Let’s face it: there are payday lending centers all over Virginia. You won't have trouble finding one if you just jump in your car and check out your nearest mini-malls. The excursion may take you a half an hour or forty five minutes, plus a few gallons of gas, which isn’t too bad. But we have a better solution. How about five minutes, and zero gallons of gas? It only takes a few minutes to fill out our application, and you can even choose a no fax option. The funds are delivered into your account the next morning. That’s it. You’re done. You didn’t have to go anywhere, and it only took a few minutes to apply. Sound appealing?
Virginia Payday Lending Alternatives
Payday loans are excellent solutions for temporary economic pinches; they can help cover important checks that would have otherwise bounced. However, if your economic situation
is more dire than a few bounced checks, consider another solution. At Payday Today we offer our clients credit cards. personal loans. debt consolidation. and credit counseling. Check them out and see if they fit your situation.
Virginia Payday Lending Laws
Payday lending is legal in the state of Virginia. The laws regulating the industry are fairly standard in comparison with other states. The minimum loan term is seven days. There is no minimum loan amount that a borrower must extract, but the maximum is $500. The maximum interest rate that a lender may charge is 15% per loan. If a borrower took out a $200 loan, he or she would pay an additional $30 in interest. These figures create an APR of 390%. While this APR is extremely high in comparison with other loans (mortgages, credit cards, etc.), it is quite normal for a payday loan.
Category: Payday loans