Payday loans are legally allowed in the state of Virginia (VA, 51). The maximum loan amount is $2,500. A borrower has a minimum loan term of 4 months and a maximum of 24 months. State regulations don’t allow rollovers or more than one loan at a time. The interest rate for a Virginia payday loan is capped at 36%.

Table of Contents

  1. Legal Status of Payday Loans in Virginia
  2. Payday Loans Restrictions in Virginia
  3. Virginia History
  4. State Cities
  5. Alternatives
  6. Payday Loans History
  7. How Do Online Payday Loans Work in Virginia?
  8. Payday Loans Requirements in Virginia
  9. Regulator: Complaints and Information
  10. Payday Loans in Virginia for Unemployed People
  11. Payday Loans Near Me in Other States
  12. Reasons to Choose Us
  13. FAQ
  14. References
  15. All States
  16. Disclaimer

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Payday Loans Restrictions in Virginia

For a $100 loan with a repayment term of 4 months, a borrower would have to pay back $186 83. The fees include $11.83 in interest (based on a 36% APR cap) and a $75 maintenance fee.

Law Status legal
Citation
MIN amount $100
MAX amount $500
MIN term 2 repayment periods
MAX term 31 days
max APR 687.76%
Extra fees $5 verification fee
Collection fees $25
Guarantor
None, unsecured

Nr. of simultanous loans 1
Cooling-off period 1 day
Rollover Not allowed
Extension/repayment plan
One repayment plan in 4 equal installments

Penalties
Not stated

Credit Score
A for Bad Credit

Law Status legal
Citation
MIN amount $1,000
MAX amount $5,000
MIN term 90 days
MAX term 36 month
min APR 6.63%
Guarantor
None, unsecured

Credit Score
A for Bad Credit

Law Status legal
Citation
MIN amount $1,000
MAX amount $35,000
MIN term 90 days
MAX term 60 month
min APR 4.99%
Guarantor
None, unsecured

Credit Score
A for Bad Credit

Virginia History

Virginia’s economy is stable, balanced by the most significant employment sectors such as health care, retail, scientific and technical services. Virginia is a favorable business environment, accounting for more than 20 Fortune 500 companies statewide. Virginia has one of the most significant numbers of technology workers in the country. Computer chips are among the top exported products the state has.

State Cities

Virginia cash advance services allow for generous terms at a convenient interest rate. Payday loans are available to all eligible candidates, while direct lenders provide clients with information pertinent to their specific case.

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Alternatives

The maximum payday loan amount in Virginia is $2,500. To borrow from $1,000 to $5,000, state residents can take an installment loan. Banks and credit unions offer them at a minimal rate of 6.63%. The term of an installment loan varies from 90 days to 36 months. Another alternative to Virginia cash advance loans is a personal loan. Financial institutions can offer between $1,000 and $35,000 to eligible candidates. For this option, a borrower would have from 90 days to 60 months to repay the debt. The exact offer depends on the applicant’s credit score and the lender’s conditions.

Payday Loans History

Virginia legalized payday loans in 2002. Payday lenders could obtain a business license from the State Corporation Commission (SCC). The industry developed fast. In 2006, the Military Lending Act came into effect. It capped the interest on loans offered to the military to 36%. In 2009, state authorities set a 36% cap and a 20% loan fee limit -on all payday loans. The new measures had the goal of protecting lenders from high APR. However, the restrictions didn’t work as planned until 2020. The law was enforced, together with more specifications. The acceptable loan amount can be up to $2,500 for a loan term ranging between 4 and 24 months.

How Do Online Payday Loans Work in Virginia?

Virginia online payday loans are a convenient alternative to in-store loans. The application process is simplified for ease of access. All payday lenders are required to own a business license from the Virginia State Corporation Commission. Moreover, payday lending companies must have a physical location to be considered legitimate on the state’s territory.

As opposed to an in-store option, applying for a loan online saves time. Without the long lines or strict business hours to apply, customers are free to fill out a loan request and submit it from anywhere at any time. Regardless of how they operate, short-term loan providers can offer up to $2,500 for a term ranging between 4 and 24 months. The interest rate on all payday loans in Virginia is capped at 36%. Borrowers can’t get any rollovers or outstanding loans.

