The Fat and Skinny About Payday Loans in Virginia

Ok, according to my website Msfinancialsavvy.com, borrowing money is not cool. Then why would you go to a payday loan source to borrow money? That is the quesiton we are asking.
According to our local newspaper, The Virginian-Pilot, they say that the short-term, high interest payday loans have just passed the $1 billion dollar mark. In other words, they have made $1 billion dollars worth of these loans to people in Virginia.

The interest rate is an annual percentage rate of 390%. The maximum one can borrow is $500, and the maximum length of time is 4 weeks. Now, there are even loans that use your car as collateral. Wow! That is dangerous, lose your car for a few bucks!

There is nothing you need that can't wait four weeks. The problem is if you don't make good on the loan you can end up paying thousands of dollars back when you only borrowed a few hundred. The risk is not worth the loan.

Be patient and wait until you get paid again, or go to a relative.

Msfinancialsavvy.com