Payday Loans in Mitchells, Virginia

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

Company nameAddressZip codePhone number
F&M Bank 161 S Main St, Woodstock, VA 22664 +1 (540) 459 - 3707
Pawn USA Woodbridge 13879 Smoketown Rd, Woodbridge, VA 22192 +1 (703) 878 - 3000
SunTrust 3600 Plank Rd, Fredericksburg, VA 22407 +1 (540) 786 - 9864
Advance America 1207 N Military Hwy a, Norfolk, VA 23502 +1 (757) 893 - 9238
Northwest Federal Credit Union 101 W Washington St, Middleburg, VA 20117 +1 (703) 709 - 8900
PNC Mortgage 5641 Burke Centre Pkwy 120, Burke, VA 22015 +1 (703) 462 - 5073
Powell Valley National Bank 301 Duff-Patt Hwy, Duffield, VA 24244 +1 (276) 431 - 3401
Loanmax Title Loans 2105 Roanoke St. SE, Christiansburg, VA 24073 +1 (540) 381 - 9501
Buckeye Check Cashing 4411 Indian River Rd A, Chesapeake, VA 23325 +1 (757) 938 - 9933
NSWC Federal Credit Union 17442 Dahlgren Rd, Dahlgren, VA 22448 +1 (540) 663 - 2181

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Mitchells, VA, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Norfolk, VA, Payday Loan for Oakton, VA, Payday Loans in Petersburg, VA, Payday Loans in Portsmouth, VA, Payday Loan Companies in Reston, VA, Payday Loans in Richmond, VA, Guaranteed Loans in Roanoke, VA and Payday Loans in Springfield, 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 Mitchells, VA.

Are Payday Loans Legal In Mitchells, 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

Mitchells, VA payday loan calculator

Understanding Payday Loans in Mitchells, Virginia

At some point in our lives, we all experience a financial emergency that requires immediate cash. It could be a medical bill, car repair, or payment of rent. Whatever the situation may be, one solution is to take out a payday loan. In Mitchells, Virginia, payday loans are legal, and they provide an easy way out of a temporary financial setback. However, like any financial decision, you need to understand the implications of taking a payday loan. In this article, we will explore everything you need to know about payday loans in Mitchells, Virginia.

What are payday loans?

Payday loans are short-term loans that allow you to borrow a small amount of money to deal with an emergency or unexpected expense. They are typically due on your next payday, which is why they are called payday loans. In Virginia, payday loans are legal and regulated by the state. Lenders can loan up to $500, and the terms cannot exceed 45 days. However, it is important to note that loans can carry significant fees and interest rates that can add up quickly if you don’t pay them back on time.

The process of getting a payday loan

The process of getting a payday loan in Mitchells, Virginia, is straightforward and typically involves four steps:

  • Step 1: You will need to provide identification, proof of income, and a checking account. This is to check if you qualify for the loan, and your ability to pay back.
  • Step 2: You will fill out a loan application. The lender will review your application and determine if you are eligible for a payday loan.
  • Step 3: If you are approved for the loan, you will receive the money as soon as the next business day.
  • Step 4: You will repay the loan on your next payday, either by allowing the lender to access your checking account or paying the loan off in full.

The Pros and Cons of Payday Loans

As with any financial decision, there are both pros and cons to taking out a payday loan. Here are some of the advantages and disadvantages of payday loans in Mitchells, Virginia:

Pros:

  • Quick and convenient: Payday loans are usually processed quickly, and you can have the funds on the same day or the next business day.
  • No credit check: Unlike traditional loans, payday lenders do not require a credit check. As long as you have a job and a checking account, you will be approved for the loan.
  • Regulated: Payday loans are legal in Virginia and regulated by the state to protect consumers from exploitative lending practices.

Cons:

  • High interest rates and fees: Payday loans carry high-interest rates and fees that can add up quickly if you don’t pay them back on time. This could lead to a cycle of debt, where borrowers take out payday loans to pay off previous ones.
  • Short repayment terms: Payday loans are due on your next payday, which can be as short as two weeks. This can make it difficult to pay back the loan and cover your other expenses at the same time.
  • No installment plans: Unlike traditional loans, payday loans do not offer installment plans. This means you have to repay the loan in full on your next payday.

Interesting facts and statistics about Payday Loans in Mitchells, Virginia

Did you know that:

  • According to the Virginia Poverty Law Center, payday lenders in Virginia charge an average annual percentage rate (APR) of 601%?
  • In 2019, more than 95,000 payday loans were issued to Virginians, totaling over $38 million in borrowed funds?
  • Average payday loan debt in Virginia is $601 and the average loan term is 21 days?

Apply Now!

If you’re in need of fast cash to deal with an emergency or unexpected expense, TheGuaranteedLoans can help. As a connector service, we can connect you with potential lenders who can offer you payday loans based on your eligibility. Our online application process is easy, fast, and convenient. Just fill out the form, and we will connect you with a lender who can offer you the best loan option. Note that we are a connector service, not a direct lender, and each lender has its own terms and conditions.

Get started today and get the cash you need to cover your unexpected expenses. Apply now!

F.A.Q.

What are the consequences for defaulting on a payday loan in Mitchells, Virginia?

If you default on a payday loan in Mitchells, Virginia, the lender may charge additional fees and interest, and may pursue legal action to recover the outstanding debt. Defaulting on a payday loan can also damage your credit score and make it difficult to obtain future loans.

Can I renew or rollover my payday loan in Mitchells, Virginia?

No, Virginia law does not allow for the renewal or rollover of payday loans. Borrowers are only allowed to have one outstanding payday loan at a time.