Virginia, as many other states that allow cash advances within their borders, has developed a standardized set of rules and regulations governing the companies and individuals who desire to conduct business issuing a cash advance in Virginia. These rules and regulations apply to both the lender and borrower. Because of the standardized rules, many cash advance businesses operate in the state in various locations, and it is quite easy to find a location to obtain a payday loan. For example, there are many locations to obtain a cash advance in Richmond, Virginia. Additionally, consumers can obtain a loan via the internet by downloading the necessary applications.
Rules and Regulations for Businesses Issuing a Cash Advance in Richmond, Virginia
In Virginia, businesses offer cash advances must follow a standardized set of rules and regulations that were set up by the state legislature. These rules were established to protect consumers when engaging in a cash advance contract. A business issuing a cash advance in Virginia must disclose to the borrowing in specific terms that “a cash advance is not intended to meet long-term financial needs.” Additionally, all fees and the Annual Percentage Rate must be disclosed and given in terms that are easy for the customer to understand. Both the lender and the customer each time there is a new cash advance transaction must sign this acknowledging agreement, and each must keep a copy of the agreement.
Businesses offering cash advances in the state of Virginia cannot require customers to provide more than one check as collateral for cash advances. Lenders must limit the amount of a cash advance to $500 with the time limit on the loan being 7 days. Fees may be charged for cash advance services in Virginia. However, these fees are limited to 15% of the total amount of the cash advance. This amount is comparable to the amount found in other states that allow cash advances.
Rules and Regulations for Individuals Obtaining Cash Advances in Richmond, Virginia
Individuals who obtain a cash advance in the state of Virginia are allowed to make partial payments toward the balance of the loan as long as the payment is at least $5. Additionally, receipts which are dated and signed and show the balance of the cash advance loan must be provided to borrowers at the time of payment. Cash advance rollovers are not allowed in the state of Virginia, and borrowers are unable to obtain this service.
Obtaining a Cash Advance in Richmond, Virginia
The state of Virginia rules and regulations governing the business that issue cash advance in the state. These rules are meant to protect consumers who obtain payday loans and to standardize the fees and agreements that are used by cash advance businesses. Consumers are allowed to obtain a cash advance for any reason. It does not matter if they have an emergency or special occasion for which they require extra available cash. The option of obtaining a cash advance is available. Additionally, cash advance loans in Virginia are available at traditional business sites and on the Internet. This makes receiving a cash advance in Virginia a quick and easy process. Obtaining a cash advance in the state is a viable option to any individual who needs extra available income and desires to obtain a short-term solution.