With 730 licensed cash advance lenders (and growing) throughout the state of Virginia, it’s no surprise that the payday loan industry is one of the fastest growing industries in the state. Cash advances offer a quick fix for those financial emergencies that come up when you least expect them.

These loans are typically between $100 and $500, and are to be paid in full on the borrowers next payday. The amount that you are eligible to borrow from a cash advance company doesn’t require a credit check as it does with typical lending institutions, but instead is directly related your steady job and the paycheck that goes along with it.

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Let’s say, for example, that your home’s hot water heater has stopped working. You don’t have the extra cash for repairs now, and you won’t receive your next paycheck until next Friday. By simply contacting a cash advance company, you can have the necessary funds very quickly, usually within 24 hours.

The laws of Virginia allow a post-dated check created by you and made out to the lender as one such means of getting this easy loan. In this check, you include any applicable fees that go along with your loan, plus the full loan amount. When the lender cashes the check, they keep the fees and put the balance directly on your loan.

Virginia does have laws in place for in order to protect all parties involved with a cash advance:

7 day minimum cash advance time frame.
15% limit on all fees ($15 per $100 borrowed).
6% recapture fee on late payments.
No rollovers permitted (paying off one cash advance with another).
$25 returned check fee permitted.
Court costs and attorney fees (AF of no more than $250) allowed.

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* Cash-Advance-USA.org provides information and research on cash advances/payday loans. We are not a payday lender or broker, nor are we necessarily affiliated with the companies profiled on this site. Not all products and services are available in each state.