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Payday loans are a type of short-term loan that allows you to borrow money when you need it quickly. These loans are provided without the need for a credit check and can be used to cover unexpected expenses. Payday loans typically have a fixed rate, and are due on the borrower’s next payday, hence the name “payday loan.”
Payday Loans in Mechanicsville, Virginia
Payday loans are legal in Virginia, and Mechanicsville is home to a number of loan providers offering this type of loan. Before taking out a payday loan, it is important to familiarize yourself with the laws in Virginia, as well as the fees and interest rates associated with the loan.
Virginia Payday Loan Regulations
In Virginia, payday loans are regulated by the Virginia State Corporation Commission. To qualify for a payday loan, a borrower must meet the following criteria:
- Be 18 years of age or older;
- Have a valid government-issued ID;
- Have a current income source;
- Have a valid checking account in good standing.
The maximum loan amount allowed in Virginia is $500, with a maximum term of 31 days. The fee for a $100 loan is $15, and interest rates are capped at 15% per year.
Apply Now
If you are a resident of Mechanicsville, Virginia and are looking for a short-term loan option, TheGuaranteedLoans can help you find the right lender for your needs. Our team of loan experts will connect you with the right lender who can provide you with the best loan terms to meet your needs. Please bear in mind that TheGuaranteedLoans is not a lender, and so you should always read the contract carefully before signing.
Frequently Asked Questions
Q: How much can I borrow?
A: In Virginia, the maximum loan amount allowed is $500.
Q: What is the interest rate?
A: Most payday lenders have an APR of up to 15%.
Q: What are the repayment terms?
A: The repayment term for a payday loan is typically 31 days. However, depending on the lender, repayment terms may be extended up to 12 months for an installment loan.
Q: How long will it take to get the loan?
A: The loan process usually takes no longer than 24 hours, but times can vary depending on the lender.
About Us
TheGuaranteedLoans is a loan connection service built to help people find the right loan for their needs. We have a team of experts who are ready to match you with the right lender to provide you with the best loan terms possible.