Payday Loans in Wachapreague, Virginia

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

Company nameAddressZip codePhone number
Bank of Botetourt 9, Lloyd Tolley Rd, Natural Bridge Station, VA 24579 +1 (540) 291 - 1881
PenFed Credit Union 14040 Central Loop, Woodbridge, VA 22193 +1 (800) 247 - 5626
DuPont Community Credit Union - Woodstock 1025 Woodstock Commons Dr, Woodstock, VA 22664 +1 (540) 946 - 3200
Allied Cash Advance 2192 John Wayland Hwy, Harrisonburg, VA 22801 +1 (540) 432 - 3617
Navy Federal Credit Union 201 Maranto Manor Dr, Winchester, VA 22602 +1 (888) 842 - 6328
Approved Cash 325 Towne Center Dr, Abingdon, VA 24210 +1 (276) 739 - 7900
First Bank & Trust Co. - East Lebanon 2030 East, Main St, Lebanon, VA 24266 +1 (276) 889 - 3401
BB&T 301 W Atlantic St, Emporia, VA 23847 +1 (434) 634 - 9431
First Citizens Bank 10233 Governor Harrison Pkwy, Lawrenceville, VA 23868 +1 (434) 848 - 3900
Carter Bank & Trust 317 N Main St, Bridgewater, VA 22812 +1 (540) 828 - 6630

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Wachapreague, VA, you can try to find different companies in big cities near by. Check out the following pages here: Short-term Loans in Suffolk, VA, Online Loans in Virginia Beach, VA, Quick Loan in Alexandria, VA, Payday Loans in Annandale, VA, Payday Loans in Arlington, VA, Bad Credit Loans in Ashburn, VA, Short-term Loans in Blacksburg, VA and Short-term Loans in Burke, 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 Wachapreague, VA.

Beautiful sights of Wachapreague, VA

Payday Loans Available in Wachapreague, VA By The Following ZIP Codes:

23480

Are Payday Loans Legal In Wachapreague, 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

Wachapreague, VA payday loan calculator

Payday Loans in Wachapreague, Virginia: A Comprehensive Guide

Payday loans are a type of short-term loan designed to help borrowers cover unexpected expenses or bridge the gap between paychecks. These loans often come with high interest rates and fees, and in many states, including Virginia, they are heavily regulated to protect consumers.

Are Payday Loans Legal in Virginia?

Yes, payday loans are legal in Virginia. However, there are strict regulations in place to protect borrowers from predatory lending practices. For example, lenders must be licensed by the Virginia State Corporation Commission and are not allowed to charge more than 36% APR on loans.

Additionally, there are limits on the amount of money borrowers can borrow and the length of the loan term. Borrowers can only take out one loan at a time, and the loan cannot exceed $500. The loan term must be between 7 and 31 days, and lenders are not allowed to offer rollovers or extensions on loans.

How Do Payday Loans Work?

The process of getting a payday loan in Wachapreague, Virginia is relatively simple. Borrowers can apply for a loan online or in-person at a payday lender’s location. The lender will review the borrower’s employment and income information to determine if they qualify for a loan.

If approved, the borrower will receive the loan amount, minus any fees and interest. The loan is typically due on the borrower’s next payday, and the lender will automatically withdraw the loan amount and fees from the borrower’s bank account on that date.

Interest Rates and Fees

As mentioned previously, Virginia law limits payday lenders to charging a maximum of 36% APR on loans. However, lenders are allowed to charge additional fees, such as a finance charge and an origination fee. These fees can add up quickly and make payday loans very expensive for borrowers.

It’s important to carefully read and understand the terms and conditions of a payday loan before agreeing to it. Borrowers should also consider alternatives to payday loans, such as personal loans from banks or credit unions, or borrowing money from friends or family members.

Apply Now

If you live in Wachapreague, Virginia and are in need of a payday loan, TheGuaranteedLoans can help connect you with potential lenders. Simply fill out our online application form to get started. Please note that TheGuaranteedLoans is a connector service, not a direct lender. We work with a network of reputable lenders to help our customers find the best loan option for their needs.

Interesting Facts and Statistics

  • According to a report by the Pew Charitable Trusts, 12 million Americans take out payday loans each year.
  • In Virginia, the average payday loan borrower takes out 10 loans per year and spends $600 in fees.
  • Opponents of payday lending argue that it traps low-income borrowers in a cycle of debt and contributes to financial instability.
  • Proponents of payday lending argue that it provides access to credit to individuals who may not qualify for traditional loans and can help in emergency situations.

The Bottom Line

Payday loans can be a helpful source of credit for individuals who need to cover unexpected expenses or bridge the gap between paychecks. However, they come with high fees and interest rates, and borrowers should carefully consider their options before agreeing to a loan. If you do decide to take out a payday loan, make sure to read and understand the terms and conditions, and only borrow what you can afford to repay.

F.A.Q.

How do I apply for a payday loan in Wachapreague, Virginia?

To apply for a payday loan in Wachapreague, Virginia, you will need to provide a valid government-issued ID, proof of income, and proof of residency. You can apply in person at a payday loan store or online through a lender's website.

How do I repay a payday loan in Wachapreague, Virginia?

Payday loans in Wachapreague, Virginia are typically due on the borrower's next payday, but some lenders may offer extended repayment plans. You can repay the loan by providing a post-dated check or allowing the lender to electronically withdraw funds from your bank account on the due date.