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.
- 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.
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 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!
|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!