Payday Loans in Virginia (VA)

Are you strapped for cash these days? We have listed all lenders that offer you qucik cash in Virginia for you to refer to. Just go through the list and pick out the one that offers you financial help.

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    15 Best Payday Loans & Cash Advance in Virginia (VA)

    We present you with a list of all lenders who can offer a loan for you in Virginia. To get the financial help, simply have a check and see whether the information is helpful or not.

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    Virginia Payday Loans Regulations

    • Loan Amount (max)

      $500

    • Loan Term (max)

      30 days

    • Finance Charges

      The maintenance fee up to 8% or $25 (monthly) Total costs are not more than 50% The late fee is $20 No verification fee

    • APR
      36% (can reach 601%)

    Industry regarding payday loans in Virginia is Legal. The law states that there is a $500 amount limit offered by the lenders. Lenders in this state can offer a payday loan for a period of not longer than 30 days. The maximum finance charge is The maintenance fee up to 8% or $25 (monthly) Total costs are not more than 50% The late fee is $20 No verification fee, and the APR is 36% (can reach 601%).0 rollovers are given on each loan.There are 0 cooling-off periods between two consecutive loans. The quantity of unpaid loans shoud be less than 0.

    Virginia Loan Amount

    The ceiling amount of a loan in Virginia is $2,500.

    Virginia Rates, Fees, and Other Charges

    • A licensee may charge and receive on each loan interest at a simple annual rate not to exceed 36 percent.” (Code Ann. §6.2-1817.1)
    • In addition, the maintenance fee of a loan per month is no more than 8% (or $25).
    • A return fee of the loan is no more than $25.
    • The loan’s late fee is no more than $20.

    How Much Would a $200 Payday Loan Cost?

    With minimum 4 months term:

    ARP: 299,3%

    Loan cost: $98.66

    To return: Principal + Loan cost= $200+$98.66 = $298.66

    Cost calculation:

    36% / 365 days * 120 days (4 months) = 11.83%

    11.83% of $200 loan = $23.66 (interest)

    $75 (maintenance fees for 4 months (3 times)

    $23.66 + $75 = $98.66 Loan cost

    ARP сalculation:

    $98.66 / 120 days = 0.82 * 365 days = 299,3% ARP

    Virginia Loan Term

    In conformity to Code Ann. §6.2-1816.1,

    • The minimum term of the loan is not supposed to be less than 4 months (unless: the total monthly payment of the loan is no more than 5% of monthly income or 6% of the monthly net gross income) ;
    • The maximum term of the loan is 24 months.

    Information for Consumer

    For Your Information:

    Since July 2020, lenders are not obligated to check borrowers’ repaying capability.

    Be careful, evaluate your financial situation, and don’t get into a debt trap.

    The CFPB regulated the rule.

    • Any criminal charges are banned in Virginia.
    • Consumers are allowed to annul the loan in three days.
    • A licensee or affiliate shall not knowingly make a payday loan to a person who is a member of the military services of the United States or the spouse or other dependent of a member of the military services of the United States.” ( Code Ann. §§ 6.2-1800 et seq.)

    In Virginia, Virginia State Corporation Commission is the official authority that manages the payday loan lending business.

    If borrowers encounter any illegal actions from payday loan lenders, they can always file a complaint on the website of the Virginia State Corporation Commission.

    Search for Payday Loans in Virginia by Key Cities

    To locate an online payday loan in Virginia, the simplest method is working with WeLoans. Just click on your target city below. Our full-scale details will allow you to make the best deal!

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    Calculator for Virginia Payday Loans Estimate

    Utilize the calculator below to keep yourself informed about the estimated total costs of a payday loan in Virginia.

    Estimated Payment

    $ null

    • Total Principal Paid:$ 1,000.00
    • Finance charge:$ 255.62
    • APR: 311.00 %

    Payment Breakdown

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