Payday Loans in Goshen, Virginia

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

Company nameAddressZip codePhone number
First Citizens Bank 99 Bank St, Boydton, VA 23917 +1 (434) 738 - 6155
BB&T 1425 W Main St, Salem, VA 24153 +1 (540) 375 - 4189
Carter Bank & Trust 302 E Atlantic St, South Hill, VA 23970 +1 (434) 447 - 6100
SunTrust Bank 20 East Luray Shopping Center, Luray, VA 22835 +1 (540) 244 - 3141
Atlantic Union Bank 4221 Walney Rd 120, Chantilly, VA 20151 +1 (703) 871 - 7390
C&F Bank 4593 Richmond Rd, Warsaw, VA 22572 +1 (804) 333 - 3500
NSWC Federal Credit Union ATM 17442 Dahlgren Rd, Dahlgren, VA 22448
Farm Credit of the Virginias 27 Fort Evans Rd NE, Leesburg, VA 20176 +1 (703) 777 - 3311
DuPont Community Credit Union - Downtown Staunton 410 N Augusta St, Staunton, VA 24401 +1 (540) 946 - 3200
Regional Finance 2516 S Pleasant Valley Rd, Winchester, VA 22601 +1 (540) 773 - 6144

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Goshen, VA, you can try to find different companies in big cities near by. Check out the following pages here: Guaranteed Loans in Leesburg, VA, Emergency Loan in Lynchburg, VA, Same Day Loans in Manassas, VA, Guaranteed Loans in McLean, VA, Payday Loan Without a Credit Check in Mechanicsville, VA, Bad Credit Loans in Newport News, VA, Payday Loans in Norfolk, VA and Payday Loan for Oakton, 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 Goshen, VA.

Beautiful sights of Goshen, VA

Payday Loans Available in Goshen, VA By The Following ZIP Codes:

24439

Are Payday Loans Legal In Goshen, 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

Goshen, VA payday loan calculator

Understanding Payday Loans in Goshen, Virginia

Emergencies and financial needs can happen to anyone, even those who are financially comfortable. Whether it’s a medical emergency or an unexpected expense, finding the funds to cover them immediately can be a challenge for many. Payday loans are often the solution for many people who find themselves in these types of situations.

In this article, we’ll focus specifically on payday loans in Goshen, Virginia, and provide you with a comprehensive guide to understand what payday loans are, how they work and what the legal framework governing them is.

What Are Payday Loans?

A payday loan is a short-term loan that is often used to cover expenses between paychecks. They usually range between $100 and $500, and borrowers are typically required to repay the loan on their next payday, hence the name. Payday loans are often marketed as a quick and easy fix for unexpected expenses or emergencies, but they come with very high interest rates and fees.

In Virginia, payday loans are legal, but they are heavily regulated by the Virginia State Corporation Commission. Lenders are required to obtain a license from the Commission to operate in the state, and there are specific rules and regulations that they must follow.

How Do Payday Loans Work?

Applying for a payday loan in Goshen, Virginia is an easy process. You can apply in person at a payday loan business or online through a lender’s website. You’ll need to provide your personal information, employment and income information, and bank account details. Lenders will then review your application and determine whether you qualify for a loan and how much you can borrow.

Once you’re approved for a payday loan, you’ll need to sign a contract that outlines the terms of the loan, including the interest rates, fees, and due date. The due date is typically your next payday, but it can be longer depending on the lender. On the due date, the lender will automatically withdraw the loan amount plus fees from your bank account.

Virginia Payday Loan Regulations

Virginia has some of the strictest payday loan regulations in the country. Lenders are required to obtain a license from the Virginia State Corporation Commission to operate in the state. The Commission also regulates the fees and interest rates that lenders can charge on payday loans.

The maximum loan amount in Virginia is $500, and lenders cannot charge more than 36% in annual interest rates and fees combined. Lenders also cannot charge more than 20% of the loan amount as a lender fee. The repayment period can range from 7 to 60 days, depending on the lender.

Borrowers in Virginia are allowed to take out one payday loan at a time and are limited to a maximum of five loans per year. Once a borrower has taken out five loans in a year, they must wait at least 45 days before taking out another loan. Lenders are also prohibited from extending loans to borrowers who have outstanding payday loans.

What Are the Risks of Payday Loans?

While payday loans can provide a quick fix for unexpected expenses, they come with significant risks. The high-interest rates and fees can add up quickly, and borrowers can find themselves in a cycle of debt, unable to repay their loans. Borrowers who default on their loans can face additional fees and even lawsuits from lenders.

It’s important to carefully weigh the pros and cons of taking out a payday loan and consider other options, such as borrowing from family or friends, negotiating with creditors, or finding a low-interest loan from a credit union.

Interesting Facts and Statistics about Payday Loans in Virginia

  • In 2019, Virginia payday lenders made more than 343,000 loans totaling $135 million.
  • The average payday loan in Virginia is $385.
  • The average APR on a payday loan in Virginia is 251%, which is much higher than the national average of 400%.

Get Started with TheGuaranteedLoans Today

If you’re considering a payday loan in Goshen, Virginia, TheGuaranteedLoans can help. We are a connector service that can help you find potential lenders who can provide you with the funds you need. Our online application process is quick and easy, and we work with a network of reputable lenders who are licensed to operate in Virginia. However, remember that we are not a direct lender, and we will facilitate your connection with potential lenders.

To get started, simply visit our website and fill out our online application. Once you’re approved, you can get the funds you need quickly and easily. Let us help you get the money you need when you need it, without the hassle and stress that comes with traditional lending.

Remember, when taking out a payday loan, it’s essential to carefully review the terms and conditions before signing and make certain that the loan is affordable to pay back within the agreed-upon time frame.

F.A.Q.

Can a payday lender charge additional fees if I am unable to repay my loan on time?

Yes, if you are unable to repay your payday loan on time in Goshen, Virginia, the lender may charge additional fees and interest. These fees and interest must be clearly disclosed in the loan agreement and cannot exceed the maximum allowed by Virginia law.

Are there any limits on the number of times a payday lender can attempt to withdraw funds from my bank account in Goshen, Virginia?

Yes, Virginia law limits the number of times that a payday lender can attempt to withdraw funds from a borrower's bank account. A lender is only allowed to make two attempts to withdraw funds from the borrower's account. If the lender is unable to withdraw the funds, they must provide written notice to the borrower before making any further attempts.