Virginia Payday loans

Are Virginia payday loans legal?

Yes, Virginia Payday Loans are legal and every company offer the service abides to State law. It is illegal to provide Virginia payday loans without proper licensing. According to the State, borrowers cannot get more than $500 in loans. You can only get a new loan after you pay off the old one and there are cooling off periods. This means that after you take out 5 loans, you need to wait 45 days.

Virginia Payday loans options

Here is a list of companies that offer Virginia payday loans or alternatives. Please do your research as each offer has their own advantages and disadvantages.

Advantages of  Virginia Payday loans

• Many options There are many options available between stores and online vendors for you to get your hands on a Virginia payday loan.
• Bad credit ok Even if your credit history is below par there is a good chance you will be approved because what Virginia payday loan companies are looking for is a steady job.
• Easy application Application is super easy as all you need to do is to go through an online process and upload documents which will be verified electronically. There is no need for faxing out documents.
• Quick money If your in-store application is successful, you will get the money right away. With online vendors the money is ether deposited the same day or the next day.

Virginia Payday loans fees

Virginia payday loans laws are  specific about interest and rates that companies can charge. Please make sure you find out all the details related to charges before you sign on the dotted line.  

• APR & fees The max rate for up to $250 is 15% of the total. Between 251 and $400 the rate is 13% and between 400 and $500 the rate is 10%. The APR for a 14 day $100 loan is $390.
• Collection: Indiana payday loans can charge up to $25. There could be extra fees for fraudulent transactions.
• Rollover charges Rollovers are not permitted in Indiana payday loans so fees do not apply.

  Remember that if your check bounces, you will pay what is called a NSF fee or non-sufficient funds fee.

How to apply for a Virginia Payday loan

Virginia payday loan applications are easy to do and you can do so by visiting a store or online. Here are some criteria that needs to be met.  

• 18 years old minimum
• American citizen or permanent resident
• A job
• Name, DOB, SS#, valid ID
• Address, email, phone
• Employment and income details
• Checking account details