First Virginia Loans

2 years ago I needed 300 dollars for something and I live near a first virginia loans location. I went in to see if they could help .

They were very friendly and kind and gave me the money in a few short hours . The first payment was late ,as I was sure they were going to pull it from my bank account, they didn't. I went to them and paid in person. I did that a few more times I had paid like 250 of it in the first 30 days.

Fast forward, it is 2 years later they started taking 75 dollars a month from my account every month when my disability check goes in .

This has been going on for probably the last 2 years. Now lady month the took 150 , and I can not believe them this month 192 and some change . Smh , I understand that they need to make something for lending money , but when u have to pay back over 3000 dollars on 300 , we'll that is disgusting, despicable, and I can not believe that they are allowed to get away with it . Or whoever is collecting for them gets away with it.

I don't mind paying my bills , but these people are complete blood suckers.. they should not be allowed to do this to people. Robbery is illegal, rape is illegal yet this place robs u then rapes u .

I wouldn't recommend first virginia to my worst enemy. Goid luck to anyone who is involved with them .

This company used to be good but now, consumers beware. They have gone from good to bad.

The only reason I did business with them in the past was because they provided the option to get emergency funds with no interest if the balance was paid in full in 25 days. I took advantage of that option. However, I guess their greed has now gotten the best of them.

They market themselves as being better than payday lenders because their interest rates are so much lower (35%). They also say that unlike payday loans of the past, you can reborrow on the same day once you pay it off.

This is true but with consequences. Every time you borrow, they charge a fee that is 10%. For example, if you borrow $500, they will deduct 10% which will leave you with $450 to take with you. Then, when you pay it off on the due date (every two weeks instead of once a month) they charge another 10% on whatever balance remains.

These fees make it almost impossible to pay it off without reborrowing. Also, you never get the full amount that you borrow because of the fee.

I expressed my displeasure with two representatives at First Virginia. They blamed their new funding provider, Path Credit, for the change in their terms. They stated that they couldn't call Path Credit for any issues but when I called Path Credit,

the representatives said that that wasn't true and First Virginia representatives had a direct phone number to them.

After I disputed the excuses made the representatives of First Virginia, they proceeded to blamed the governor for changing the laws that forced them to resort to their current lending practices.

Fortunately, I was able to pay them off and permanently close my account.

There was a residual interest balance of $3.78 that remained. When I paid it off, they charged a 10% fee on $3.78 which brought the final total to $4.16.

Again, consumers beware.

This is financial enslavement and "legalized loan sharking." They are legal only because they are allowed to operate in VA. But ethically, their product is questionable.

In preparation for potential reductions in the workforce due to the Coronavirus, I contacted the local First Virginia Loan office on March 31, 2020 @ (757) 644-**** to offer $500.00 to pay out my account today. Unfortunately, the Office Manager, Shannon denied my request indicating I would have to pay $1000.00 to settle the account; this information was passed to me from Front Desk Staff (Theresa).

To add additional context, In March 2019, First Virginia approved me for a loan in the amount of $1,000. Over the last 12 months, I have paid First Virginia $2,665.21 and the current balance is $1,136 which is greater than the initial loan amount.

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My objective is to settle open accounts with creditors while I have funds available. Given the amount I have paid through March 2020 in addition to the balance, I would like to speak with someone regarding this matter.

Otherwise, payments may cease due to bankruptcy should the Coronavirus continue to impact the economy. This is an attempt to pay off my account within reason.