The state of Virginia offers borrowers the chance to get up to $500 deposited in a bank account quickly. The state has fairly average payday loan laws and regulations in the interest rate is capped at 15% maximum. The fees you can expect to pay will be 20% of your total amount so if you borrowed the maximum of $500, you have to pay back $600 plus a five dollar verification fee.
Technically,Virginia doesn’t offer extensions on their payday loans but instead have extended the minimum payoff time from the average of two weeks or one payday, to one month or two paydays. Having twice as long to pay back your loan is usually a more viable option for borrowers because they don’t end up completely broke on the next payday because they’ve paid back the previous loan.
Virginia Pay Day Loan Laws
Maximum Loan Amount: $500.00
Maximum Interest Rate: 15%
Annual Percentage Rate: 687.76% for a 14-day, $100 loan
Maximum Fees: $5. verification, 20% of total loan, and 36% annual interest
Total Maximum Charges: $28.38 on a 14-day, $100 loan
Minimum Payoff Time: at least two pay periods
Extensions Allowed: Virginia does not allow roll-overs on pay day loans. Repayment plans are usually possible when necessary.
Top 5 Virginia Pay Day Loan Companies
2729 W Broad St # B
Richmond, VA
(804) 359-8608
checkcity.com
Anykind Check Cashing is part of the Check City network of payday loan companies. The company works with borrowers in numerous states and strictly adheres to the laws and regulations imposed by those states. In the state of Virginia, this company offers borrowers short-term loans up to $500. If you use their services often, it’s beneficial to sign up with them to receive coupons and discounts via e-mail and regular mail.
4721 Walmsley Blvd
Richmond, VA
(804) 271-6999
alliedcash.com
Allied Cash Advance is one of the most in-depth personal finance companies in Virginia. This company offers all kinds of services to help you manage your finances and take care of your bills. You can get a few different types of short-term loan with them, and if you feel like it, you can take advantage of some of their free credit rebuilding and budgeting programs. This is a company that really cares about its customers and wants to see them be financially successful.
5508 Fort Ave # C
Lynchburg, VA
(434) 239-8295
approvedcashadvance.com
Approved Cash Advance was founded in 2004 and since then has expanded to over 200 locations in seven states including Virginia. His company’s goal is to offer you better and more effective loan alternatives than your typical bank would provide. You don’t have to worry about bouncing checks, using credit cards, or dealing with overdraft fees of any kind. For Virginia residents, this company offers payday loans, title loans, installment loans and tax preparation services.
2728 North Mall Dr # 101
Virginia Beach, VA
(757) 463-6174
moneymart.com
Money Mart has numerous locations in Virginia and surrounding states, and offers a couple different types of loan as well as other financial services. You can use this company as a check cashing service, tax preparation service, Western Union station, and short-term loan solution. This company states that it should only be used for sure short-term financial problems and those with severe credit difficulties may need to seek credit counseling to help them get back on their feet quickly.
2121 Wards Road
Lynchburg, VA
(434) 832-0755
checkintocash.com
Check Into Cash is most popularly known as a combination check-cashing and payday loan company. For Virginia residents,this company offers cash advances, online payday advances, title loans, in-store check-cashing, Western Union services, bill paying electronically, and all types of reloadable cards such as phone cards and prepaid debit cards.