Payday Loans in Wake, Virginia

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

Company nameAddressZip codePhone number
Farmers & Miners Bank 331 E Main St, Wise, VA 24293 +1 (276) 328 - 7007
TowneBank Mortgage 4501 Cox Rd 202, Glen Allen, VA 23060 +1 (804) 673 - 1900
BB&T 1002 Magnolia Ave, Buena Vista, VA 24416 +1 (540) 261 - 8006
InFirst Federal Credit Union 16384 Consumer Row, King George, VA 22485 +1 (540) 644 - 9515
BB&T 1402 US Highway 211 W, Luray, VA 22835 +1 (540) 743 - 6561
Approved Cash 104 Cavalier Square, Hopewell, VA 23860 +1 (804) 452 - 4426
Advance America 240 Rivendell Ct Ste. 2, Winchester, VA 22603 +1 (540) 665 - 2002
Danny's Pawn Shop 1595 Roanoke St, Christiansburg, VA 24073 +1 (540) 381 - 0123
Raymond James 74 Scruggs Rd, Moneta, VA 24121 +1 (540) 721 - 0211
Paul Check Cashing Dumfries 18103 Triangle Shopping Plaza, Dumfries, VA 22026 +1 (703) 221 - 2054

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Wake, VA, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Centreville, VA, Payday Loan for Charlottesville, VA, Payday Loan Without a Credit Check in Chesapeake, VA, Payday Loan Without a Credit Check in Danville, VA, 24-Hour Loan in Hampton, VA, Payday Loan Without a Credit Check in Harrisonburg, VA, Quick Loan in Leesburg, VA and Payday Loans in Lynchburg, 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 Wake, VA.

Beautiful sights of Wake, VA

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

23176

Are Payday Loans Legal In Wake, 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

Wake, VA payday loan calculator

In Wake, Virginia, payday loans are a practical solution to financial emergencies. While Virginia laws regarding payday lending are complex, payday loans remain legal and accessible to residents of Wake. However, before applying for a payday loan in Wake, it’s important to understand how they work, their advantages and disadvantages, and any potential risks associated with this type of borrowing.

How Do Payday Loans Work?

Payday loans are a type of short-term loan designed to help borrowers access cash quickly. They are typically repaid within a few weeks of receiving the loan and are intended to be used for emergencies, such as unexpected car repairs or medical bills.

Most payday lenders require borrowers to provide proof of employment, as well as a bank account and social security number. Additionally, borrowers must typically provide personal information, including their name, address, and phone number.

The Pros and Cons of Payday Loans

While payday loans offer a quick way to access cash, they also have some disadvantages to consider before applying:

Advantages:

  • Quick access to cash for emergencies
  • Minimal credit requirements
  • Easy application process

Disadvantages:

  • High interest rates – Virginia law allows payday lenders to charge up to 36% annual percentage rate (APR) plus a fee of up to 20% of the loan amount
  • Short repayment term – borrowers must repay the loan within 14 days and, if they cannot, will be charged additional fees and interest
  • Risk of falling into a cycle of debt – if borrowers cannot repay the loan, they may take out additional loans to cover the original loan, leading to a cycle of debt

The Risks of Payday Loans in Wake, Virginia

While payday loans are legal in Virginia and can be a helpful financial tool if used responsibly, they also come with risks that borrowers need to be aware of. One of the biggest risks is falling into a cycle of debt. If borrowers cannot repay the loan within the required time period, they may be tempted to take out another loan to cover the original loan, which can lead to a cycle of debt that is difficult to escape.

Another risk of payday loans is the high interest rates. Payday lenders in Virginia are allowed to charge up to 36% APR plus a fee of up to 20% of the loan amount. This means that borrowers who cannot repay the loan within the required time period may end up paying significantly more in interest and fees than they originally borrowed.

Interesting Facts About Payday Loans in Wake, Virginia

  • Virginia has some of the highest payday loan costs in the country
  • Payday lenders in Virginia make more than $1 billion per year in fees and interest
  • The majority of payday loan borrowers in Virginia are repeat borrowers
  • In 2018, Virginia lawmakers passed new legislation to regulate payday lending, including limiting interest rates and fees and requiring lenders to offer extended payment plans to borrowers who cannot repay the loan within the required time period

Apply Now

If you are facing a financial emergency and need quick access to cash, TheGuaranteedLoans can help you connect with potential lenders in Wake, Virginia. We are a connector service and do not lend money ourselves, but we can help you find a lender who may be able to provide the loan you need. Fill out our online application today to get started.

Please remember that payday loans are a costly form of borrowing and should be used only for financial emergencies. If you are struggling with debt or have ongoing financial problems, payday loans may not be the best solution for your situation.

F.A.Q.

What are the consequences for defaulting on a payday loan in Wake, Virginia?

If you default on a payday loan in Wake, Virginia, the lender may charge additional fees and interest, and may pursue legal action to recover the outstanding debt. Defaulting on a payday loan can also damage your credit score and make it difficult to obtain future loans.

Can I renew or rollover my payday loan in Wake, Virginia?

No, Virginia law does not allow for the renewal or rollover of payday loans. Borrowers are only allowed to have one outstanding payday loan at a time.