Virginia Payday Loan Reviews

Need a small short-term loan, just until next pay day? For many people, their bank will not be the best answer. Banks generally just don't deal in loan amounts less than $500, and the loan process is lengthy, requiring credit checks and collateral. That's where payday loans come in. You get get cash on hand, and have it automatically paid back on your next pay day. We've reviewed a range of payday lenders to help you find the best option for short term cash.

Not a Virginia resident? Choose your state here:

NextAdvisor Blog Headlines

5 Audiobooks to Celebrate Women?s History Month
Mar 4, 2015 - Celebrated for a full month in March for the first time beginning in 1987, Women's History Month is meant to honor women all around the world, and those who stood up to adversity and fought for equal rights for women — a battle that is still not over. To help commemorate this occasion, we?ve comp...

Can Ride-Sharing Services Like Uber Be Trusted?
Mar 3, 2015 - Commuting to and from work or other places can be a hassle, especially when you live in a highly populated area like Silicon Valley with tons of other people on the road at all hours. Add in the cost of gas or the misery of trying to navigate bus or train schedules for those who [...]

Why Your Business Needs VoIP
Mar 3, 2015 - Communication is a necessity in the business world, but do you really need to pay an arm and a leg for a phone service? Absolutely not! Luckily, if you?re a business owner who?s overpaying for their phones, there is an option for you — VoIP. For those who don't know, VoIP stands for Voice over [....

3 Ways to Spot a Catfish While Dating Online
Mar 2, 2015 - Ever since "catfishing" became a known and accepted term in our society, online dating has been under a great deal of scrutiny. If you aren?t familiar with this term, catfishing refers to a person who makes themselves available for an online relationship but has misrepresented themselves in a maj...

The Best Online Savings Accounts to Grow Your Money
Mar 2, 2015 - Saving money isn?t easy. If it were, so many Americans wouldn?t be having trouble doing it. The results of a new study from the Pew Charitable Trust found that one in five Americans don?t plan on retiring. Ever. Another 56% reported worrying about their personal finances during the past year. Eve...

Payday
Loans
Overview

How does a payday loan work?

Payday loans are short-term advances provided by a licensed lender to a consumer. Funds are electronically deposited in the customer's account when the loan is made, and are automatically withdrawn when the loan is due on the customer's payday. Payday lenders charge fees and/or interest on a payday loan, which is also withdrawn on the due date. Rates, maximum loan amounts, and contracts vary by state.

Our payday loan reviews

During our review process we researched each payday lender's website and looked for important information like the availability of contact information. We also looked at how clearly the terms were spelled out and whether they were within the law as we understand it. In addition we provided BBB (Better Business Bureau) grades to give readers an idea of each lender's customer service practices. However, because each state has different laws in regards to payday lenders, we suggest you carefully review the information on the lenders' websites in order to understand the specifics of the terms in your state.


Fees and APRs

Payday lenders generally charge fees and interest per $100.00 that you borrow. By law, these fees and interest charges must be computed and shown as APRs (Annual Percentage Rates) so that customers can compare them to other forms of debt, such as credit cards. This generally means APRs in the range of 400% to 500%. While these are high percentages, it's important to remember that these loans are meant to be paid off in a period of 2 to 4 weeks; if paid on-time the actual interest rate is much lower. However, if you refinance your loan, as allowed in some states, the rate will quickly compound, which is why we recommend paying off the loan when it's due.


Sign Up For Our Newsletter



Advertiser Disclosure: NextAdvisor.com is a consumer information site that offers free, independent reviews and ratings of online services. We receive advertising revenue from most but not all of the companies whose products and services we review. For credit cards, we review cards from all of the top 10 US issuers by purchase volume (according to Issue 1035 of The Nilson Report, Feb 2014) excluding issuers that require additional accounts to be a cardholder and private label issuers. We may also review cards from other issuers in select cases. We do not review all products in a given category. We are independently owned and operated and all opinions expressed on this site are our own.