Payday Loans in Ordinary, Virginia: Everything You Need to Know
Payday loans are a popular form of borrowing, often used as a temporary solution for those facing financial emergencies. In Virginia, payday loans are legal, and residents can take advantage of this service when they need it.
How do payday loans work?
Payday loans are short-term loans that typically have a repayment period of two weeks. Borrowers typically write a postdated check for the loan amount, plus fees and interest, which the lender cashes on the date the loan is due. Alternatively, borrowers may authorize the lender to electronically withdraw the loan amount plus fees and interest from their checking account on the due date.
What are the requirements for obtaining a payday loan in Ordinary, Virginia?
In Virginia, payday loan requirements include:
- Being at least 18 years old
- Being a resident of Virginia
- Providing valid identification
- Providing proof of income or employment
- Providing a current phone number and email address
What fees are associated with payday loans?
The fees associated with payday loans can vary depending on the lender and the size of the loan. In Virginia, lenders can charge a maximum of 36% APR (Annual Percentage Rate) plus a 20% loan fee on the first $300 borrowed. For amounts between $300 and $500, lenders can charge an additional 7.5% loan fee. This means that the maximum APR for a two-week loan of $100 is 687.76%, with a loan fee of $26.38.
What are the risks of payday loans?
Payday loans can be a quick and convenient way to get cash when you need it, but they can also be very costly. Lenders often charge high fees and interest rates, which can make it difficult to repay the loan on time. In addition, if you are unable to repay the loan on time, the lender may charge additional fees and interest and may even take legal action to collect the debt.
Interesting Facts and Statistics about Payday Loans in Ordinary, Virginia
- According to a report by the Virginia Poverty Law Center, more than 90,000 Virginians took out payday loans in 2019.
- Payday lenders in Virginia made more than $1 billion in loans in 2019.
- The majority of Virginia payday loan borrowers are women (58%) and African American (57%).
- Virginia’s neighboring states, Maryland and Washington D.C., have banned payday loans.
Apply Now
If you are facing a financial emergency and are considering a payday loan, TheGuaranteedLoans can help. As a connector service, we work with a network of trusted lenders to help you find the best loan for your needs. With a simple online application process and fast approval times, we make it easy to get the cash you need, when you need it.
Remember, payday loans should be used as a last resort and only for emergency expenses. Be sure to read and understand the terms and fees associated with any loan you are considering, and make sure you can repay the loan on time to avoid additional fees and interest.