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Payday Loans Virginia (VA) | Payday Loans Online

Over 8 million people call Virginia their home. The capital of the state is Richmond. The geographic and the climatic conditions of the state are shaped by the Blue Ridge Mountains and the Shenandoah River, which provide habitat for a majority of the flora and fauna of the area. Virginia is renowned for the quality of its education, specially University of Virginia, which was designed and founded by Thomas Jefferson, one of the many political figures from the Commonwealth of Virginia. Virginia is famous for many foods, some of them being crab, oysters, apples, ham and classic dishes like fried chicken. The various regions of the state of Virginia provide different treats and the climate favors the growth of mouth-watering produce, peanuts in particular.

The state of Virginia is home to 27 military bases. Every defense force branch has at least 1 base set up in the Commonwealth of Virginia. This type of military influence is bound to dictate the culture. The Virginia Beach, for example, is the home to over 60,000 veterans.

Northern Virginia has some of the worst traffic in all of The US. With the state of DC adjacent to it, the area gets packed instantly. An interesting point to be noted is that Virginia has a low tolerance for foul language. In fact, in some areas of Virginia Beach one can lose their job for cursing.

Economics of Virginia

The cost of living is a little high, just above the national average. The unemployment rate of Virginia has gone down to 3.2% (as of Jun 2019) and the poverty rate has dropped to 11.2%, which is better than most state of The US. During this time, the average household income in Virginia peaked $66,262, which is a whopping $10,487 higher than the national average. Despite such a high average household income and with an unemployment rate of 3.2%, Virginia residents are still searching for various other means for making ends meet. As a result, many people might turn to vulturous credit loans such as payday loans .

Payday Loans Virginia VA

Payday Loans Virginia VA

Apply Online Payday Loans in richmond, danville, roanoke, lynchburg, hampton, fredericksburg, norfolk, alexandria, newport news, winchester, manassas, woodbridge, portsmouth, suffolk, charlottesville, chesapeake, colonial heights, martinsville, harrisonburg, alexandria VA Now!

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Payday Loan in Virginia

In 2009, Virginia passed HB 12 – Payday Lending Restrictions to crackdown on unregulated payday loans. These crackdowns took place because Legislation of Virginia wanted to avoid the stacking up of debt which in turn would help the economy of the state and the country as well.

Before the regulations of 2009, many  payday lenders were offering payday loans in the Commonwealth of Virginia but after the uncovering, Virginia regulations restricted the annual interest rate that payday lenders could charge, that being no more than 36 percent plus a 20 percent fee of the amount borrowed.

A Payday Lender must obtain a license from the State Corporate Commission to conduct their business and must follow laws on how to operate and on the terms and conditions they include in their loans to consumers.

As a consequence of HB 12, the Payday Loan Act, Virginia payday lenders switched to offering title loans, giving Virginia lenders another opportunity to trap borrowers in an infinite loop of loan. The offering of title loans enabled lenders to charge rate of interest of their will, so as long as the lenders provided the individual with a goodwill period and didn’t charge any interest during the first 20-25 days of the loan which seems charming but is actually malicious.

Virginia Payday Loan Regulations

  • The maximum amount a person can loan at a time is $500.
  • The minimum length of loan is 2 pay periods.
  • Rollovers like refinance, renew or extend are not permitted.
  • The Finance amount charged on a $100 loan for a period of 14 dyas is approximately $26.38.
  • An annual interest of 36% is charged along with a $5 fee for verification and 20% of the loan amount.
  • APR on a loan of $100 for 14 days is 687.76%
  • The loan can be paid back in four equal monthly installments.
  • There is a mandatory 45-day cooling off period after the fifth payday loan in six months,

which is enforceable by the help of a database.


In this modern world of digitization, the consumers of Commonwealth Of Virginia can apply for a Payday loan via the internet. But, these online Payday lenders must also be licensed by the State Corporate Commission.

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