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Payday Loans

Overview

Payday loans in Virginia are strictly regulated by the Virginia Bureau of Financial Institutions. The terms, interest rate and loan amounts on payday loans are all regulated by the State of Virginia.

Cash-2-U offers payday loans from $50 to $500. There is no credit check, no up front fees or hassles. We offer quick service and in most cases we disburse the loan proceeds in cash to our customers.

Requirements

Cash-2-U’s requirements to obtain a payday loan are as follows:

  • Borrower must have an open and active checking account
  • Borrower’s monthly income must be at least $900 per month
  • Borrower, if employed, must be at current employment for at least 90 days
  • Borrower must have a home telephone or a working cell phone
  • Borrower can only have one payday loan at any given time (Virginia State Law)

Required Documents

The documents that Cash-2-U requires to approve a payday loan are:

  • A current state-issued drivers license or identification card
  • A recent 30 day bank statement or activity report of checking account
  • A blank check
  • Proof of income (pay stub, earning statement or entitlement letter)

Terms

The terms or length of time to satisfy a payday loan is based on the borrower's pay frequency.

  • If paid weekly, the loan term is 28 days
  • If paid every 14 days, the loan term is 28 days
  • If paid semi-monthly, the loan term is 31 days
  • If paid monthly, the loan term is 62 days

Interest Rate & Fees

The state regulated interest rate in Virginia is 36% per annum. There is also a 20 % loan fee and a $5.00 State Data Base Fee. The combined interest rate/loan fee on payday loans will vary depending on the loan term. Below are listed examples of the various actual cost and interest rates for varying loan terms.

Schedule of Payments
Loan Payments Fees Interest
Charges
Annual
Percentage Rate
$300 loan due in 14 days Day 14 - $369.14 $60.00 loan fee
$5.00 verification fee
$4.14 600.86%
$300 loan due in 30 days Day 30 - $373.88 $60.00 loan fee
$5.00 verification fee
$8.88 299.62%
$300 loan due in 31 days Day 31 - $374.17 $60.00 loan fee
$5.00 verification fee
$9.17 291.09%
$300 loan due in 62 days Day 62 - $383.35 $60.00 loan fee
$5.00 verification fee
$18.35 163.56%
$300 extended payment plan
elected on day the loan is obtained
Day 15 - $91.25
Day 30 - $91.25
Day 45 - $91.25
Day 60 - $91.25
$60.00 loan fee
$5.00 verification fee
None 202.78%
$300 extended payment plan
elected on 15th day of a 31-day term
Day 30 - $92.29
Day 45 - $92.29
Day 60 - $92.29
Day 75 - $92.29
$60.00 loan fee
$5.00 verification fee
$4.14 215.22%
$300 extended term loan Day 15 - $95.69
Day 30 - $95.69
Day 45 - $95.69
Day 60 - $95.69
$60.00 loan fee
$5.00 verification fee
$17.75 $255.74

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