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Virginia Payday Loans

An unexpected financial emergency or money issue can often leave an individual feeling hopeless and stranded. For those who are currently employed and in need of quick cash between paydays, there is another option. Cash advances are short term loans that provide financial assistance to those who are in need of additional assistance but still weeks away from their next paycheck. Virginia payday companies can offer quick cash with the intent that the borrower will repay the short term loan at the time of their next payday.

Payday Loan Process

When you have found yourself in need of additional financial assistance and have nowhere left to turn for help, a payday loan is the perfect option. As a potential borrower, the first step in obtaining a cash advance is to find the appropriate lender. In the state of Virginia, payday lenders can be found both locally and online. Some things to consider when searching for the right lender are ease and availability of a lender, interest rates and loan fees. Once a lender has been found, the potential borrower will usually be asked for some specific pieces of information during the application process. Although the exact information required from the borrower will differ from lender to lender, a potential borrower can usually expect the following to be needed:

  • A potential borrower will need to present personal identification (this will usually need to be official photo identification such as a state issued driver’s license or passport).
  • The borrower needs to be steadily employed (this can be proven with the use of pay stubs or bank statements showing previous payments).
  • The borrower should have a valid checking account (some lenders require that the checking account be at least three months old to be considered valid).
  • The borrower will usually be required to provide some form of repayment security (this is usually a postdated check signed over to the lender or borrower authorization for the lender to withdraw the amount due from the borrower’s checking account.)

After the application is accepted, the lender issues the total loan amount to the borrower and a date for repayment is settled upon. On or before the date of repayment, the borrower must repay the total amount in addition to any additional interest and loan fees.

Obtaining a Cash Advance in VA

Payday loans are regulated on a state to state basis in America, and as such the legality of these transactions and the rules and regulations concerning that can vary from state to state. While the majority of states do allow payday loans, there are a few states that have made them illegal. In the state of Virginia, payday loans are legal and regulated. The maximum cash amount that a borrower can receive is $500 and the maximum interest that a lender can charge is 15%. There is a minimum of 7 days that an individual can borrow for and a borrower can have only one loan out at a time.