Virginia holds the 35th place for the biggest state in the United States and it is the 12th most populous. It is also the 14th least densely populated state in the country. There are many payday loan businesses in Virginia. You can either go and see what the different lenders offer in person or go online and check out their sites to find a payday loan that suits you. After all, a payday loan can be exactly what you need to take care of an urgent financial situation. In the state of Virginia payday loans are legal.
Virginia Payday Loan Laws
Payday lending companies have the legal right to operate in the state of Virginia. The laws governing payday loans in Virginia are more standardized compared to other states in the US. The maximum loan amount that can be taken out is $500 and there is no minimum loan amount. The standard charge for a $100 payday loan for 14 days is $26.38. In Virginia, you cannot have more than one payday loan at a time. Extensions are not allowed.
As payday loans are legal, there are hundreds of payday loan centers in the state of Virginia. Nowadays, because of the internet, that number has increased tremendously.
Virginia payday loans costs
Virginia payday loan rules restrict costs associated with your loan. Here’s what you need to know:
Maximum finance rate and fees
The lender can charge a loan fee not exceeding 20% of the amount advanced. It can also charge a $5 verification fee. The maximum charge for a 14-day $100 loan is $26.38. The maximum APR for a 14-day $100 loan is 687.76%
Payday loan lenders in Vermont can charge one NSF fee not exceeding $25. A payday lender can also charge court costs and reasonable attorney fees not exceeding $250.
Virginia payday loan laws do not permit refinancing, renewal or extension of payday loans, so any rollover fees do not apply.
How residents can apply for Virginia payday loans
Applying for a payday loan is easy. You can do it online or visit a payday lender’s store. There are certain criteria you have to meet before applying:
- You are over 18 years old
- You are an American citizen or a permanent resident of the US
- You have a regular source of income
Completing the application successfully requires that you provide some basic information, which includes:
- Your name, residential address, phone number and email address
- Your date of birth, social security number and a valid form of ID such as your driver’s license or passport
- Your employer’s name and contact details
- Details about your income
Biggest cities that offer payday loans in Virginia
- Virginia Beach
- Newport News