Online Payday Loans in Virginia – 0% APR Alternatives Available
Are you dealing with an expense you haven’t planned for, like a birthday gift, car ticket, or medical bill? Even with a regular source of income, you might need a cash advance.
Not to worry! Millions of Americans find themselves in your shoes every day. Many people turn to payday loans when they need some extra cash, even though these loans can be extremely expensive. Let’s go over everything you’ll need to know about payday loans in Virginia and explore some safer alternatives.
Options For Payday Loans in Virginia
A payday loan is a short-term, high-interest cash advance that needs to be paid back in full by your next payday. APRs on these loans can be incredibly high – making them very risky lending options for borrowers. Payday loans are legal in Virginia, though the state puts some restrictions on lenders.
Requirements
You have to be at least 18 years old to qualify.
There is no credit score requirement.
You will need to show proof of regular income and have a bank account.
U.S. citizen or permanent resident
The lender will pull your credit
There is no credit requirement when you take out a payday loan. But keep in mind that your score will do down if you fail to make your payments on time. If you do pay on time – your credit score won’t improve.
How many payday loans can you have in Virginia?
The state of Virginia will only allow you to have one payday loan at a time.
Max Loan Amount
The maximum loan amount is $500. Although APR is capped at 36%, lenders can get away with charging 601% APR. The maximum loan term is 30 days. Rollovers are not allowed.
Penalties
You will be charged fees if you fall behind on your loan or are unable to pay it in full. This will harm your credit score.
Payday Loan Alternatives in Virginia
Don’t settle for a high interest rate loan. You risk falling into a cycle of debt if you have trouble paying back what you owe. There are safer and more affordable alternatives available – even if you don’t have any credit.
Instacash
Instacash is a zero-interest, instantaneous cash advance offered by MoneyLion. Like payday loans, there is no credit requirement. Unlike payday loans, you’ll never have to worry about excessive interest rates or fees. The money you borrow is instantly deposited into your bank account and is available at any time with the MoneyLion app. You can borrow as often as you need and pay the money back when you get your paycheck.
Credit Builder Loans
A Credit Builder Loan is a loan designed to help you boost your credit score.
Your credit score can affect the bills you pay, your ability to rent or own a home, and even the type of insurance packages you qualify for. Paying attention to and building your credit is a very important aspect of your finances.
With a MoneyLion Credit Builder Plus account, you’ll be able to borrow up to $1,000 with a competitive APR and boost your credit score at the same time. Apply in minutes I’m the MoneyLion app. MoneyLion will report your payments to major credit bureaus, so as long as you stay on top of your payments – your score will go up!
Apply for a Credit Builder Loan, get approved for up to $1,000
Instacash | Credit Builder Loan | Local Payday Lender | |
|---|---|---|---|
How Much Can You Borrow? | $250 | $1,000 | $500 |
Fees & Interest | 0% APR | Competitive APR, $19.99/month fee | APR is capped at 36% – but lenders can get away with charging you a higher APR along with other fees. |
Impacts Your Credit? | No | Yes, it builds your credit score. | Yes, will harm your score if you miss a payment. Won’t improve your score even if you stay on top of payments. |
Availability | Mobile | Mobile | In-Store & Online |
Wait Time | Instantly* | Instantly | Next business day |
Next Steps | Sign Up | Sign Up |
*24-48 hours to receive your advance at 0 cost. $3.99 for instant deposit to your MoneyLion bank account, $4.99 to instantly deposit to an alternative bank account.
Don’t Pay More Than You Need to for Extra Cash
Life happens. You might need some extra cash to get through. At MoneyLion, we understand and are there to help. MoneyLion offers Instacash cash advances and Credit Builder Loans without charging you excessive fees.
Plus, MoneyLion members also have access to services and tools – like investing and 24/7 fraud protection – which are designed to help you reach your financial goals. Learn more about how MoneyLion can help you boost your financial future!
You may like
Community Posts
Similar Posts
Disclosures
Instacash® is an optional service offered by MoneyLion. Your available Instacash Advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors, as determined by MoneyLion. Expedited delivery requires Turbo Fee. See Instacash Terms and Conditions for more information and eligibility requirements.
Credit Builder Plus membership ($19.99/mo) unlocks eligibility for Credit Builder Plus loans and other exclusive services. This optional offer is not a Pathward product or service. A soft credit pull will be conducted which has no impact to your credit score. Credit Builder Plus loans have an annual percentage rate (APR) ranging from 5.99% APR to 29.99% APR, are made by either exempt or state-licensed subsidiaries of MoneyLion Inc., and require a loan payment in addition to the membership payment. The Credit Builder Plus loan may, at lender’s discretion, require a portion of the loan proceeds to be deposited into a reserve account maintained by ML Wealth LLC and held by Drivewealth LLC, member SIPC and FINRA. The funds in this account will be placed into money market and/or cash sweep vehicles, and may generate interest at prevailing market rates. You will not be able to access the portion of your loan proceeds held in the credit reserve account until you have paid off your loan. If you default on your loan, your credit reserve account may be liquidated by the lender to partially or fully satisfy your outstanding indebtedness. May not be available in all states. Credit Reserve Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclaimers relating to the MoneyLion Credit Reserve Account, see Investment Account FAQs and FORM ADV.
MoneyLion does not provide, nor does it guarantee, any third-party product, service, information, or recommendation. The third parties providing these products or services are solely responsible for them, as well as all other content on their websites. MoneyLion is not liable for any third party's failure with regard to those advertised products, services, and benefits. These advertised products and services may not be FDIC insured or bank-guaranteed, and may be subject to a different privacy policy than MoneyLion’s. You should check individual offers, products, and services to become familiar with any applicable restrictions or conditions that may apply. MoneyLion may receive compensation from third parties for referring you to the third party, their products or to their website.
Instacash is a 0% APR cash advance service provided by MoneyLion. Your available Instacash advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors as determined by MoneyLion. This service has no mandatory fees. You may leave an optional tip and pay an optional Turbo Fee for expedited funds delivery. For a $40 Instacash advance with a Turbo Fee of $4.99, your repayment amount will be $44.99. Generally, your scheduled repayment date will be your next direct deposit date. An Instacash advance is a non-recourse product; you will not be eligible to request a new advance until your outstanding balance is paid. See Membership Agreement and help.moneylion.com for additional terms, conditions and eligibility requirements.