Cash Advance and Payday Loans in Virginia Beach, VA

Virginia has a long history of providing short-term loans to consumers. Not only are payday loans legal in the State, but state law has capped these loans at a maximum limit of 36% APR.

That APR is relatively favorable for those seeking short-term loans. Whether facing unexpected expenses or general financial hardship, a cash advance or payday loan may be a good option to consider.

Advantages of Taking Out a Payday Loan in Virginia Beach

Here are three of the perks offered by installment loans:

• Flexibility. You don’t necessarily need to provide an excellent credit score to get your approval from a Phoenix lender. Some lenders may be willing to work with consumers who have less than stellar credit. This is because they may consider income when determining eligibility.
• Convenience. Apart from brick-and-mortar lenders in Phoenix, you can also turn to online installment lenders. These lenders offer a convenient solution to consumers. You can submit a request online from the comfort of your home.
• Fast Access. Unexpected expenses, such as medical and maintenance bills, may emerge at any time. Thankfully, you can turn to an installment loan provider to enjoy quick access to financing. In Phoenix, lenders offer easy and fast loan request processes. If approved, you may receive funding in as little as one business day.

How to Get a Cash Advance and Payday Loan in Virginia Beach

There are more than 800 physical outlets in Virginia. There are 15 or so in Virginia Beach that offer quick payday loans as well as online services. The State of Virginia mandates all payday lenders have a physical storefront, therefore those seeking loans should be wary of payday loan offers that do not have a physical presence in the area. 

It only takes 30 to 60 minutes to fill out an application. In most cases, qualified applicants can receive their loan within 24 hours.  Typically, the lender will ask the applicant to sign a post-dated check and sign legal liability before they are given a cash advance for a specified period. At the end of the loan term, the loan provider has the right to withdraw cash from the applicant’s bank account according to the loan terms.

Cash Advance and Payday Loan Requirements

Unlike a typical loan, there are few stringent requirements for cash advances or payday loans in Virginia. Here is a brief overview of loan requirements often set by lenders:

• Applicant must be a resident of Virginia to apply for a loan in Virginia Beach and the vicinity
• Applicant must be 18 years old or more at the time of application
• Applicant must maintain an active checking account at a U.S. bank
• Applicant must have verifiable proof of income
• Applicant must have some form of government-provided identification at the time of application

Costs and Regulations of Cash Advances and Payday Loans in Virginia Beach, VA

Virginia Beach residents can get a payday loan of up to $500. For short-term loans in Virginia Beach that do not exceed $500, the lender will likely charge the following fees:

1. APR: a lender can charge a maximum of 36% APR as per Virginia State law.
2. Finance charge: The lender is authorized to charge 20% of the loan amount as a finance charge.
3. Verification fee: A typical lender in Virginia Beach will charge $5 to verify your income, employment, and other personal details as necessary.

Some payday providers may charge more than the specified limit by the State of Virginia if they have contracted a Native Indian tribe to provide payday loans online.

Suppose that a Virginia Beach resident wants to take out a one-time loan of $500. The maximum APR for a one-month loan of $500 will be 36%. On top of that, the lender is authorized to charge a $100 finance charge and a $5 verification fee, bringing the total cost of a $500 loan to $785.

Before entering into a loan agreement, consumers should ensure that the lender is giving them ample time to repay the loan. In Virginia, the law requires lenders to allow consumers at least two pay periods to repay the loan. In other words, someone who gets paid every two weeks has the right to repay their loan within a month.

It’s also useful to keep in mind that the loan provider may charge an initiation fee up to 20% of the loan value. Besides the loan fees in Virginia Beach, you may need to pay additional registration costs.

Consumers should also remember that they are only allowed to take out one loan at a time and cannot extend their loan or rollover the loan to a future date. If an individual is unable to pay their loan, the lender cannot bring criminal charges against them. However, the lender can ask them to pay a $25 non-sufficient funds, or NSF, fee as well as charge reasonable attorney fees and court charges.

Installment Loans in Virginia Beach

For a loan over $500, consumers can apply for an installment loan. A typical installment loan ranges from $1,000 to $5,000 and is payable in multiple installments similar to a traditional bank loan.

Installment loans are usually offered for less than a year and may include a higher APR than traditional bank loans. The major advantage of installment loans is the ability to receive funds within a few days. Another benefit is that installment loans from non-banking financial institutions are flexible and the terms of payment may vary considerably.

Requesting Title Loans in Virginia Beach

Title loans require an asset as collateral. For residents of Virginia Beach, the most popular collateral for a title loan is a car.

Car title loans require the vehicle owner to sign the title over to the loan provider in case of a default. In return, the vehicle owner can easily get loans of up to 25% of the total cost of the vehicle.

The typical car title loan amount is often less than $2,000, and the terms of payment are generally less than three months. Loan providers are reasonably flexible on matters of title loans; therefore, loan seekers should let the provider know about their preferences, so they can offer a customized plan.

Favorite Virginia Beach, VA, Cash Advance and Payday Loan Companies

If you're seeking cash advance and payday loans, Cash America and Allied Cash Advance are two of the most reputable companies in the industry. They have a stellar reputation and a very high customer satisfaction rating among their clients. Here is a brief overview of each:

Cash America

Operating more than 850 stores in the United States, Cash America has a reputable outlet in Virginia Beach. They offer almost every kind of short-term loan imaginable. As a publicly-traded company on NYSE, the brand is also well-known for educating clients about making reasonable decisions.

Allied Cash Advance

Operating since 2012, Allied Cash Advance is one of the largest payday loan providers in Virginia, Michigan, and Arizona. While they mostly focus on payday and cash advance loans, consumers also have access to a variety of other financial instruments.