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Cash Advances in Virginia
A common theme amongst the payday loan laws of various states is explicitly stating the purpose of payday loans and when and why they should be used. Payday loans can be a convenient and effective way to satisfy a financial emergency or some other immediate cash need. The issues most detractors have with the instant cash advance industry stems from borrowers becoming too reliant on the services of a payday lender.
The state of Virginia, for instance, requires lender with a notice stating that “A payday loan is not intended to meet long term financial needs.” By presenting this information up front, the State hopes to give borrowers a chance to reassess their need and to make sure they borrow wisely. Payday lenders most also be licensed by the state. There is a minimum loan term of 7 days and a loan may not exceed $500. Loan fees may not exceed 15% regardless of the term of the loan. Payday loan rollovers are prohibited in the state of Virginia.
In addition to these terms, a lender can give only one loan to a borrower at a time. A cash advance may not be renewed or extended for any length of time. Finally, payday lenders in Virginia may not lend to military borrowers located within locations declared off limits by a military base commander, nor can a lender garnish the wages of a military borrower while they are deployed to combat or a combat support post.
Sources: www.paydayloanlaws.com http://www.credit.com/credit_information/credit_law/PaydayLoanLaws.jsp
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