Installment Loans in Washington, Virginia

Installment Loans in Washington, Virginia

Sometimes, when you need a lump sum of money for any purpose, the only option that comes to mind is to take out a loan.
Traditional loans come with strict repayment schedules, and this can be quite a challenge for people who live paycheck to paycheck.
That’s where installment loans come in – they offer the flexibility that traditional loans lack.

What are Installment Loans?

Installment loans are a type of loan in which the borrower borrows a fixed amount of money and pays it back over a period of time
with interest in regularly scheduled payments. With installments loans, you can choose the terms of your loan, such as the loan
amount, interest rate, and repayment period.

Legal Status of Installment Loans in Virginia

Installment loans are legal and popular in Virginia. The Virginia State Corporation Commission issued a Consumer Alert that
warned consumers of the risks associated with the use of online payday and other loans that are marketed as “installment loans.”
However, they go on to state that state law allows licensed lenders to make various types of loans, including “open-end credit plan loans.”

Benefits of Installment Loans in Virginia

Here are some of the benefits of taking out an installment loan in Virginia:

• Flexibility: Unlike traditional loans, installment loans offer flexibility, so you can choose the repayment term
  and interest rate that works best for you.
• Speed: When you apply for an installment loan, you usually receive a response within minutes of submitting your application.
  If you’re approved, funds are typically deposited into your bank account within a day or two, depending on the lender.
• Convenience: Because you can apply for an installment loan online, you don’t need to go to a physical bank or lender,
  saving time, and effort.
• Good Credit Not Required: Unlike traditional loans, which require good credit, many installment lenders don’t require
  their customers to have good credit and accept applications from people with bad credit, which means that you may still be able to get
  an installment loan even if you have a low credit score.

How to Apply for an Installment Loan in Virginia

Applying for an installment loan in Virginia is easy. Simply follow these steps:

1. Find a lender: Shop around and compare different lenders to find the one that offers the best terms and interest rates for
   you.
2. Fill out an application: Applying for an installment loan usually requires filling out an online application, which takes
   only a few minutes to complete.
3. Submit required documentation: Depending on the lender and the loan amount, you may be required to submit certain documents,
   such as your ID, proof of income, and/or proof of residency.
4. Receive your funds: If your application is approved, you’ll typically receive the funds within one to two business days,
   either via direct deposit or a check sent to your mailing address.

Interesting Facts About Installment Loans in Virginia

• According to a report by the Pew Charitable Trusts, in 2020, the average payday and car title loan in Virginia was greater than $250 and had a repayment period of two weeks.
• The same report stated that many borrowers in Virginia use these loans to pay for recurring expenses like rent and utility bills.
• Virginia has some of the weakest consumer protections for payday loans in the country, although the state legislature has vowed to change that.

Apply Now

If you need an installment loan in Virginia, head over to TheGuaranteedLoans website and fill out an online application.
As a connector service, TheGuaranteedLoans works by connecting you with potential lenders who can offer you an installment loan
that meets your needs. Please note that TheGuaranteedLoans is not a direct lender, but we will facilitate your connection
with potential lenders.