Payday Advance Virginia
Situations that cause financial stress in your life can arise in the blink of an eye. When you live on funds solely from your last paycheck, it can be difficult, if not impossible to scrape enough cash together to handle such situations. This is especially true if the emergency happens well before your next payday is due.
However, if you live in the state of Virginia, you can access quick cash via Virginia payday advance loans. These sources of cash advances can be applied for and received within hours, allowing you to overcome your crisis in a breeze. Virginia payday loans are repaid fast, so they don't place a prolonged burden on your financial situation.
Virginia Payday Advances Explained
Payday advances, also called payday loans, are small amounts of cash that are easily obtainable and available within hours. Virginia payday loans are a good option when unexpected situations arise that requires quick cash. They can be used to overcome a long list of cash emergencies or for non-emergency events.
Unlike traditional bank loans, payday loans do not present long-term stress on your monthly budget. This is because payday loans are repaid in a short period of time, usually within a month. Due to the fact that they are easily obtainable and repaid quickly, Virginia payday loans can help get you through difficult situations and can help you recover quickly upon your next payday.
The Process for Obtaining Virginia Payday Loans
If payday cash advances sound right for you and your situation, simply choose an approved state lender or online payday loan lender that offers the best deal on payday loan rates and fees. Once this is done, you simply comply with an easy application process to get your cash.
Virginia payday loan lenders require that you complete a short application form that consists of personal and loan information. This application is then submitted with some other required information such as ID, proof of income, and proof that you have a bank account.
The approval process generally takes less than 24 hours for the requested loan amount to be deposited into your account. Repayment occurs on the due date, which is normally your next payday, by in-person payment, supplied post-dated check, or electronic withdrawal.
Regulations Associated with Virginia Payday Loans
Payday advances are legal in Virginia and they can be obtained from in-state businesses as well as online payday loan lenders. The maximum amount of any Virginia payday loan is $500 and it must be repaid within two pay periods.
Finance charges and associated fees are capped at 36% APR with a $5 allowable verification fee and 20% loan charge. A $100 payday loan taken out for two weeks equates to a maximum charge of $26.38 or 687.76% annual interest.
Only one outstanding loan can be had by an individual at any one time and no rollovers, extensions, renewals, or refinancing can be made, which means Virginia payday loans must be repaid in the given time period. Virginia payday loan laws specify one cooling off day after repayment of a loan. In addition, residents must wait 45 days once the fifth payday loan is repaid (in a 180 day period), and wait 90 days after the completion of a payment plan.
Virginia payday loan lenders are permitted by law to charge one $25 non-sufficient funds fee as well as court costs and reasonable attorney fees should the loan need to be pursued through litigation. However, those fees cannot exceed $250.
Where to Obtain Additional Information on Virginia Payday Loans
If you wish to find out more about payday advance Virginia laws as well as locations of approved Virginia payday loan lenders in your area, contact the following bureau.
Virginia Bureau of Financial Institutions
State Corporation Commission
1300 East Main Street, Suite 800
P.O. Box 640
Richmond, VA 23218-0640
Phone: 804-371-9657 or 800-552-7945 (In-state)