The dynamics of modern life and the ever-growing needs of consumers have led to the fact that traditional bank lending has become less popular. That is why online lending services continue to gain popularity. Now you can apply for a loan online and receive the money transferred to your bank account around the clock. This service is provided by licensed microfinance institutions, with no paperwork and no collateral required.
The interaction between the borrower and the lender takes place remotely, and the amount of money is transferred to the borrower’s bank account within 15-20 minutes, if approved. Such loans are known as payday loans or cash advance loans.
Table of contents:
- What Are Payday Loans?
- Top 10 Reasons to Take Out Payday Loans
- How to Apply for an Online Payday Loan
- What Do I Need to Apply for a Payday Loan in Virginia?
- What Limitations Are There to Face on Payday Loans in Virginia?
- Why Our Speedy Payday Loans Are the Best?
- Will Bad Credit History Be a Problem While Getting a Loan?
- Things to Consider When Applying for a Payday Loan
- Payday Lenders Near Me
- Other Financial Services
What Are Payday Loans?
A payday loan is a short-term loan for a small amount — typically $100 – $1,000 — that’s meant to be paid off with the borrower’s next paycheck. Payments are typically due within 1-4 weeks—or close to your next payday.
Payday loans differ from personal and other consumer loans. You can get a payday loan online around the clock.
Payday lenders in VA have few requirements for approval. Most of them don’t run a hard credit check or even require that the borrower has any credit history. All you typically need is some proof of identity, an active bank account in relatively good standing and a source of a steady income.
Brief History of Payday Lending in Virginia
In 2002, the state opened its doors to payday lenders licensed by the State Corporation Commission. In 2006, Virginia set a cap of 36% APR for military service members. Current law does not allow lenders to make any type of payday loan to military members.
In 2009, the state introduced some consumer protections. VA imposed a maximum loan fee of 20% of the loan amount and set a 36% APR (which does not always translate to that low of an APR in practice—due to online payday lenders based in other states).
Top 10 Reasons to Take Out Payday Loans
Credible direct lenders from our network are ready to offer you $100-$1000 payday loans in Virginia for any of your needs, including:
- Credit history improvement;
- Debt consolidation;
- Car repair;
- Tuition fees;
- Medical treatment;
- House redecoration;
- Wedding;
- Vacation;
- Family special event;
- Holiday, etc.
How to Apply for an Online Payday Loan
You can submit a request for a payday loan online with us in less than 5 minutes and get an immediate decision on the screen.
You will automatically be matched with one of our direct lenders and if you wish to continue, they will do some further checks and if accepted, you can receive the funds the same day or the next business day.
What Do I Need to Apply for a Speedy Payday Loan in Virginia?
When you apply for a speedy loan online through our website, the process is easy, fast and 100% confidential. Our secure connection transmits your application to our licensed lenders without the risk of interception by third parties.
We have made the application process simple and streamlined. Most applicants are approved if they meet the following requirements:
- You must be a Virginia resident;
- You must be at least 18 years of age;
- You must have a Social Security Number;
- You should have an active checking account;
- You must have a steady income of at least $1,000 per month;
- You must have a working phone number or phone number and an email address.
What Limitations Are There to Face on Payday Loans in Virginia?
The state law offers some consumer protection with online payday loans. Below are some of these fees and terms:
| Maximum loan amount: | $500 |
| Loan term: | A minimum of two pay periods |
| How many payday loans you can have at a time: | One |
| Rollovers: | Not permitted |
| Repayment plans: | Yes, no extra fees can be charged, at least 60 days, at least four equal installments |
| Maximum APR for a 14-day loan of $100: | 76% |
| Finance charge for a 14-day loan of $100: | $26.38 |
| Annual interest: | 36% |
| Verification fee: | $5 |
| Maximum collection fee for returned checks: | $25 |
| Reasonable attorney’s fees: | $250 or less |
Why Our Speedy Payday Loans Are the Best?
If you need a small-dollar loan in an emergency, pay attention to our speedy payday loans. They have a number of advantages over banking products.
