If you’re looking to take out a loan in Virginia, you might be wondering what kind of requirements lenders typically have. In this guide, we’ll walk you through everything you need to know about First Virginia loan requirements.
Who is First Virginia?
Before we get into the specific requirements for loans from First Virginia, let’s first talk about who they are as a lender.
First Virginia (also known as 1st Virginia) is a consumer finance company that offers loans to people across several states, including Virginia, Maryland, Tennessee, and South Carolina. They offer both installment loans and title loans, and their loans range from $300 to $10,000.
Their mission is to provide “affordable credit solutions” to people who might not qualify for traditional bank loans. As such, they do not require perfect credit scores or extensive credit histories in order to qualify for their loans.
Types of Loans Offered by First Virginia
As mentioned above, First Virginia offers two types of loans: installment loans and title loans. Let’s take a closer look at each type:
An installment loan is a type of loan where you borrow a set amount of money and then pay it back over time in regular installments (usually monthly).
First Virginia offers installment loans ranging from $300 to $10,000. The exact amount you can borrow will vary depending on your creditworthiness and income.
A title loan is a type of loan where you use your vehicle as collateral in order to borrow money. If you default on the loan, the lender can repossess your vehicle.
First Virginia offers title loans ranging from $601 to $15,000. Again, the exact amount you can borrow will depend on your individual circumstances.
Requirements for Installment Loans from First Virginia
Now that we’ve covered the basics of the types of loans offered by First Virginia, let’s dive into the specific requirements for each type.
Unlike many traditional banks and lenders, First Virginia does not require a minimum credit score in order to qualify for an installment loan. However, they will look at your credit history as part of their decision-making process.
In order to qualify for an installment loan from First Virginia, you must have a steady source of income. This can come from a job, disability benefits, social security payments, or other sources.
First Virginia will look at your income and expenses to determine whether you can afford the loan payments.
To qualify for an installment loan from First Virginia, you must be a resident of one of the states they serve (Virginia, Maryland, Tennessee, or South Carolina).
You must be at least 18 years old in order to apply for an installment loan from First Virginia.
Requirements for Title Loans from First Virginia
If you’re interested in taking out a title loan from First Virginia instead of an installment loan, here are the requirements you’ll need to meet:
In order to take out a title loan from First Virginia, you must own the vehicle outright (i.e. there can’t be any outstanding liens or loans on it).
The amount you can borrow with a title loan will depend on the value of your vehicle. First Virginia will perform an appraisal to determine how much your vehicle is worth.
Vehicle Age and Mileage
First Virginia has specific requirements when it comes to the age and mileage of your vehicle:
- The vehicle must be no more than 10 years old
- The vehicle must have fewer than 150,000 miles on it
Identity and Residency Verification
Just like with installment loans, you’ll need to provide proof that you’re a resident of one of the states served by First Virginia in order to qualify for a title loan. You’ll also need to provide proof of your identity.
As you can see, the requirements for loans from First Virginia are relatively straightforward. While they do require some basic information about your income, credit history, and residency, they don’t have strict credit score minimums or other hurdles that can make traditional bank loans difficult to obtain.
If you’re in need of a loan and live in one of the states served by First Virginia, it’s worth considering whether an installment loan or title loan might be a good fit for your needs.
What documents do I need to provide for a First Virginia Loan Application?
To apply for a First Virginia Loan, you will need to provide your Social Security Number, proof of income, bank statements, and government-issued ID.
Is it necessary to have good credit to get approved for a First Virginia Loan?
A good credit score is not necessary for approval, but it can increase your chances of getting approved. First Virginia Loans considers all types of credit scores.
Are there any restrictions on how I can use the loan funds from First Virginia Loans?
You can use a First Virginia Loan for any legal purpose, such as consolidating debt or paying emergency expenses. However, using the funds for illegal activities is prohibited.
Can I apply online for a First Virginia Loan?
Yes, you can apply online through the official website of First Virginia Loans. The process is simple and convenient and saves time compared to paper applications at an office location.
How long does it take to complete the application process for a First Virginia Loan?
The application process usually takes around 30 minutes to complete if you have all the necessary information and documents available. Once submitted, it can take up to one business day to receive an approval decision.
Is it possible to get pre-approved for a First Virginia Loan before submitting my application?
No, there is no pre-approval process available with this lender because each application is individually evaluated based on several factors including income, credit score and more.
Can I pay off my First Virginia loan early without penalty fees?
Yes! There are no pre-payment penalties with this lender which means you can pay off your entire balance early without extra fees or interest charges. This could potentially save you money in the long run.
How long does it take to receive my funds once the loan is approved?
Once approved, First Virginia Loans typically disburses funds on the same or next business day depending on your bank’s processing time. After that, it depends on your bank’s processing times as well.
What if I miss a payment with First Virginia Loans?
In the event of a missed payment, you should contact First Virginia Loans immediately to discuss your options for repayment. Late fees may incur but are usually less than other lenders and they offer extended payment plans.
What is the maximum loan amount offered by First Virginia Loans?
The maximum loan amount varies by state and by creditworthiness but generally ranges from $2,500 up to $10,000. However, remember that borrowing more than you can afford may not be in your best interest in the long term.