Payday Loans Virginia Beach VA

Secure quick funds in Virginia Beach through zaving's online process for payday loans.

Last updated by Zaving Editorial Team, on March 20th, 2024

In need of payday loans in Virginia Beach? Choose zaving's online platform for convenient access to lenders providing payday loans in the city. Apply and secure quick funds without unnecessary hassles. With our user-friendly interface, connecting with lenders becomes effortless, ensuring a seamless process for payday loan options available. Simplify your borrowing experience and address your immediate financial requirements through zaving's online platform. Apply now and discover payday loan solutions crafted for Virginia Beach residents.

What are payday loans and can I find them in Virginia Beach, VA?

Payday loans, designed to swiftly provide small-dollar amounts for immediate financial needs, are short-term loans traditionally characterized by quick access to funds and requiring repayment, including fees and interest, by the borrower's next payday. In Virginia Beach, VA, these loans are available but are now referred to as “short-term loans” due to regulatory changes in 2020, offering extended repayment periods.

To qualify for a short-term loan in Virginia Beach, individuals typically need to meet specific criteria:

  • Regular income: Applicants should have a consistent income source, such as employment or another verifiable stream.
  • Age requirement: Borrowers must be 18 years or older.
  • Virginia residency: Short-term loans are exclusively available to Virginia residents with a valid Social Security number.
  • Bank account: An active bank account is often required for efficient fund disbursement and repayment.

As with any financial decision, exercising caution in selecting reputable lenders is crucial. Prospective borrowers should thoroughly review terms, fees, and repayment conditions, ensuring compliance with Virginia regulations governing short-term loans. Exploring alternative financial options is advisable to make informed decisions aligned with long-term financial well-being.

What are the rules for payday loans in Virginia?

In Virginia, the financial landscape has seen a shift in terminology, with what were previously known as payday loans now termed “short-term loans” due to regulatory adjustments in 2020 through the Fairness in Lending Act. These changes aim to fortify consumer protection measures and promote fair lending practices across the industry.

Navigating the realm of short-term loans in Virginia necessitates an understanding of specific regulations:

Maximum loan amount: Capped at $2,500.

Repayment period: Extending from 4 to 24 months, with the potential for a shorter minimum duration if the monthly payment remains below the greater of 5% of the borrower's verified gross monthly income or 6% of their verified net monthly income.

Interest rate: Restricted to 36% APR.

Charges: Monthly maintenance fees, constrained to 8% or $25, ensuring the cumulative costs do not exceed 50%. For loans below $1,500, additional constraints prevent the imposition of fees surpassing 50%, while loans exceeding this threshold cannot accumulate fees beyond 60%.

To uphold compliance with these regulations, the state has implemented a loan tracking database. It is imperative for borrowers to acquaint themselves with these stipulations and thoroughly review the terms of any short-term loan agreement. This empowers individuals to make well-informed financial decisions aligned with their broader financial well-being.

What are the pros and cons of payday loans in Virginia Beach?

When contemplating payday loans in Virginia Beach, it's essential to carefully evaluate the pros and cons to make informed financial decisions. Here's a detailed breakdown:


  • Quick access to funds: Payday loans in Virginia Beach offer swift access to cash, providing a fast solution for unexpected expenses or emergency needs compared to traditional loans with longer processing times.

  • Lower maximum APR: The fixed 36% APR is notably lower than the potentially high APRs associated with traditional payday loans in Virginia before the Fairness in Lending Act.

  • Extended repayment terms: The minimum 4-month repayment period provides more flexibility compared to previous short-term options, potentially reducing pressure and the risk of falling into debt traps.

  • Regulatory protections: Virginia Beach payday loans benefit from regulatory measures, including the database system and Fairness in Lending Act, which help protect borrowers from predatory practices and ensure transparency.


  • High costs: Despite the capped 36% APR, it remains significantly higher than many traditional loans, resulting in increased overall costs for borrowers, albeit lower than pre-regulation payday loans.

  • Risk of debt cycle: While regulations aim to prevent excessive borrowing, the inherent high costs of payday loans may contribute to a cycle of debt for some borrowers. There's also a risk of overborrowing, as easy access and extended terms might tempt individuals to take on more debt than they can comfortably manage.

  • Negative impact on credit score: Even though short-term loans in Virginia Beach fall under different regulations than traditional payday loans, late payments or defaults can still damage your credit score, making it difficult to access more affordable loans in the future.

  • Potential for predatory practices: Despite existing regulations, there's a possibility that some lenders might engage in manipulative tactics, unclear terms, or hidden fees, posing a risk to borrowers. Vigilance against aggressive marketing and unfair repayment schedules is essential.

More of your frequently asked questions about payday loans in Virginia

Can I take out multiple payday loans in Virginia?

No. Virginia law strictly prohibits individuals from having more than one active short-term loan concurrently. If you currently hold a short-term loan or a motor vehicle title loan from a licensed lender, obtaining another short-term loan is not allowed. Additionally, rollovers are prohibited.

What happens if I can't repay my payday loan in Virginia?

Keeping up with your loan payments is crucial. If you miss one, the lender might ask for the whole remaining balance, including interest and fees. However, they can only terminate your loan after at least 10 days from the missed payment and must provide written notice. The lender is not allowed to threaten you or initiate legal action if your check bounces or you fail to pay as agreed. If you can't pay, the lender might take legal action after 60 days, but during this time, they might be willing to arrange a payment plan. Borrowers are entitled to one payment plan every 12 months, lasting at least 60 days without additional interest or fees.

Can I get a payday loan in Virginia with bad credit?

Yes, even with bad credit, you can still qualify for a payday loan in Virginia. Payday lenders typically base their approval on your current income and financial situation rather than placing heavy emphasis on your credit history. However, it's crucial to understand the associated high fees and interest rates and to assess whether the loan aligns with your financial capabilities.

What are some alternatives to payday loans in Virginia?

Virginia residents have various alternatives to payday loans. Local credit unions are a viable option, offering small-dollar loans with favorable terms. Community assistance programs and nonprofits can also provide financial support to those facing economic hardships. Additionally, check if you qualify for government assistance programs or consider negotiating directly with creditors to establish more accommodating repayment plans. Exploring these alternatives empowers individuals to address financial difficulties without relying on high-cost payday loans.