Simplified loan process
To get a loan, you will need a few documents: a government-issued ID and a Social Security Number. iN rare cases, the lender may require you to provide additional documents, such as a driver’s license. You will only need to fill out a short form on our website and wait for a response. Income proof certificates are not required.
Fast processing and funding
You do not have to go anywhere, stand in line and wait for several hours or days for the lender’s decision. A payday loan can be issued online, you will learn the decision within 5-15 minutes. As soon as the loan is approved, the money will be transferred to your bank account the same day or the next day.
Relaxed eligibility criteria
Payday loans are available to all Virginia residents who are over the age of 18. Even if you have been rejected by all banks, you have a high chance of getting accepted for an online loan since lenders from our network do not check your credit history. You can apply for a loan at any time, including weekends and holidays.
No hidden fees
When applying for a loan, you will know how much you need to repay right away, whether it is possible to extend the loan term and how much it costs. All these amounts are fixed and do not change. Lenders often offer special offers, promotions and benefits. Quite often, our lenders offer more favorable conditions for new clients.
Improve your credit
If you have had problems repaying bank loans or you have no credit history, a payday loan is a great opportunity to build a good credit history. According to the law, payday lenders are required to submit information about their clients to credit bureaus. By repaying the loan on time, you will be able to establish yourself as a responsible and reliable borrower. Many lenders even have special ‘improve credit’ programs.
Will Bad Credit History Be a Problem While Getting a Loan?
Despite the difficult economic situation, things are not so bad. Many Virginia residents do not know where to get fast cash in an emergency. Many consumers note that it is becoming more and more difficult to reach paycheck to paycheck every month, so they try to save on everything they can.
But what can you do in a difficult life situation when money is needed urgently? Of course, you can borrow money from friends, apply for a bank loan, or sell valuable things. But, sometimes this is not possible: friends may not have the money either, a banking institution may reject your request due to a bad credit history, and not all consumers have valuable things to sell. Also, applying for a bank loan is a loan and tiresome process.
If money is needed right now, the easiest way out of this situation is online payday loans.
Things to Consider When Applying for a Payday Loan
- You should not be afraid of loans – you just need to read the contract carefully and ask questions if you have any;
- The goal of any credit institution is to return the money and receive a reward, so try to negotiate mutually beneficial conditions with the company;
- Try to always close the loan ahead of schedule – the sooner you close it, the cheaper it will cost you;
- Keep track of your credit history – this is a record of your borrowing and repayment activity.
We recommend assessing your opportunities before taking out a speedy payday loan: make sure you know exactly how much money and when you need to repay. Remember that you must repay the borrowed funds + interest when the term expires.
Payday Lenders Near Me
Looking for “payday loans near me”? Great news! You’re at the right place! Our referral service can provide you with the funds you need urgently — and the best part is, you don’t even need to go anywhere – you can complete the process from the comfort of your home or office.
The lending process is purely online, making it the most hassle-free and effortless way to apply for a loan and receive money fast. Same-day funding is available for customers who apply and are accepted before 1:00 p.m. CT, 24/7. Requests submitted and approved after 1:00 p.m. CT are typically funded the next business day. Using our online referral service allows you to find the best payday loan near you, regardless of your location.
Top Virginia Cities
Other Financial Services in Virginia
- Bad credit loans. This type of loan is a good option for individuals with credit scores of 669 or less who need quick funding to cover unexpected costs.
- Title loans. A car title loan is a type of short-term loan in which the borrower pledges their car as collateral. They are also known as auto title loans.
- Debt consolidation loans. It is a type of personal loan that you use to combine multiple debts with multiple payments into a single debt with one monthly payment. of unsecured loan that you pay back over time with a set monthly payment.
- Personal loans. It is a type of loan that allows flexible use, short- to moderate-term repayment options and relatively quick funding;
- Installment loans. It is a type of loan where you borrow a sum of money and must pay it back in fixed amounts called “installments.”