Payday Loans in Andover, Virginia

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No payday loan companies in Andover, VA. Consider companies in other cities:

Company nameAddressZip codePhone number
Advance America 3940 Plank Rd x, Fredericksburg, VA 22407 +1 (540) 548 - 0138
Atlantic Union Bank 302 Ashcake Rd, Ashland, VA 23005 +1 (804) 798 - 4488
Lendmark Financial Services LLC 1851 Southpark Blvd, Colonial Heights, VA 23834 +1 (804) 861 - 8075
Alcar Finance Services Inc 11240 Stewartsville Rd, Vinton, VA 24179 +1 (540) 890 - 0989
SunTrust 4377 Kevin Walker Dr, Dumfries, VA 22026 +1 (703) 986 - 2125
Southern Bank - Chesapeake 1217 Cedar Rd, Chesapeake, VA 23322 +1 (757) 549 - 8787
First Community Bank 1400 Tyler Ave, Radford, VA 24141 +1 (540) 633 - 2150
Loanmax Title Loans 902 W Mercury Blvd, Hampton, VA 23666 +1 (757) 827 - 3589
Advance America 2624 W Main St Ste. 13, Waynesboro, VA 22980 +1 (540) 949 - 4910
MoneyGram 2154 Wards Rd, Lynchburg, VA 24502 +1 (434) 239 - 0837

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Andover, VA, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Centreville, VA, Payday Loans in Charlottesville, VA, Payday Loan Without a Credit Check in Chesapeake, VA, 24-Hour Loan in Danville, VA, Payday Loan for Hampton, VA, Quick Loan in Harrisonburg, VA, Same Day Loans in Leesburg, VA and Payday Loans in Lynchburg, VA. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Andover, VA.

Are Payday Loans Legal In Andover, Virginia?

Loan Rates and Fees, Laws and Regulations in Virginia.

Virginia Loan Regulations

Legal StatusLegal
Interest Rate (APR, %)36% APR (in reality can reach 601%*)
Maximum Loan Amount$500
Minimum Loan TermNot Specified
Maximum Loan Term30 days
Number of Rollovers Allowed0
Finance Charges36% APR

Andover, VA payday loan calculator

Payday Loans in Andover, Virginia

If you’re in a tight financial spot and need quick access to cash, a payday loan can seem like an appealing option. Payday loans are a short-term loan that are typically due on your next payday, along with interest and any fees associated with the loan. While payday loans can offer a solution for those needing money quickly, it’s important to understand the terms and risks associated with them.

How Payday Loans Work in Andover, Virginia

In Virginia, payday loans are legal, and there are regulations in place to protect consumers. In Andover, lenders are required to follow state laws, which include:

  • A maximum loan amount of $500
  • A minimum loan term of two pay periods
  • A maximum loan term of 45 days
  • A maximum finance charge of 36% annually

In addition, lenders in Virginia can charge a $5 verification fee, and borrowers can only take out one payday loan at a time.

The Pros and Cons of Payday Loans

While payday loans can provide quick access to cash, there are both benefits and drawbacks to consider.

Pros:

  • Quick access to cash when you need it
  • Easy application process
  • No credit check required

Cons:

  • High interest rates and fees
  • Short repayment terms
  • Potential for a cycle of debt
  • Can impact credit scores if not repaid on time

Interesting Facts and Statistics

According to the Virginia Poverty Law Center, in 2019, Virginians took out 687,000 payday loans totaling $246 million. The average APR for a payday loan in Virginia is 601%, with a typical loan amount of $385.

Apply Now

At TheGuaranteedLoans, we understand that unexpected expenses can arise and that sometimes, taking out a payday loan may be necessary. As a connector service, we work with a network of potential lenders to help connect you to a loan that meets your needs. Applying is easy – simply visit our website and fill out our online application. Remember, we are not a direct lender, and lenders may have different terms and rates.

Conclusion

If you’re considering a payday loan in Andover, Virginia, it’s important to understand the terms and regulations associated with them. While payday loans can offer short-term relief, they should be used with caution and only for emergency situations. Be sure to weigh the pros and cons and carefully consider the repayment terms before taking out a payday loan.

F.A.Q.

Can a payday lender charge me a late fee if I am unable to repay the loan on time?

No, Virginia law prohibits payday lenders from charging late fees for non-payment of a loan. If you are unable to repay your loan on time, the lender must offer you a payment plan.

Can I be arrested for not repaying a payday loan in Andover, Virginia?

No, Virginia law prohibits lenders from using criminal charges as a means of collecting a payday loan. If you are unable to repay your loan, the lender can only pursue legal action to recover the debt.