Best Virginia Payday Loan

While it is not difficult to obtain a Virginia payday loan, the state has numerous restrictions on payday lending.  A borrower should be familiar with all of the regulations before applying for a loan.

Best Virginia Payday Loan

No
Provider
Review
APR
Visit Site
1
AmeriAdvance
Varied
Go to AmeriAdvance
2
Plain Green Loans
59.84% �?378.95%
Go to Plain Green Loans
3
100 Day Loans
36%�?51.79%
100 Day Loans
4
Cashnet USA
243.25%�?83.04%
Cashnet USA
5
Check City
Varied
Check City
6
Cash Central
Varied
Cash Central
7
CashAdvance
Varied
Go to CashAdvance.com
8
Great Plains Lending
199.44% �?448.76%
Great Plains Lending
9
Payday One
586.61%
Payday One

Virginia Payday Loan Law Overview

In Virginia, the maximum amount for a payday loan is $500.  You are only allowed to have one payday loan at any given time, and cannot apply for a second loan until a day after the first loan is repaid.

Lenders must give Virginia borrowers at least two pay periods to repay loans.  As an example, a person who is paid weekly can hold his loan for two weeks before it must be repaid.  This reflects the minimum payoff time.  The state does not currently regulate a maximum payoff time.

Traditional rollovers, extensions, and renewals are not allowed.  However, borrowers may have the option of an Extended Payment Plan.  Individuals who have borrowed a fifth loan within 180 days may be eligible for an Extended Term Loan.  You should discuss these details with the lender before you agree to the loan.  The best approach for a payday loan is to only borrow the amount you can repay on the due date.

The maximum fees lenders can charge on a Virginia payday loan include 20% of the total loan, a $5. verification fee, and up to 36% annual interest.  This means a $100. loan that is held for a period of fourteen days cannot carry total fees exceeding $28.38.

There are additional regulations covering payday loans for military personnel.  First, depending on where the person is stationed, he or she may not be eligible to receive a loan.  Second, if a serviceman or woman receives a loan, lenders cannot begin collection or garnish wages if the person has been deployed.

If a loan is not paid on time, a lender can accrue interest at a 6% rate.  You can also be responsible for bank fees, and legal fees.  The lender can also list your unpaid loan on your credit records.  Defaulting on a payday loan can have a negative effect on your credit.

When you know the facts about a Virginia payday loan, it can prevent unnecessary problems.  Read the loan contract thoroughly, and make sure you can repay before you sign it.  A Virginia payday loan can be useful if you borrow wisely, and repay your lender when it is due.

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