Payday Loans in Withams, Virginia

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

Company nameAddressZip codePhone number
F&M Bank 200 Augusta Ave, Grottoes, VA 24441 +1 (540) 249 - 7237
Allied Cash Advance 6300 Mechanicsville Turnpike Suite K, Mechanicsville, VA 23111 +1 (804) 559 - 3773
TitleMax Title Loans 2655 Valley Ave, Winchester, VA 22601 +1 (540) 771 - 2784
The Vault Jewelry and Loan 5511 Leesburg Pike, Falls Church, VA 22041 +1 (703) 379 - 1006
SunTrust 160 Purcellville Gateway Dr, Purcellville, VA 20132 +1 (540) 441 - 5004
Atlantic Union Bank 25253 Lankford Hwy, Onley, VA 23418 +1 (757) 787 - 9132
Guaranteed Payday Loans 8191 Brook Rd, Richmond, VA 23227 +1 (804) 249 - 4983
Approved Cash 2769 Greensboro Rd, Martinsville, VA 24112 +1 (276) 656 - 6600
First Federal Savings & Loan 755 E Church St, Martinsville, VA 24112 +1 (276) 632 - 7246
Approved Cash 1045 J Clyde Morris Blvd, Newport News, VA 23602 +1 (757) 594 - 0620

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Withams, 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 Loans in Charlottesville, VA, Payday Loan for Chesapeake, VA, Payday Loan Companies in Danville, VA, Online Loans in Hampton, VA, Payday Loans in Harrisonburg, VA, Same Day Loans 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 Withams, VA.

Are Payday Loans Legal In Withams, 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

Withams, VA payday loan calculator

Understanding Payday Loans in Withams, Virginia

Payday loans are a type of short-term loan that has recently gained popularity in the United States. Witham, Virginia, is among the cities where payday loans are commonly used to cover short-term financial obligations. If you are considering a payday loan in Withams, Virginia, or any other part of the state, it is crucial to understand how it works, the pros, and cons, as well as the legal requirements.

How do Payday Loans Work?

Payday loans are meant to help borrowers access quick cash to cover their expenses before their next payday. In Withams, Virginia, payday loans are legal, and the maximum amount you can borrow is $500, with a finance charge of $20 for every $100 borrowed.

The loan amount, plus the finance charge, is due in full on your next payday. If you are unable to repay the loan on your next payday, you may be allowed to roll it over for an additional finance charge. The rollover option is a perfect choice if you need more time to repay your loan, but it also means that you will incur additional fees, making the loan more expensive.

Pros of Payday Loans

  • Payday loans are easily accessible and usually processed within a few minutes.
  • It is an excellent option if you have bad credit, as lenders do not conduct credit checks.
  • You can use the loans for any expense, unlike traditional loans tied to specific expenses such as home or car loans.

Cons of Payday Loans

  • Payday loans come with high-interest rates, making them an expensive way to borrow money.
  • Most borrowers end up taking another loan to settle the previous one, leading to a debt cycle.
  • Failure to repay the loan on the due date may result in legal action, including court fees and damage to your credit score.

Legal Requirements for Payday Loans in Withams, Virginia

As mentioned earlier, payday loans are legal in Virginia. The Virginia State Corporation Commission regulates the payday lending industry through the Payday Lender Act. Some of the legal requirements include:

  • The maximum loan amount is $500.
  • The maximum finance charge is $20 for every $100 borrowed.
  • Lenders are allowed to charge a verification fee of up to $5.
  • The loan term is between seven and thirty days.

Interesting Facts about Payday Loans in Withams, Virginia

  • Payday loans in Virginia have an average APR of 601%, which is among the highest in the United States.
  • Based on a survey conducted by Pew Charitable Trusts, seven out of ten borrowers used payday loans to cover everyday expenses such as rent, electricity, and groceries.

Apply Now

If you are considering a payday loan in Withams, Virginia, you can easily apply for one on our website. TheGuaranteedLoans is not a direct lender, but we are a connector service that will connect you with potential lenders. Our application process is simple, and you will be connected with a lender within minutes. Fill out our online application today and get connected with a lender near you!

In conclusion, while payday loans may come in handy in times of financial difficulties, it is essential to remember that they are expensive loans with high APRs. It would be best to use payday loans sparingly and make timely repayments to avoid falling into a debt trap. Nonetheless, if you find yourself in need of a payday loan, do not hesitate to visit TheGuaranteedLoans website and fill out our online application.

F.A.Q.

Are there any alternatives to payday loans in Withams, Virginia?

Yes, there are several alternatives to payday loans in Withams, 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 Withams, 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.