First Virginia Loan Requirements: A Complete Guide

If you need fast cash for unexpected expenses First Virginia Financial Services offers convenient short-term lending solutions. But like any lender, they have requirements you’ll need to meet to get approved.

In this comprehensive guide, we’ll outline everything you need to know about First Virginia’s loan options qualifications, application process and more. Read on for tips to improve your chances of getting the emergency funds you need!

Overview of First Virginia Financial Services

First Virginia Financial Services provides personalized lending and financial services through nearly 500 locations across multiple states. They aim to offer cash access along with exceptional customer service.

Some of their main offerings include:

• Short-term personal loans up to $700
• Check cashing
• Prepaid debit cards
• Bill pay services
• Money orders, wires, and more

While First Virginia facilitates lending, the loans themselves are issued by third-party lenders. Loan amounts, terms, fees, and requirements vary by state.

First Virginia Personal Loan Options

First Virginia’s primary lending product is their short-term personal installment loan. Loan details include:

• Amounts from $100 to $700
• Terms of 4 to 6 months
• Fixed payments each month
• All online or in-store application
• Fast approval decision
• Funds provided quickly

These small, unsecured loans help cover emergency costs like car repairs, medical bills, or basic necessities. They provide fast cash until your next paycheck.

Loan Requirements to Qualify with First Virginia

While more flexible than banks, First Virginia does have basic eligibility standards you must meet:

• US resident – Must live in a state where they operate
• 18+ years old – Minimum age requirement
• Regular income – Able to verify steady employment or benefits
• Valid ID – State-issued ID and Social Security number
• Active checking account – Required for loan proceeds and payments
• Working phone number – For application and verification
• Not active military – Due to lending laws

Your credit score is not a factor. However, First Virginia will check your income, existing debt, and repayment history on any prior loans with them.

Having these items ready will make the application process much smoother when you visit a First Virginia location or apply online.

Step-by-Step Application Process

Follow these key steps when you’re ready to apply for a personal loan from First Virginia:

1. Determine your need – Decide on a loan amount based on the expense you need to cover.

2. Prepare required items – Have your ID, bank account info, pay stubs, and contact info ready.

3. Apply online or in-store – Complete the simple application form with your details.

4. Provide any additional verification – Send or submit any documents they request to verify your application.

5. Get a fast approval decision – You will know very quickly if you are approved.

6. Accept your loan terms – Carefully review all costs, terms, payments before accepting.

7. Receive your funds – Approved funds can be available the same or next day.

The entire process usually takes just a few minutes to complete. Same day funding means you get money fast.

Tips for Improving Your First Virginia Loan Eligibility

If you’re worried about qualifying for a First Virginia personal loan, here are some tips:

• Borrow only what you need – Don’t apply for the maximum amount if you only need a smaller loan. This shows responsibility.

• Build your credit – Having active credit accounts you pay on time can demonstrate you manage debt well.

• Pay off existing loans – Pay back any prior loans with First Virginia or other lenders on time.

• Provide stable income – Have consistent employment or benefits income to verify. Multiple sources are OK too.

• Confirm your identity – Have your current ID, Social Security card, and bank cards ready to provide.

• Use direct deposit – Setting up direct deposit for your paycheck or benefits can prove reliable income.

Meeting First Virginia’s straightforward criteria is easy with some preparation. Their neighborhood locations offer a personalized touch to help you access funds in a bind.

What Fees and Interest Will You Pay on a First Virginia Loan?

While specific costs vary by state, expect to pay the following on a short-term loan from First Virginia:

• Interest rate – Typically around 30%, but can range from 20-40% APR depending on your state.

• Origination fee – You may pay an upfront fee equal to a percentage of the total loan amount. This is taken out of the loan funds.

• Late fees – If you miss a payment, you may be charged a late fee, usually $10-20.

• Returned payment fees – Expect a fee around $30 if a scheduled automatic withdrawal from your bank is rejected.

• Rollover fees – In some states, you may pay a fee to extend or “rollover” your loan to a new term if you can’t repay it on time.

Always read your full loan agreement carefully so you understand the interest rate and all possible fees you may incur. Avoid extensions if possible, as they add to your costs.

Pros and Cons of First Virginia Loans

First Virginia short-term installment loans provide easy access to fast cash but do come with costs. Consider the key pros and cons:

Pros

• Fast application and funding

• Minimal eligibility requirements

• Loans for most credit situations

• Small loan amounts for emergencies

• Multiple ways to apply – online, phone, in-person

Cons

• High interest rates

• Potential rollover fees if extended

• Easy to become reliance on short-term loans

• Costs add up if used frequently or long term

• Late fees if you miss payments

For urgent small-dollar loans, First Virginia offers a legitimate option. But frequent reliance on short-term financing can become an expensive cycle. Use judiciously only for real emergencies.

Alternatives to High-Interest Short-Term Loans

Other options may provide lower-cost access to funds in a crunch:

• Credit cards – Balance transfer or low intro APR offers
• Payment plans – With creditors, utilities, medical providers
• Personal line of credit – Pre-set revolving credit from a bank
• 401k loan – Borrow against your retirement plan
• Borrow from family/friends – If possible, pay back lump sum
• Sell unused items – Turn belongings into quick cash
• Community resources – Local aid programs, food banks, etc.

If you need a one-time small loan for an emergency, First Virginia provides a fast, convenient solution if you meet their straightforward criteria. But explore alternatives if you find yourself needing frequent loans to stay afloat.

The Bottom Line on First Virginia Loans

When financial surprises pop up and you need money before your next paycheck, First Virginia installment loans offer easy short-term financing. Their neighborhood locations provide friendly, personalized service. Approval only requires meeting a few basic requirements.

Weigh the benefits of fast cash access against the high costs. Read all loan terms closely so you enter any agreement with clear expectations. With some preparation and research upfront, First Virginia can serve as an emergency funding option when used prudently.