Payday Loans in Somerset, Virginia

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

Company nameAddressZip codePhone number
Western Union 145, George Washington Hwy, Charlotte Court House, VA 23923 +1 (800) 325 - 6000
Member One Federal Credit Union 105 Oak Tree Blvd NW, Christiansburg, VA 24073 +1 (800) 666 - 8811
BB&T 44825 Lakeview Overlook Plaza, Ashburn, VA 20147 +1 (571) 707 - 3333
Eastman Credit Union 159 Cook St, Abingdon, VA 24210 +1 (800) 999 - 2328
Check Into Cash 5053 Jefferson Davis Hwy, Fredericksburg, VA 22408 +1 (540) 710 - 7410
Summit Community Bank 251 Lee Hwy., Warrenton, VA 20186 +1 (540) 347 - 7779
Truliant Credit Union ATM 7321 Peppers Ferry Blvd, Radford, VA 24141 +1 (800) 822 - 0382
PRESTAMOS Rapidito 8472 Tyco Rd, Vienna, VA 22182 +1 (571) 419 - 6914
BB&T 4070 Lankford Hwy, Exmore, VA 23350 +1 (757) 442 - 7282
ACE Cash Express 6911 Richmond Hwy Ste 100, Alexandria, VA 22306 +1 (703) 765 - 2414

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Somerset, VA, you can try to find different companies in big cities near by. Check out the following pages here: Emergency Loan in Annandale, VA, Payday Loans in Arlington, VA, Payday Loans in Ashburn, VA, Payday Loans in Blacksburg, VA, Payday Loans in Burke, VA, Payday Loans in Centreville, VA, Payday Loan for Charlottesville, VA and No Credit Check Loans in Chesapeake, 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 Somerset, VA.

Are Payday Loans Legal In Somerset, 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

Somerset, VA payday loan calculator

Payday Loans in Somerset, Virginia: Your Guide to Quick Cash

Life is unpredictable, and sometimes, you may find yourself in an unexpected financial crisis. Whether it’s an urgent medical bill, a car breakdown, or some other unavoidable expense, money problems can cause stress and anxiety.

If you live in Somerset, Virginia and need money fast, one option you may consider is a payday loan. This type of loan can provide you with quick cash, but it’s important to understand how payday loans work, the risks involved, and the regulations governing payday lending in Virginia.

What are Payday Loans?

A payday loan is a short-term, high-interest loan that’s typically due on your next payday. These loans are usually for small amounts ranging from $100 to $500 and are often used by people who need cash quickly and have no other source of credit.

To obtain a payday loan, you’ll need to show proof of income, have a valid bank account, and provide a post-dated check for the loan amount plus interest and fees. The lender will hold onto the check until the due date, which is usually within two weeks or a month. If you’re unable to repay the loan, the lender can deposit the check, which may cause additional fees and overdraft charges.

Payday Loans in Somerset, Virginia: Are They Legal?

Yes, payday loans are legal in Virginia, including Somerset. Virginia has some of the most relaxed payday lending laws in the country, which is why it’s important to understand the risks and regulations surrounding payday loans.

What are the Risks of Payday Loans?

One of the biggest risks of payday loans is the high interest rate. In Virginia, lenders can charge up to 36% interest on payday loans, which can add up quickly, especially if you’re unable to repay the loan on time.

Another risk is the cycle of debt that can occur if you’re unable to pay off the loan on time. Payday loans are designed to be short-term solutions, but if you’re unable to pay back the loan, you may be tempted to take out another loan to cover the first one, which can lead to a cycle of debt that can be difficult to escape.

Virginia Payday Loan Regulations

Virginia has some regulations in place to protect borrowers from the risks of payday loans. These regulations include:

  • Lenders cannot charge more than 36% interest on payday loans
  • The maximum loan amount is $500
  • Borrowers may only take out one payday loan at a time
  • Lenders must provide borrowers with a loan agreement outlining the loan terms, interest rates, and fees

Interesting Payday Loan Facts and Statistics in Somerset, Virginia

  • As of 2021, there are over 20 payday lending locations in Somerset, Virginia
  • The average payday loan in Virginia is $385
  • Approximately 90% of payday loans in Virginia are renewed or reborrowed
  • The payday lending industry in Virginia generates approximately $1 billion in revenue per year

Apply Now for a Payday Loan

If you’re considering a payday loan in Somerset, Virginia, TheGuaranteedLoans can help connect you with a potential lender. Our online application process is fast and easy, and we’re committed to providing our customers with the best possible lending experience. Remember, we’re a connector service, not a direct lender, and borrowers should carefully review their loan agreements and understand the terms, interest rates, and fees before signing any loan documents.

Don’t let unexpected expenses cause you stress and anxiety. Apply now for a payday loan and get the quick cash you need to get back on track.

F.A.Q.

Can I get a payday loan online in Somerset, Virginia?

Yes, you can get a payday loan online in Somerset, Virginia. However, all online payday lenders must be licensed by the SCC and must comply with Virginia's payday lending laws.

Do I have to provide collateral to get a payday loan in Somerset, Virginia?

No, payday loans in Somerset, Virginia are unsecured loans, which means you do not have to provide collateral to get a loan.