Virginia Payday Loan Laws and Legislation
Virginia has about 743 payday lending businesses companies functioning in the territory of the state. But the best option is online lending companies. When you fill in the application form online, it will be sent immediately to the staff of our company. Many individuals have reported getting the money just a few hours after the application submission. So, you see the whole process is easy, fast and extremely convenient.
Lending companies in Virginia are legal, but there are certain limits and restrictions imposed by the state. There isn't any minimum amount to be borrowed for a person, but the maximum sum of the loan is $500 at a time. The minimum term is seven days. The APR is 390%, which is not high for short term loans. The interest rate is 15% for every $100 you borrow. So, if you want to borrow $300, you will pay $45 more in addition to the loan amount.
Are you a resident of Virginia and you want some urgent cash? Do not worry and apply for a payday loan via 4paydayloan.com. And you will get the finance to resolve your current problems, and on your next payday you will be able to repay the money.
US residents can easily get access to the money they badly need by applying for a payday cash advance through 4paydayloan.com. The whole procedure will take several minutes to fill in the application form and wait a little for the approval. The personal data you provide is safe and will remain confidential.
In terms of payday lending, there are some restrictions imposed by the state of Virginia. The principal aim is to protect the rights of the residents. There are several regulations regarding agreements, loan amounts and terms, rollovers and partial payments.
The laws are clear regarding the agreements between the borrower and the lender. A lending company should post a note in their office saying as follows "a payday loan is not meant to provide long-term money help." A disclosure agreement containing the information on the annual percentage rate and charges must be available to all the customers. The borrower and the lender sign the agreement; and each holds their copy of the document.
There are several limitations regulating payday lenders working in Virginia. The main one is that the lending company can request just one check for the collateral. The state prohibits borrowers to secure a payday cash advance at one lending company to pay the loan to the previous lender.
A payday cash advance in Virginia should not exceed $500. This implies that a lender can provide this sum to the borrower at a time. Payday loan lending companies can charge additional fees to use the services; actually this is limited to 15% of the payday loan sum. In spite of the specific terms of a loan, all payday cash advances are subject to 15% interest rate.
If a client wants, it is possible to make partial repayments on the loans before the deadline. These payments may be as frequent as the borrower wishes with one point that one payment should be not less than $5. Once a borrower makes a payment, he or she can request a receipt dated and signed, with the indication of the new loan balance. In fact, rollovers are banned in Virginia, which means that lenders do not have the right to roll over the loan to a new payday cash advance.
Payday Loans Offered: Yes
Max Loan Amount: $500
Loan Term: Two times the borrower’s pay cycle.
State Regulator Information:
Virginia Bureau of Financial Institutions
Tyler Building, 8th Floor
1300 East Main St., Suite 800
P.O. Box 640
Richmond, VA 23218
Phone: (804) 371-9657
Disclamer: 4paydayloan.com is not a lender and does not broker loans. This website collects information which you provide and then forwards it to one more or lenders in our network. Individual lenders make the loan approval decision and determine the terms and conditions of each loan agreement.
4paydayloan.com may share the information which you provide at any step of the application process with third parties, including members of its lender network and other third party lenders with whom it has a marketing relationship.Payday lenders may perform routine credit checks and will normally verify all of the information which you supply on the application.
Submission of personal information is strictly voluntary and does not guarantee that you will be matched with a payday lender or will receive a payday loan. Not everyone will qualify for a payday loan.Not all lenders are able to provide the maximum amount of 1000$ in cash funds.
Cash transfer times vary among the different lenders and not all offer one hour transfer service.Payday loans are not available in all 50 states and the list of participating states may change at any time and without notice.