The Ultimate Guide to First Virginia Loans in Norfolk, VA

If you’re looking for a loan in Norfolk, VA, you might have come across the lender First Virginia Loans. This lender provides personal loans of up to $10,000 with flexible repayment terms. But before you borrow from them, it’s important to know what they offer and how their loans work.

The Ultimate Guide to First Virginia Loans in Norfolk, VA

In this guide, we’ll provide an in-depth review of First Virginia Loans Norfolk VA. We’ll discuss the types of loans they offer, their application process, eligibility requirements, fees and charges, customer reviews and ratings, and more.

About First Virginia Loans

First Virginia Loans is a financial services company that has been providing loans to customers since 1991. They have several locations throughout Virginia and offer both personal and title-secured loans. Their loans cater to those who may not qualify for traditional bank loans due to poor credit scores or limited collateral.

The company believes in providing fast and easy access to credit without unnecessary complications for its customers. They pride themselves on excellent customer service and transparency.

Types of Loans Offered by First Virginia Loans

First Virginia Loans offers two types of personal installment loans – unsecured and secured:

Unsecured Personal Installment Loans

Unsecured personal installment loans are offered without any collateral or security required from the borrower. These loans are typically available for amounts ranging from $1000 to $10,000 with repayment terms ranging from 4 months up to 24 months depending on your creditworthiness.The interest rate on these loans varies depending on the applicant’s credit score – it can range from 24% APR up to 36% APR.

Secured Personal Installment Loans

Secured Personal installment loans are offered with collateral or security required from the borrower. These types of personal installment loans may be a better option if you have a low credit score since lenders may feel more secure knowing they have collateral securing the loan.

Application Process

First Virginia Loans has a straightforward application process that can be completed online or in-store. The process involves:

  • Submitting your application, which includes providing your personal and financial information, employment details, and contact information
  • Providing your original ID and a copy of it,
  • Providing details about the amount you want to borrow and how you plan to use it
  • Agreeing to their terms and conditions

Once you submit your application, they will review it quickly to determine if you qualify for a loan.

If approved, First Virginia loans offers same-day funding, where borrowers can receive the funds within 24 hours.

Eligibility Requirements

To qualify for a personal loan from First Virginia Loans Norfolk VA, you must meet the following requirements:

  • Be at least 18 years old
  • Be a resident of Norfolk VA
  • Have an active checking account
  • Have a regular income source (job or benefits)
  • Must not have filed for bankruptcy in the past one year.
  • Must be employed or have reliable income sources

Meeting these criteria does not guarantee approval of your application. Your credit score also plays an important role in whether or not you are approved.

Fees & Charges

While First Virginia Loans claims to offer transparent pricing, their interest rates on unsecured loans start from 24% APR while secured loans attract interest rates from 15% APR. This interest rate is quite high compared to traditional bank loans which could go as low as 4%. So before applying for any loan with First Virginia Loans, it’s important to factor in all associated fees and charges.

They also charge an origination fee of between $25 – $75 dollars depending on the size of the loan requested by the borrower. Additionally, If payments are more than five days late there may be a late payment fee charged on top of other penalties incurred.

Customer Reviews & Ratings

The reviews and ratings for First Virginia Loans are mixed overall. Some customers praise the company’s excellent customer service and fast funding times, while others complain about high-interest rates and hidden fees.

On Google reviews, First Virginia Loans has an average rating of 3.6 out of 5 stars with many positive and negative comments left on their different branches with some customers praising it as transparent while a few complained of bad communication.

Conclusion

First Virginia Loans Norfolk VA could be a good option if you’re looking for a personal loan but don’t have perfect credit or low collateral to offer. However, their high-interest rates and fees mean that they may not be the best choice for everyone. Before taking out any loan, make sure you fully understand all associated costs and terms to avoid any surprises during repayment.

Overall, we recommend that you explore all your options before choosing a lender to borrow from. You can compare lenders’ interest rates, repayment terms, fees and charges using different online tools available like comparisn tables etc to get the best deal possible!

FAQs

What are First Virginia Loans in Norfolk, VA?

First Virginia Loans is a financial institution that provides personal loans to individuals who need financial assistance

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