Payday Loans in New Canton, Virginia

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

Company nameAddressZip codePhone number
National Bank - Pembroke 611 Snidow St 3489, Pembroke, VA 24136 +1 (540) 626 - 2265
URW Community Federal Credit Union 13701 US-29, Chatham, VA 24531 +1 (866) 879 - 6328
Lawyers Title 601 Colonial Ave, Colonial Beach, VA 22443 +1 (804) 224 - 0163
Navy Federal Credit Union 820 Follin Ln SE, Vienna, VA 22180 +1 (888) 842 - 6328
Riverside Pawn 1601 Virginia Ave, Martinsville, VA 24112 +1 (276) 638 - 7296
Principal Financial Group 143 Craig St, Craigsville, VA 24430 +1 (540) 684 - 6643
Bank of the James - Rustburg 13 Village Hwy, Rustburg, VA 24588 +1 (434) 455 - 7690
The Freedom Bank of Virginia 4500 Daly Dr Suite 240, Chantilly, VA 20151 +1 (571) 395 - 4000
Country Mortgages 516 Fauquier Rd, Warrenton, VA 20186 +1 (540) 347 - 3484
Approved Cash 1560 N Franklin St, Christiansburg, VA 24073 +1 (540) 381 - 1342

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in New Canton, VA, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Petersburg, VA, Payday Loans in Portsmouth, VA, Payday Loans in Reston, VA, Payday Loans in Richmond, VA, Payday Loans in Roanoke, VA, Short-term Loans in Springfield, VA, Guaranteed Loans in Sterling, VA and Online Loans in Suffolk, 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 New Canton, VA.

Are Payday Loans Legal In New Canton, 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

New Canton, VA payday loan calculator

Understanding Payday Loans in New Canton, Virginia

Payday loans are a type of short-term loan that is typically due on the borrower’s next payday. Even with varying rates and fees, they are an expensive form of credit and should only be used as a last resort. While payday loans are legal in Virginia, there are limitations to the amount that can be borrowed and the fees that can be charged.

The Basics of Payday Loans in Virginia

In New Canton, Virginia, payday loans are legal. The state regulates payday loans through its Payday Loan Act, which sets out the rules for how much can be borrowed, how long the loan can last, and the maximum fees that can be charged.

In Virginia, payday loans can be anywhere from $100 to $500. The repayment period for payday loans can be anywhere from 7 to 31 days, with a maximum APR (annual percentage rate) of 36%. Loans may not be rolled over more than two times, and a borrower cannot have more than one loan outstanding at a time.

The Pros and Cons of Payday Loans

While payday loans can be a helpful option for people who are in dire financial straits, they come with some serious drawbacks. The most significant of these is the high cost of borrowing. Due to fees and interest, payday loans can have an APR that is several times higher than that of a traditional loan. This can trap borrowers in a cycle of debt, where they continuously take out loans to repay previous loans, but never really escape the debt cycle.

Another downside to payday loans is that they are often marketed to the most financially vulnerable members of society. People who are already struggling to make ends meet may not be in a position to pay back a loan plus fees and interest. This can cause people to fall even deeper into financial trouble.

On the other hand, payday loans can be a lifeline for people who have no other options. People who have poor credit may not be able to qualify for loans from traditional financial institutions. In these cases, payday loans can be the only way to access the money they need in an emergency.

Interesting Facts and Statistics

  • According to the Pew Charitable Trusts, about 12 million Americans take out payday loans each year, with the average payday loan borrower taking out eight loans per year.
  • In Virginia, the average payday loan is $385, and the average APR is 601%.
  • Despite the high cost of borrowing, many people who take out payday loans are satisfied with their experience. A survey conducted by Pew found that 80% of borrowers felt that payday loans were helpful.

Apply Now

If you’re considering taking out a payday loan in New Canton, Virginia, TheGuaranteedLoans can help. We are a connector service, not a direct lender, which means we can help you find the lender that is right for you. Applying is fast and simple, and you could have money in your account in as little as one business day.

Don’t let unexpected expenses catch you off guard. Apply now to see if you qualify for a payday loan in New Canton, Virginia.

Note: Remember, payday loans come with high fees and interest rates. We encourage you to only take out a payday loan if you have exhausted all other options and are confident that you can repay the loan plus fees and interest on time.

F.A.Q.

Is there any consumer assistance available for payday loan borrowers in New Canton, Virginia?

Yes, if you are having difficulty managing or repaying a payday loan in New Canton, Virginia, there are resources available to help you. You can contact the Virginia State Corporation Commission's Bureau of Financial Institutions for assistance, or seek help from a consumer credit counseling agency. These organizations can provide advice and guidance on managing your debt and avoiding predatory lending practices.

Can a payday lender garnish my wages in New Canton, Virginia?

Yes, if you default on a payday loan in New Canton, Virginia, the lender may be able to garnish your wages to recover the outstanding debt. Virginia law allows for wage garnishment of up to 25% of a borrower's disposable income.