Fast Cash Loans Virginia
Payday loans are short-term loans for small amounts of money that are borrowed upon the paycheck that you will receive in your upcoming payday. Therefore, it is not necessary for further requirements to apply for these types of loans other than being employed, have a money need that fits within the limits of what is considered quick loans, and abide by the regulations for small loans that the state of Virginia has.
However with fast cash loans Virginia you do not need to be afraid having to wait for the payday loan lender to run a credit check and find that credit history is not that good, or having to gather a series of documents to be faxed, and so on. With a payday cash advance, you can get the money you need to tackle any unexpected last minute expense faster than when you apply for any other type of loan.
Shopping Around for the Best Deal
The advantage of applying for fast cash loans Virginia is that you can always shop around for the best deal by browsing the Internet to find what are the local lenders in your place of residence or what others, who are not physically located within the boundaries of your state, can attend your application. Even though be aware that the state of Virginia has regulations for both payday loan lenders and borrowers that you must know at the moment to search and select a payday loan lending company.
Limitations on Fast Cash Loans Virginia
Fast cash loans Virginia are regulated by the state law, which has specific clauses that apply to the authorization of fast cash loans Virginia, including the fact that all cash advance lenders and cash advance lending companies must be licensed to offer their services within the state.
All these lenders have to provide the borrowers with a written contract where all the terms, fees and charges of a payday loans must be outlined. Additionally, the state of Virginia requires that such contract including this phrase, “A payday loan is not intended to meet long-term financial needs.”
If you are concerned about specific regulations on payday cash advance loans that apply for you as a borrower, there is only one explicit regulation stating that you cannot have more than one outstanding fast cash loan at a time besides the following limitations:
1. Virginia law only allows a maximum loan amount of $500
2. Although loan terms vary from lender to lender, the minimum term by law is 7 days
3. In the state of Virginia no rollovers or extensions are allowed
4. The state law regulates and watches over finance fees that must not surpass 15% of the total loan
In the state of Virginia, payday lenders are allowed to apply charges for up to $20 resulting from collection costs, and a fixed charge of $25 for insufficient funds. Lenders, however, cannot pursue criminal action against you.
Apply Today for a Payday Advance Loan
Once that you know what are the regulations for fast cash loans Virginia, the applications process is very easy and can be done either online or over the phone. Since there is not paperwork involved on your side to fax, you can get your application approved in no time and the money deposited into your bank account in less than 24 hours. Then, you can visit the lender at a later time to get the written contract or, depending upon the lender, it could be possible get it in digital format for you to print at a later time, particularly when the cash advance lending company is not located within the state of Virginia.