Richmond Payday Loans: Subprime Report

Guide to the Richmond subprime market and economy with a focus on the impact on payday and title lenders, rules, regulations and current state.

Richmond Payday Loans: Subprime Report
An OppLoans Guide to Getting The Help (and The Loan) You Need

Life can be good in the capital of the Commonwealth, but it isn’t so good for all. There are people in Richmond — mostly people whose incomes are low and whose credit histories are not-so-great — who struggle to meet their daily expenses. And when an emergency hits, these people don’t usually have a lot of cash to cover unexpected costs. They oftentimes need take out high-interest predatory loan in order to get by. They may also have a hard time dealing with issues like affordable housing, drug addiction, mental illness or even the costs of food.

If this describes you, don’t worry. You are not out of luck. There are places and organizations in Richmond, like lenders, churches, government assistance programs, and more, that can help you find the assistance you need.

Borrowing Money in Richmond

predatory lenders are easy to come by in Richmond, just like they are in pretty much any city across the country. They have flashy advertisements and big promises that quickly give way to high interest rates and mounting debt. For people who don’t have access to traditional financial institutions, it can feel like a predatory loan is the only choice they have when faced with emergency expenses. But this isn’t so. There are better, more reliable products. You just have to know which loans to avoid and which products are going to help you take control of your financial future.

Payday Loans in Richmond
If a spiraling cycle of debt sounds fun, then maybe a payday loan is right for you…

Payday loans are a type of short-term loan that are meant to cover immediate cash needs instead of long-term financial issues. However, the irony with these high interest, predatory loans is that they can actually hurt the long term financial situations of the people who use them.

Payday loans are very easy to secure as they almost never involve any kind of background or credit check. All the borrower needs to do is make out a check to the lender that’s post-dated until their next payday. It’s a simple arrangement but that simplicity obscures the tangled web of fees, charges and penalties underneath it.

In Virginia there are some restrictions as to how payday lenders can issue and extend their loans, but there is no limit on how much they can charge. This means that payday loans come with annual percentage rates (APRs) up to 400%! While lenders can only charge 36% of the loan amount in simple interest, they also charge loan fees of up to 20%.(1) And since these loans often come with terms between 7 and 31 days, renewing the loan means that they keep accruing interest. All of this comes together to trap many borrowers into a cycle of debt, one that could lead to their wages being garnished until they are able to repay.

There are better ways to get a loan in Richmond. If you would like to file a complaint against a payday lender in Richmond, or just want more information, please contact the Virginia Bureau of Financial Institutions at (804) 371-9657 or the Consumer Financial Protection Bureau at (855) 411-2372.

OppLoans Line of Credit Product in Richmond
An affordable, safe and flexible line of credit product to meet your needs.

If you live in Richmond, and you’re strapped for cash, make sure to consider all of your options. It’s wise to ignore the ads for payday and title loans, and turn your attention toward a safe and reliable line of credit product from OppLoans.

OppLoans provides a line of credit product with more flexible terms (6 to 36 months), lower interest (usually 70-125% less than others) and regular, fixed-rate payments so there’s never any surprises. We offer a line of credit product between $1,000 and $5,000, so finding one that fits into your budget is no problem at all.

OppLoans offers a credit-building line of credit product to help you take control of your finances. If you have weak or no credit and you need a cash now, apply online or call us at (800) 990-9130, Monday – Friday 7am to 7pm, or Saturday 9am to 4pm central time. You can have access to your line of credit as soon as the next business day.

Subprime Reports

See more local Virginia Subprime Reports below:
Lynchburg Payday Loans | Newport News Payday Loans | Norfolk Payday Loans | Richmond Payday Loans | Roanoke Payday Loans | Virginia Beach Payday Loans


  1. “Payday Loans.” Virginia Legal Aid Society. Accessed March 10, 2016.
  2. “Motor Vehicle Title Lending in the Commonwealth of Virginia.” Commonwealth of Virginia State Corporation Commission. Accessed March 10, 2016.
  3. “Code of Virginia. Chapter 40: Pawnbrokers. 54.1-4008” Virginia’s Legislative Information System. Accessed March 10, 2016.

*OppLoans is not affiliated with any of the programs, services, or organizations referenced on this page.

See more local Virginia guides, and learn more about options in Virginia.

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