Once an applicant submits their request online, the lender will check their eligibility through the Virginia payday loan database. The step is a mandatory procedure. In case of approval, the lender notifies the customer by sending them a loan offer. After having read the conditions, the applicant agrees to the terms by signing the loan agreement. In response, the lender deposits the money into the customer’s account.

Payday Loans Requirements in Virginia

To qualify for a payday loan in Virginia, an applicant must meet a few requirements:

  • Be at least 18 years old;
  • Be a US citizen or permanent resident;
  • Have a steady source of income;
  • Own a bank account.

An ID and proof of income will be necessary during the application process. The main requirements apply to every single applicant. Veterans have the same rights, as well as retirees. The active-duty military’s access to payday loans is restricted via the Military Lending Act and state regulations. The law extends to the military and their dependents.

Lenders must verify an applicant’s eligibility via a shared database. The process is to ensure an applicant doesn’t have outstanding debts.

Regulator: Complaints & Information

The Virginia Bureau of Financial Institutions is empowered to answer any questions and provide additional information regarding payday lending on the territory of Virginia.

Address: Tyler Building, 8th floor, 1300 E Main St #800, Richmond, VA 23219

Phone: 804-371-9967 or 800-552-7945 (toll free)

Website: http://www.scc.virginia.gov/bfi/

Complaints: https://www.scc.virginia.gov/pages/File-Complaint-Consumers

Payday Loans in Virginia for Unemployed People

Virginia short-term loans are accessible to both employed and unemployed residents. If an applicant doesn’t have a job per se but is under a Supplemental Security Income (SSI), they could be eligible for a payday loan. The same rule applies to single parents who receive monthly child alimony without holding a job. Another typical case is having a low income and benefiting from a governmental financial aid program monthly. Single mothers and people with disabilities can apply for payday loans, provided that they receive regular monthly payments. Veterans are another group that could be eligible for a cash advance without, technically, having a job at the time of applying. Even retirees may have a chance to be approved for a short-term loan.
Applying doesn’t guarantee approval since applicants first have to qualify for the main requirements. However, lenders do consider recurring payments as income sources that borrowers can use to repay the loan.

There are no official requirements for the exact amount an applicant’s income should qualify for a Virginia payday loan. However, $800 or $1,000 per month is typically enough to reassure a lender that the borrower can repay the loan in full on the due date. As of 2020, lenders pay less attention to a borrower’s income source. By law, it is the applicant’s primary obligation to estimate if they can afford a loan based on their income.

Payday Loans Near Me in Other Cities in Virginia

Reasons to Choose Us

Are you short on cash? No worries. PaydayLoansM will help you find a legitimate Virginia cash advance service. Apply online for up to $2,500. Your application will go through a network of payday loan providers in our database. Via our website, eligible candidates will get an offer in record time.

FAQ

Yes. After the latest reforms, payday loans are called “short-term loans” in Virginia.

According to the latest reforms, the minimum loan amount is four months. Lenders can approve shorter terms, but only if the loan amount doesn’t go over 5% of the borrower’s gross monthly income or 6% of the net monthly income.

According to the latest updates, Virginia residents can apply for loan amounts up to $2,500.

Virginia residents can get a short-term loan of up to $2,500. The total cost of finance charges cannot be more than 50% of the loan. Thus, for a $1,000 cash advance, the finance charges cannot exceed $500. The cost includes a monthly maintenance fee of 8% or $25 maximum.

No. State regulations forbid outstanding short-term loans. One borrower can have one payday loan at a time. Lenders check information about applicants in a special database.

References

  1. https://www.ustatesloans.org/law/va/
  2. https://law.lis.virginia.gov/admincode/title10/agency5/chapter200/section80/
  3. https://www.ncsl.org/research/financial-services-and-commerce/payday-lending-2020-legislation.aspx
  4. https://www.pewtrusts.org/en/research-and-analysis/issue-briefs/2020/10/how-virginias-2020-fairness-in-lending-act-reforms-small-dollar-loans

All States

A cash advance is a convenient legal way of getting a loan as fast as possible when you most need it. Direct payday lenders that operate online will often get back with an offer minutes after you’ve submitted your application.

Disclaimer

All loan processing and approval follow the state legal terms and comply with local regulations. Applying for a payday loan does not guarantee approval. Online applications may be subject to additional verification, which could extend the process to a few days.

ZIP Codes of the State

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