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Development of payday lending industry in Virginia

There are more than 743 payday lending companies operating on the market in Virginia. However, by applying for a payday loan, internet payday lenders can be the best alternative for you. When the application form is completed by you, it is instantly sent to our company’s personnel. A lot of our clients have stated that they got money within several hours after submitting the application. You can have no doubts that the whole procedure is quickly, convenient and easy.

Payday loans are allowed in the State of Virginia, however the State legislation provides some restrictions and limitations on them. A payday loan is not limited by a minimum amount, but can not exceed $500 at one time. This type of credit is allowed to be granted for at least 7 days. The annual percentage rate is established at the level of 390%. It is rather low indicator for a short-term credit. Every $100 loan can be charged with 15% of interest. In case a customer applies for a $300 loan, he is to pay additional $45 in order to receive it.

If you are a citizen of Virginia and need urgent money, feel free and apply for it through loansassist.net. You will surely receive a payday loan which will help you to solve financial complications. When you have a next payday, you can pay the loan back.

Every American resident can easily get a payday loan by choosing loansassist.net. The process of applying for a loan will take you a few minutes. All you need to do is to fill in the form and wait till you are approved. Your personal information won’t be shared with other lending companies and be always kept in confidentiality.

What concerns payday lending industry in Virginia, there are some regulations imposed on it by the State law. The main goal of these measures is to secure rights of the local borrowers. These restrictions basically regard lending contracts, sums of payday loans, partial payments and extensions.

The legislation states clear conditions for loan contracts between payday lenders and borrowers. Every payday lender is required to write on the visible place of its office the following note: “We are not providing long-term loans”. All the information concerning annual interest rates and financial charges stated in the agreement should be disclosed to a borrower. When a borrower and a lender have concluded the contract between each other, they are to make and keep copies of this document.

Payday lenders operating in Virginia are required to comply with the State legislative acts. The main rule is that they are allowed to ask a client for just one collateral by providing a payday loan. According to the law a borrower can not take a loan from a new company in order to repay the loan received by the previous payday lender.

The maximum sum of payday loan which is allowed to be given to a customer at a time makes up $500. Payday lending companies can set extra charges for providing their services. In fact, these charges are prohibited to exceed 15% of the loan amount. Despite the fact that every payday loan has its own specific terms and conditions, all of them are to be charged with the rate amounting 15%.

If a borrower isn’t able to fully repay the loan, he may pay it off by parts till the due date. The number of these partial repayments is unlimited, but a repayment sum shouldn’t be less than $5. As soon as one repayment is made, a new signed check showing the new balance of the loan is to be provided to a customer. Rollovers of a payday loan are forbidden in the State. It means that lending companies can’t extend the old loan to a new one