Payday Loans In Richmond, VA

Payday Loans In Richmond, VA

Payday loans are quite popular in Richmond, Virginia, saving people from financial crises since legalization in 2002. The State Corporation Commission (SCC) is responsible for its regulations, and you’re well-protected by the law as long as you patronize licensed vendors.

In this city, you can get up to $2500 in payday loans with a 36% APR over 4 to 24 months.

You can repay your loans in installments, and criminal actions are prohibited. Payday loan Richmond VA is a convenient option for fund emergencies, and we’ll detail everything you should know, from the top lenders to the steps involved in applying for one.

Payday Loan Companies In Richmond

Payday loan companies have flourished in Virginia for over two decades, with over a hundred in-person stores and online sites combined. Before the popularity of the internet, you could easily walk into any of the physical stores to fill out an application form and get your loan within 24 hours.

With several online lenders now, you only need a contactable phone for verification after filling out the necessary documents, and you’ll get your loan within a few hours.

In the table below, we present some of the top companies for payday loans in the city. We guarantee these companies are licensed, regulated, and fair in their dealings with customers.

Company Best For Address Working hours
Cash 2 U Payday, check cashing, and title loans. 6100 Midlothian Turnpike

Richmond, VA 23225


9:30 AM – 6:00 PM
Ace Cash Express Cash advance, installment, title, and payday loans. 617D E Belt Blvd, Richmond, VA 23224. 9:00 AM – 7:00 PM
Advance America Personal, emergency, title, installment, and payday loans. 5652 Brook Rd, VA 23227 9:00 AM – 7:00 PM
Check’N Go Cash advances, installment, and payday loans. Brandy Hill Plaza, Mechanicsville, VA 23111 9: 00 AM – 7:00 PM
Approved Cash Advance Check cashing and payday loans. 5160 Nine Mile Rd, Richmond, VA 23223 10:00 AM – 6:00 PM
Check City Tex services, gold buyers, check cashing, and payday loans. 6001 W Broad St Richmond, VA 23230 9:00 AM – 7:00 PM
Magnolia Check cashing, installment, title, and payday loans. 7475 Midlothian Turnpike Richmond, VA 23225 10:00 AM – 6:00 PM

Costs and Regulations Of Payday Loans In Richmond, VA

In 2009, the State passed the HB 12 Payday loan act that restricted lenders from charging triple digits interests. This act ran till 2020, when the new house bill 789 was introduced. The HB789 is what regulates payday loans in the city to date, and the terms, rates, and fees stipulated in the bill are listed below.

  • The APR on any payday loan is capped at a maximum of 36%.
  • The maximum amount you can borrow is $2500.
  • The minimum and maximum loan terms are 4 and 24 months.
  • Repayments can be made in installments.
  • Maintenance fee per month can be up to $25 or 8%.
  • No issuer should charge a verification fee.
  • The late payment fee is capped at $20.
  • Criminal charges are prohibited.
  • Database loan tracking is allowed.
  • The statute of limitations applies five years from the last payment.

In addition, you must be 18 or older before applying with a payday vendor. Each request for a loan will be vetted for eligibility on a special database designated for Virginia residents.

Are Payday Loans Legal In Carolina

Payday Loans In Richmond: Requirements

Before your application can go through for a payday loan in Richmond, VA, you must meet certain requirements to qualify. As mentioned in the above section, the state has a dedicated database that tracks applicants for short-term loans.

Hence, you must provide the necessary documents if you plan to enjoy the protection of the state’s law. There are general requirements that you must meet as stipulated by the state, and there are specific requirements that vary from one vendor to another.

In the headings below, we’ll detail the importance of each in the loaning process.

General Requirements

The general conditions that must be met include the following.

  • Minimum of 18 years: Applicants for Payday loans must be at least 18 to qualify for the services offered by the vendors. This condition is for obvious reasons, as merchants should only offer funds to adults capable of making responsible financial decisions.
  • Social security number: The state demands you have a social security number to track your eligibility for these loan services.
  • Proof of residency: Applicants must have a document that guarantees they’re eligible residents/citizens of Virginia. This document can be a utility bill, national ID, or bank account statement.
  • A source of income: The borrower must have an income source that ensures they can pay their debt at once or in installments with given rates and interests.

Needed Documents

Regardless of the merchant you’re requesting a payday loan from in Richmond, there are essential documents you must provide. Whether online or at physical stores, these documents will help the merchant determine your eligibility for them, asides from the general conditions of the state of Virginia.

Via these channels, you’ll be given a form to fill out the necessary information, such as your name, phone number, house address, email address, and social security number.

Other essential information required may include a bank account number for the loan payment and the name of the company/employer you work for. Documents you’ll need to present after filling out these pieces of information are those that prove your identity and a permanent income source.

These are as follows:

  • A national ID card.
  • Driver’s license.
  • Bank account statement.
  • Local government-issued certificate of residence.

Advantages And Disadvantages of Payday Loans in Richmond

Getting a payday loan from any merchant comes with its advantages and disadvantages. Several people tend to be discouraged by the notoriety of payday businesses, but they’re pretty useful when properly regulated, like in the state of Virginia. In the following headings, we’ll highlight the perks attached to a payday loan in Richmond.

Quick way of Funding

Payday businesses are the easiest way you can get funding for emergencies with no queue or unnecessary waiting. Simply provide the required documents to a physical or online merchant and get the loan within hours, and payment will be wired directly to the bank account you provide.

No Credit Check Required

The main reason why a payday loan is easily accessible is that the creditors require little to zero credit history. So, even with poor credit scores, you can borrow up to $2500 in Richmond as long as you have an income source.

Those are the major advantages attached to a payday loan in Richmond, VA. However, there are downsides to consider too, which include the following.

Interest Rate And Fees

Although capped at 36% APR, the rate is still pretty high for borrowers who have mostly low incomes. Also, there are charges like maintenance and late fees that bulk up to a much higher amount than was borrowed.

How To Get Payday Loans In Carolina

How to Get a Payday Loan in Richmond

The first step to getting a payday loan in this city is to decide whether you want to patronize an online or physical merchant. Once you’ve made your choice, you should familiarize yourself with the terms and conditions offered by the lender and then go through these steps.

  1. Log onto the lender’s website or walk into a dedicated store to demand a payday loan.
  2. Fill out the necessary personal and financial information in the form given.
  3. Submit the required documents to prove your identity and residence.
  4. Wait for the loan request approval and for funds to reflect in your account.


Payday services in this city are well-regulated and considered safe compared to other cities in the United States. There are tens of established vendors with websites and several in-stores operating for decades in the region.

With these years of experience, you’re guaranteed strict accordance with the state’s rules, giving zero chance of exploitation.

The APR for any merchant you pick will not exceed 36%, which makes the city one of the best places to collect a payday loan for your emergencies and financial crises. The repayment term is also favorable, stretching from a minimum of 4 to a maximum of 24 months.


Are payday loans expensive in Richmond?

Compared to other payday cities where APR can reach triple digits, the one offered in Richmond is affordable. The APR is capped at 36%, but you should be wary of extra charges like late and maintenance fees.

What loans are better: payday or personal?

Both loans have their perks, and the better choice will be determined by the borrower’s situation. For urgent use, a payday loan will be better than a personal one as it’s easily accessed and requires no credit check.

How old should I be to get a loan?

You must be 18 years or older to get a loan in Richmond, VA. This is to ensure you’re responsible with the funds and understand what’s at stake with the APR and fees.

What do I need to get a payday loan in Richmond?

First, you need a social security number and then one or two documents that prove your residency. These include a national ID, driver’s license, or bank account statement.

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