If you are in a situation that requires you to deal with an expense that you did not plan for such as a medical bill, a car ticket, or a birthday gift, you might find it hard to get the cash you need even if you have a regular source of income.
However, you do not have to worry because millions of Americans find themselves in such situations and there is always a solution in the form of payday loans.
Payday loans normally come in handy whenever you are looking for extra cash to take care of any emergencies you might have.
It is important to note that these loans tend to be a bit expensive compared to traditional bank loans; hence you should ensure that you only take them in case of any financial emergencies and not for buying luxurious things.
Keep reading to find out some of the things you need to know about payday loans in VA, and also how you can explore safe options.
Payday loans are short-term loans in nature and you are required to repay them in full on your next payday. These loans are characterized by high APRs.
This means that they are risky lending options for borrowers. Payday loans are legal in VA although the state has put some restrictions to the lenders.
When taking a payday loan, there is normally no credit requirement. However, you should note that your credit score is likely to go down in case you fail to repay your loans on time. On the other hand, paying on time does not mean that your score will improve.
Unfortunately, the state of VA only permits you to borrow one payday loan at a time.
The maximum payday loan amount you can apply for in VA is $500. However, you should note that the APR is capped at 36%, and some lenders are capable of charging up to 601% APR. the loan term does not exceed 30 days, and rollovers are not permitted.
Yes, in case you fail to repay your payday loan on time, there is a late payment fee that will be charged. Ensure to contact us as soon as you realize that you will not be able to repay the loan on time so that we may come up with a repayment plan that will be suitable for you.