Virginia Payday Loans

The state of Virginia currently has over 743 payday lending companies operating in the state, which means you could almost throw a rock and hit one of those businesses. When you drive through your hometown, you'll probably come across several of these payday companies, but there's no guarantee that they can help you. You can spend money on a tank of gas, visit a payday lender, and sit in their center while you spend an hour of your life filling out their application. If that option doesn't sound pleasing to you, why not try using our website to fill out an application? Once you fill out the application you can send it immediately to our staff, or if you prefer, print out a copy and fax it directly to our company. Many people have reported receiving their funds just hours after submitting their application. It only takes a few minutes to fill out the application and a few hours to get your money. What could be easier, faster, or more convenient?

Virginia Payday Loan Lending Laws

It is legal to run a payday lending company in Virginia, but the state does place certain limits, rules, and restrictions on those businesses. There is no minimum amount placed on what an individual can borrow, but they are limited to $500 at one time. The terms of the loan must last a minimum of seven days. The annual percentage rate or APR is set at 390%, which is only high if you discount other similar loans such as credit cards and student loans. Interest rates are set at 15% on every $100 borrowed from a lender. If you borrow $300, you would need to pay $45 in interest rates on top of the original loan.

Do you live in Virginia and need some quick cash now? Do you want to move to the state, but you don't have the money needed to pay for your move? Stop worrying and get a payday loan today by using LoansPayday.info. Use the money to pay for the things you need now, and then pay us back in a few weeks when you get your paycheck. It has never been this easy or convenient to get the cash you need, when you need it.

Situations always arise where you need money instantly, but just don't have the funds available. Maybe your roof needs repaired, your car dies, or you need to go to the emergency room. Instead of stressing about how you'll pay that bill or expense, you can request a Virginia payday loan. We know that problems happen unexpectedly and we want to help. You can pay those bills by taking out an advance on your paycheck.

Every resident of the US will find that they can easily find access to the cash they need by requesting a payday loan through our company. It doesn't matter where you live in the US, you can still receive a loan even if you don't live in Virginia. The entire process takes only a few minutes to fill out an application on our website at LoansPayday.info and you'll know instantly. The process only takes a few minutes to apply for a loan and gain approval. We protect all of your personal information and make the process as easy as possible. We want to help you and make sure that all of our customers are happy and satisfied.

When it comes to payday lending, the state of Virginia places a lot of restrictions and limitations on companies in the state. The main objective is to protect the residents of Virginia and the customers. Virginia legislation places regulations on agreements, limitations, the amounts and terms of the loan, partial payments, and rollovers on payday loan advances.

The laws of Virginia are clear on the agreements between the lender and the customer. All companies are required to post a notice by law in their store that contains the following "a cash advance is not intended to meet long-term financial needs." Virginia law requires a disclosure agreement with information relating to fees and annual percentage rates so consumers know what they will get. Both the lender and the borrower must sign the agreement and each should hold onto their own copy.

There are a handful of limits placed on payday lenders that operate in the state of Virginia. The main limitation is that the company can only request one check as collateral to cash a check. The state also limits and prohibits customers from securing a payday loan at one company to pay off the balance of a previous loan they had at another company.

Virginia law places clear and specific limits on loan amounts, fees, and terms of the loan. A payday loan in the state of Virginia is limited to $500 meaning that a lender can only loan this amount to the same borrower at one time. Also, the date of the loan transaction cannot have loan terms that are greater than 7 days from the original date. Payday loan lenders are also allowed to charge an additional fee to use their services; however this is capped at 15% of the total amount of the Virginia payday loan. Regardless of the specific loan terms, all payday loans are subject to this 15% cap.

If the customer desires, they can make partial payments on their payday loans before the deferment date comes. These incremental payments can happen as often as the borrower likes though they should be aware that the payments must be a minimum of $5. When a borrower makes one of these payments, they have the right to request and be given a receipt that is signed and dated, indicating the new balance of the loan. Rollovers are prohibited in the state of Virginia, meaning that payday loan lenders cannot roll over the balance onto a new payday loan.

Virginia Unemployment Statistics

In Virginia the unemployment rate has remained a constant 1.9 to 5.3 percent for the last decade. In January of 2006 the state had an unemployment rate of 3.8 percent, the same as it was the previous year. This means that over 129,000 people living in the state of Virginia did not have a job.