The military hub of Virginia is well known for housing thousands of American soldiers who are training or preparing for deployment around the world. For this reason, many of the payday loan laws in Virginia reflect the military presence in the state. Below we will offer a full list of the laws in the state of Virginia governing the use of payday loans. With a specific focus on some of the military restrictions that are unique to the state, we hope that this will help people in all situations to avoid hard times and protect themselves from predatory lending.
Payday Loan Laws in Virginia for Payments
One of the unique aspects about the payday loan laws in Virginia is that there is such a focus on military personnel. The storefront and online payday loan lenders operating in Virginia are not allowed to offer services to many of the military personnel who are considered off limits. Military commanders for different units make the decision whether or not they want to allow their soldiers to get a payday loan and in most cases the answer is a negative. In addition, men who are in the military who are allowed to get payday loans must not have their wages garnished while they are in combat duty or on a support base for combat members. Thankfully, the payday loan laws in Virginia help to protect our military men and women from predatory lending.
Licensing and Payday Loan Laws in Virginia
As we have seen, the state of Virginia has the best interests of the citizens in mind. They take this mentality into the civilian world as well. Every money lender in the state of Virginia must be licensed by the state, which means that few can actually pass the online tests. One online lender by the name of CheckCity has been able to pass these tests in order to become the sole online provider in the state.
Competition remains high as there are a plethora of storefronts available for the needy customers as well. Many of these companies are flourishing because of the 26.38% interest rate on debt of $100 in the state of Virginia. While this is much lower than free market might demand, it is definitely enough for companies to make a good amount of money. Either way, you can now use these laws to your own advantage to protect yourself.
