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Virginia Payday Loans

payday loan in va

Despite having the distinction of being the birthplace and home of the father of the United States, George Washington, Richmond. Virginia served as the capitol of the confederacy during the Civil War.В  A list of famous people from Virginia reads like a who's who of American history:В  Thomas Jefferson, William Clark, Merriweather Lewis, James Madison, and seven other Presidents.В  The state motto is "Sic Semper Tyrannis - Thus always to tyrants" and it is the phrase John Wilkes Booth shouted after he shot Abraham Lincoln.

Virginia law requires all payday and cash advance customers be supplied with a copy of an agreement signed by the lender and the customer.В  This agreement must also be displayed and must list all fees and charges as well as the annual percentage rate.В  The agreement must also state that the payday loan

is intended for short term purposes only.В  A payday lender cannot require you to give them more than one check.В  You cannot use the money from such a loan to buy goods or services from the lender.

Maximum Loan Amount

Lenders may not lend more than $500 at one time to the same person.

The specified due date must be within seven days of the loan agreement.

Extensions and Rollovers

Virginia does not allow extensions or rollovers for these loans.

Fees and Charges

A lender may charge fees in the form of interest totaling no more than 15 percent of the face value of the loan.

Fee Schedules and APR

Virginia requires that the APR is disclosed on the loan agreement but does not place a limit on that APR.

Category: Payday loans

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