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Loans in Virginia (VA)

Hunting for Payday Loans and Installment Loans in Virginia (VA)

The poverty rate in Virginia has been slightly dropping over the years, and the average income is generally higher compared to other nations. Because of this, you could say that the citizens of Virginia are fairly well-off when it comes to money.

Payday Loans Virginia

There is, however, a 4.8% unemployment rate – and some citizens are still struggling to put food on the table at the end of the month. This is why many of them are opting for payday loans and loan installments in Virginia – mainly because these are the only types of lenders that do not show them the door.

The Basics of Payday Loans and Installment Loans in Virginia

Technically speaking, when you take out a loan from the bank, the direct lender checks everything from your income to your credit score. They need reassurance that you have the means of paying back the loan – and that you are trustworthy enough to be given the money. The higher your credit score, the more trustworthy you will seem – and the lower your interest rate will be.

However, with Virginia bad credit loans and installment loans, the lender will not look at your credit score – nor will he/she care about how much you make every month. They will only take you up on your word that you can pay the money back.

However, considering that there is a certain risk factor with these loans, the interest rates are quite high. For example, in Virginia, if the loan is under $1,400 – but higher than $701 – then the interest rate will be 18% per month. On the other hand, however, if the loan goes higher than $1,400, then the interest rate can be as small as 15% per month. It all depends on how much you borrow.

There are certain lenders that offer extended loans that can be paid over a few months. These are called “online installment loans.” However, these loans can cost you a fair amount in interest – and can bring you in more debt than you originally were if you are not careful enough.

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Credit Scores vs. Payday Loans

When applying for online payday loans and installment loans in VA, many people do not seem to understand how the credit score comes in the mix. For example, while the direct lender may not refuse an application because of low credit, they will still look at it. Sometimes, it is not even accessed – so if paid on time, you might actually benefit from the loan.

However, if you fail to pay back the money, rest assured that they will send notice to the credit bureau. The later you are with the payment, the more it will damage your credit score. In return, this can prevent you from getting a traditional loan or a mortgage – mainly because you are seen as a high-risk person.

Final Thoughts

Short term loans and personal loans in Virginia can be very dangerous if not handled cautiously. However, if they are paid on time, they might not be such a bad idea. Still, bear in mind that they are a solution for the short term and that they might not be very helpful for long-term problems.

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Disclaimer

Short-term loans represent a type of emergency borrowing meant to help you with immediate financial issues. They can only become pricey products once you use them for long-term purposes.

 

MicroPaydayLoans.com‘s operator and owner is not a lender, so he isn’t involved in making credit decisions that include lending and making loan offers. This website actually works as a matching service, helping you contact with lenders and third parties. You are not charged any fee for our service. Moreover, you are not forced to initiate contact with any lender or third party or accept any of their offers.

 

The data that is presented on our website regarding short-term loans and the industry is here for information purposes only. We do not uphold a particular lender, and we’re not responsible for a lender’s actions or inactions. Moreover, MicroPaydayLoans.com doesn’t collect or store your data concerning fees and charges associated with the lenders. Basically, we don’t have access to this data in the first place.

 

Not every state approves of short-term loans. Also, not every lender in our network is able to provide loans of up to $1,000. We don’t guarantee that a consumer will get approval for any loan product or lender or will be matched with a lender. If matched, it doesn’t mean he/she will receive the requested short-term loan.

 

In addition, a lender may want to do a credit verification. This takes place to ensure that you have a reliable credit, and to determine the scopes of credit products to offer. Additional verification may be needed, including your driving license number, social security number, national ID or other documents that help with identification. Keep in mind that scopes vary from one lender to another based on various factors. These factors include the terms determined by each lender and credit standing of the applicant.

 

APR Representative

Annual Percentage Rate, or APR, is the loan rate that’s calculated for the annual term. Considering MicroPaydayLoans.com isn’t a lender and doesn’t own information about any detail of short-term loans offered by individual lenders, they can’t estimate the APR. So, the APR provided won’t be the exact one charged by any of the loan products lenders offer.

 

APRs are very different from one lender to another, one state to another and they depend on various factors, including the credit standing of an applicant. There may be additional charges associated with the loan offer. Some of these charges include late payment, late payment reporting, non-payment penalties, and debt collection actions.

 

These actions have nothing to do with our website. Moreover, we do not have any information about actions taken by the lenders. The financial and non-financial charges and actions can be disclosed in a particular agreement in a clean manner.

 

The APR is calculated as the annual charge, and it’s not a financial charge for a short-term loan.

 

Late Payment Implications

If something happens and you won’t be able to repay a loan on time, it is recommended you contact the lender. Once this happens, late payment charges and fees may be applied. Federal and state regulations may vary from one case to another, and they are determined for late payment cases. Information regarding costs and procedures when it comes to late payment should be discussed before signing any related document. So, make sure you review these with your lender, and they will be disclosed in the loan agreement.

 

Non-payment Implications

If you don’t pay a loan or miss the payment, there may be some financial and non-financial penalties. Any financial charges or fees in case of late payments should be disclosed in the loan agreement. Other actions related to non-payment, renewals, for instance, may be implied upon given consent. Renewal terms are going to be disclosed in each loan agreement individually. Keep in mind that renewal may also come with additional fees and charges.

 

Debt collection practices and any similar procedure will possibly be performed. Any action related to these practices is adjusted to the Fair Debt Collection Practices Act regulations. It is also adjusted to other applicable state and federal laws to ensure the consumers’ protection against negative borrowing and unfair lending experiences. Most lenders don’t refer to outside collection agencies. They will rather collect the debt through in-house means.

 

Late payment and non-payment may significantly impact a borrowers’ credit score and decrease it. Lenders may report these bad experiences to credit bureaus, including Transunion, Equifax, and Experian. If this happens, the consequences of late payment or non-payment will stay in a borrower’s credit reports for a certain amount of time.