Payday Loans in Redwood, Virginia

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

Company nameAddressZip codePhone number
LendNation 524 N Main St, Emporia, VA 23847 +1 (434) 336 - 1434
Benchmark Community Bank 133 College St, Clarksville, VA 23927 +1 (434) 374 - 9888
First Citizens Bank 2147 Valley Ave, Winchester, VA 22601 +1 (540) 662 - 6900
Eastman Credit Union 127 Tempur Pedic Dr, Duffield, VA 24244 +1 (276) 431 - 3612
TitleMax Loans 9651 Fairfax Blvd, Fairfax, VA 22031 +1 (703) 691 - 6401
Pioneer Services Military Loans - Hampton Roads 1140 N Military Hwy 804, Norfolk, VA 23505
Park View Federal Credit Union 210 Virginia Ave, Bridgewater, VA 22812 +1 (540) 434 - 6444
BayPort Credit Union 2369 George Washington Memorial Hwy, Hayes, VA 23072 +1 (757) 928 - 8850
TitleMax Title Loans 4418 Melrose Ave NW, Roanoke, VA 24017 +1 (540) 986 - 2035
Walmart Money Center 5225 Alexander Rd, Dublin, VA 24084 +1 (540) 674 - 5385

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Redwood, VA, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Lynchburg, VA, Quick Loan in Manassas, VA, 24-Hour Loan in McLean, VA, Guaranteed Loans in Mechanicsville, VA, 24-Hour Loan in Newport News, VA, Payday Loan Companies in Norfolk, VA, Payday Loans in Oakton, VA and Payday Loans in Petersburg, 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 Redwood, VA.

Are Payday Loans Legal In Redwood, 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

Redwood, VA payday loan calculator

Payday loans are a quick and convenient way to get cash when you need it the most. For those residing in Redwood, Virginia, payday loans are a legal and practical option for managing unexpected expenses. With their fast approval and straightforward application process, it’s easy to understand why more and more Virginians are turning to payday loans for a financial solution.

What are payday loans?

To put it simply, payday loans are short-term loans that are typically used to meet urgent financial needs before your next payday. They are also commonly referred to as cash advances or paycheck loans. When applying for a payday loan, you agree to repay the loan amount along with any associated fees on your next payday.

The application process for a payday loan is relatively easy, and you can complete it entirely online. You’ll need to submit basic information such as proof of income and identification documents. Once the application is approved, you receive the loan amount directly in your bank account.

How do payday loans work in Redwood, Virginia?

In Virginia, payday loans are legal and regulated by state law. This means that lenders who offer payday loans in Redwood must be licensed by the Virginia Bureau of Financial Institutions. Virginia law also stipulates the maximum loan amount that a borrower can receive, the maximum length of the loan term, and the maximum fees and charges that a lender can impose.

The maximum loan amount that a borrower can receive in Virginia is $500. The loan term can range from 7 to 31 days, and the maximum annual percentage rate (APR) that a lender can charge is 36%. Lenders are also limited to charging a maximum of 20% of the loan amount as an establishment fee and 36% per annum as interest.

Who can apply for a payday loan in Redwood, Virginia?

To apply for a payday loan in Virginia, you need to be at least 18 years old, have a steady income source, and a valid ID. You must also provide a valid phone number, email address, and bank account details. If you meet these requirements, you can apply for a payday loan through TheGuaranteedLoans

Pros and Cons of Payday Loans in Redwood, Virginia

Payday loans can be a useful financial tool for those who need fast cash to meet unexpected expenses. However, like any other financial product, payday loans come with their own set of advantages and disadvantages.

Advantages

  • Quick approval: Payday loans are typically approved within 24 hours, making them an ideal solution for those who need cash urgently.
  • No collateral required: Unlike traditional loans, payday loans do not require collateral. This means that you don’t risk losing any assets if you’re unable to repay the loan.
  • No credit check required: Payday lenders do not require a credit check, making them accessible to those with poor credit scores.

Disadvantages

  • High-interest rates: Payday loans have high-interest rates and fees, making them an expensive financial option.
  • Short repayment terms: Payday loans typically have repayment terms ranging from 7 to 31 days, making it difficult to repay the loan in full for some borrowers.
  • Risk of debt trap: The short-term nature of payday loans can lead to a cycle of debt, where borrowers take out new loans to pay off previous ones.

Interesting Facts about Payday Loans in Redwood, Virginia

  • The average APR for payday loans in Virginia is 601.78%, which is more than four times the maximum rate set by state law.
  • In 2019, Virginia lenders issued over 800,000 payday loans, totaling over $385 million in loan amount.
  • In Virginia, borrowers are allowed to take out only one loan at a time and are not allowed to borrow more than $500 at a time.

Apply Now

If you need fast cash to meet unexpected expenses, you can apply for a payday loan easily and securely through TheGuaranteedLoans. We are a connector service that works with licensed lenders in Virginia, and we’re committed to helping our customers find the best loan options for their financial needs. Fill out an application today and get the cash you need quickly and easily.

F.A.Q.

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

Yes, if you are having difficulty managing or repaying a payday loan in Redwood, 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 Redwood, Virginia?

Yes, if you default on a payday loan in Redwood, 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.