union may offer lower interest rates and favorable terms than a payday loan. You can shop around for a loan that meets your needs and budget and repay the loan over a longer period of time.
    2. Credit cards. If you have a credit card, you may be able to use it to cover unexpected expenses or emergencies. While credit card interest rates can be high, they are often lower than payday loan fees and can offer more flexibility in terms of repayment.
    3. Negotiate with creditors. If you cannot make ends meet, it may be worth contacting your creditors to see if they are willing to work with you on a payment plan or reduce your interest rates. Many creditors are willing to negotiate with borrowers who are experiencing financial difficulties.
    4. Emergency assistance programs. There are many programs in Virginia that offer emergency assistance for basic needs like food, housing, and utilities. These programs may be able to help you cover unexpected expenses and avoid the need for a payday loan.
    5. Borrow from friends or family. While it can be difficult to ask for help from friends or family, it may be better than taking a payday loan. Be sure to discuss the terms of the loan in advance and have a plan in place for repayment.
      1. Maximum loan amount. In Virginia, payday lenders are not permitted to loan more than $2,500 to a borrower.
      2. Maximum APR. The maximum annual percentage rate (APR) that payday lenders can charge in Virginia is 36%, plus fees.
      3. Loan term. Payday loans in Virginia must have a term of at least 4 months and cannot exceed 24 months.
      4. Maximum fees. In addition to the verification fee, payday lenders in Virginia can charge a finance charge of 36% per year on the unpaid balance.
      5. Cooling-off period. Virginia law requires payday lenders to provide borrowers with a cooling-off period of at least one day after the repayment of a loan before issuing another loan.
      6. Collection practices. Payday lenders in Virginia must follow state and federal laws governing debt collection practices, including the Fair Debt Collection Practices Act.
      7. Licensing requirements. Payday lenders in Virginia must be licensed by the Virginia State Corporation Commission and comply with state laws and regulations governing payday lending.

        Important

        Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

        How to Choose a Lender

        1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.

        2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.

        3. Carefully review all the terms and conditions of your payday loan contract.

        4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

        5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

        6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

        Other Loans

        FAQ

        Are online payday loans legal in Virginia?

        Yes, online payday loans are legal in Virginia. The Virginia Bureau of Financial Institutions is responsible for licensing and regulating all payday lenders operating in the state, whether they are online or have a physical storefront. Online payday lenders must also comply with Virginia's payday lending laws and regulations, including limits on loan amounts, fees, and interest rates.

        How many payday loans can I get in Virginia?

        In Virginia, you can only have one outstanding payday loan at a time, and payday lenders are required by law to check a statewide database to ensure that borrowers do not have any outstanding payday loans with other lenders. Additionally, Virginia law requires a cooling-off period of at least one day after the repayment of a payday loan before a new loan can be issued to the same borrower.

        What do you need for a payday loan in Virginia?

        To apply for a payday loan in Virginia, you will need to provide the following information:

        • Valid identification. You will need to provide a valid government-issued ID, such as a driver's license or passport.
        • Proof of income. You will need to provide proof of income, like a recent pay stub or bank statement, to show that you have a regular source of income that meets the lender's requirements.
        • Bank account information. You need to provide your bank account information, including your account number and routing number, so that the lender can deposit your loan funds and withdraw your repayment on the due date.
        • Contact information. You will need to provide your current address, phone number, and email address so that the lender can contact you regarding your loan application and repayment.
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