Payday Loans in New Point, Virginia

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

Company nameAddressZip codePhone number
Lendmark Financial Services LLC 544 E Stuart Dr Suite B, Galax, VA 24333 +1 (276) 236 - 0796
Loanmax Title Loans 2360 S Main St, Harrisonburg, VA 22801 +1 (540) 574 - 6100
Check Into Cash 8284 Shoppers Square, Manassas, VA 20111 +1 (703) 330 - 6084
Tidewater Finance Company 6520 Indian River Rd, Virginia Beach, VA 23464 +1 (800) 535 - 4087
Global Loans 5073 Virginia Beach Blvd, Virginia Beach, VA 23462 +1 (757) 226 - 0265
Lendmark Financial Services LLC 1866-B, E Market St, Harrisonburg, VA 22801 +1 (540) 908 - 3179
BB&T 10000 Courthouse Rd, Charles City, VA 23030 +1 (804) 829 - 2434
Intercoastal Mortgage, LLC 20130 Lakeview Center Plaza 120, Ashburn, VA 20147 +1 (703) 371 - 2405
BayPort Credit Union 5028 George Washington Memorial Hwy, Yorktown, VA 23692 +1 (757) 928 - 8850
Advance America 8368 Sudley Rd, Manassas, VA 20109 +1 (703) 396 - 7117

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in New Point, VA, you can try to find different companies in big cities near by. Check out the following pages here: 24-Hour Loan in Hampton, VA, Payday Loans in Harrisonburg, VA, Online Loans in Leesburg, VA, Payday Loans in Lynchburg, VA, Payday Loans in Manassas, VA, Payday Loan for McLean, VA, Payday Loan for Mechanicsville, VA and Payday Loans in Newport News, 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 Point, VA.

Are Payday Loans Legal In New Point, 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 Point, VA payday loan calculator

Understanding Payday Loans in New Point, Virginia

When unexpected expenses arise, many people look to payday loans as a quick and convenient solution. Payday loans are small, short-term loans designed to provide funds to help cover immediate financial needs until the borrower’s next paycheck arrives.

In the state of Virginia, payday loans are legal and regulated by state law. However, as with any type of financial product, it is important to understand the terms and conditions before taking out a payday loan.

How Payday Loans Work in New Point, Virginia

Payday loans in New Point, Virginia are typically small loans, ranging from $100 to $500. The loan terms are usually for a period of two weeks, or until the borrower’s next paycheck. The borrower is required to provide proof of income, such as a pay stub, and a valid ID to qualify for the loan.

The interest rates on payday loans in New Point, Virginia are capped by state law at 36% APR. Additionally, lenders are limited to charging a $5 verification fee for new loans. If the borrower defaults on the loan, the lender may charge a $25 non-sufficient funds fee, but they cannot pursue criminal action against the borrower.

It is important to note that payday loans are intended to be a short-term solution to financial needs and should not be used as a long-term financial strategy. It is also important to carefully consider the terms and fees associated with the loan before making a decision.

The Pros and Cons of Payday Loans

  • Pros: Payday loans are a quick and convenient way to access funds for unexpected expenses. They do not require a credit check, which can be beneficial for borrowers with less-than-perfect credit.
  • Cons: Payday loans can be expensive due to the high interest rates and fees. They can also lead to a cycle of debt if the borrower is unable to repay the loan on time.

Interesting Facts about Payday Loans in New Point, Virginia

  • In 2019, the average payday loan in Virginia was $387.
  • The average APR for payday loans in Virginia is 601%.
  • In Virginia, it is illegal for lenders to garnish wages or seize property to collect on a payday loan.

Applying for a Payday Loan in New Point, Virginia

If you are considering a payday loan in New Point, Virginia, it is important to carefully consider your options and assess your ability to repay the loan on time. To apply for a payday loan, you will need to provide proof of income and a valid ID.

TheGuaranteedLoans is a connector service that can assist you in finding a potential lender in New Point, Virginia. However, it is important to note that TheGuaranteedLoans is not a direct lender and does not make lending decisions.

If you are considering a payday loan, make sure to carefully review the terms and fees associated with the loan before making a decision. With responsible borrowing and careful planning, payday loans can be a helpful tool in managing unexpected expenses.

F.A.Q.

Are there any alternatives to payday loans in New Point, Virginia?

Yes, there are several alternatives to payday loans in New Point, Virginia, including credit unions, community development financial institutions, and small dollar loans from banks or credit card companies.

Are there any protections for military members in New Point, Virginia regarding payday loans?

Yes, Virginia law provides additional protections for military members and their dependents regarding payday loans. Lenders are prohibited from making a payday loan to a military member or dependent unless the loan has a written agreement that allows the borrower to terminate the loan without penalty.