Payday Loans in Bakerton, West Virginia

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No payday loan companies in Bakerton, WV. Consider companies in other cities:

Company nameAddressZip codePhone number
Putnam County Bank 3058 Co Rte 34/14, Hurricane, WV 25526 +1 (304) 757 - 2477
Hamilton, Burgess, Young & Pollard, P.L.L.C. 5493 Maple Ln, Fayetteville, WV 25840 +1 (304) 574 - 2727
City National Bank 300 8th St, Marlinton, WV 24954 +1 (304) 799 - 4640
Bayer Heritage Federal Credit Union 178 WV-2, New Martinsville, WV 26155 +1 (304) 455 - 4029
Loan Assistance 650 Jennmar Dr, Reedsville, WV 26547 +1 (304) 296 - 1448
M&T Bank 67 N Main St, Keyser, WV 26726 +1 (304) 788 - 6782
Citizens Bank of West Virginia 211 3rd St, Elkins, WV 26241 +1 (304) 636 - 4095
Chase Mortgage 215 Main St, Oak Hill, WV 25901 +1 (304) 465 - 1146
WesBanco Bank 2 Wall St, Ravenswood, WV 26164 +1 (304) 273 - 9351
MidAtlantic Farm Credit 158 Crimson Cir, Martinsburg, WV 25403 +1 (888) 339 - 3334

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Bakerton, WV, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Charleston, WV, Payday Loans in Huntington, WV, No Credit Check Loans in Morgantown, WV and Payday Loans in Parkersburg, WV. 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 Bakerton, WV.

Are Payday Loans Legal In Bakerton, West Virginia?

Payday Lending is Prohibited in West Virginia

West Virginia Loan Regulations

Legal StatusProhibited
Interest Rate (APR, %)Prohibited
Maximum Loan AmountProhibited
Minimum Loan TermProhibited
Maximum Loan TermProhibited
Number of Rollovers AllowedProhibited
Finance ChargesProhibited

Bakerton, WV payday loan calculator

Understanding Payday Loans in Bakerton, West Virginia

Payday loans, also known as cash advances or paycheck advances, are short-term loans that provide borrowers with immediate cash for emergency expenses. These loans are often marketed as a quick fix for unexpected financial challenges, and they usually come with high fees and interest rates.

However, it is important to note that payday loans are prohibited in West Virginia. The West Virginia Division of Financial Institutions prohibits payday lending in the state.

Why Are Payday Loans Prohibited in West Virginia?

The West Virginia legislature passed a law in 2007 that effectively banned payday loans. This law was enacted to protect consumers from the predatory practices of some payday lenders.

Under West Virginia law, payday lenders are prohibited from operating in the state and from offering loans to West Virginia residents. Lenders who violate these laws are subject to penalties and fines.

The Impact of Payday Loans in Bakerton, West Virginia

Although payday loans are prohibited in West Virginia, some residents of Bakerton still find themselves in need of emergency funds. Unfortunately, many people who cannot obtain a payday loan turn to other high-interest loans that can lead to a cycle of debt and financial instability.

According to a report from the Center for Responsible Lending, payday loans often come with an annual percentage rate of 400% or more. This high interest rate can quickly lead to a cycle of debt that is difficult to escape.

Alternative Options for Bakerton Residents

If you live in Bakerton and are in need of emergency funds, there are alternative options available. One option is to seek assistance from local charities or government programs that offer financial assistance to individuals and families in need.

Another option is to consider a personal loan from a reputable lender. Personal loans often come with lower interest rates and more manageable payment options than payday loans or other high-interest loans.

Apply Now

If you need a personal loan and are looking for a reputable lender, TheGuaranteedLoans can help. Our online service connects borrowers with potential lenders who can meet their financial needs.

However, it is important to note that TheGuaranteedLoans is a loan connector service and not a direct lender. We do not make credit decisions or offer loans directly to borrowers. Instead, we work with a network of lenders who can offer loans to qualified borrowers.

To get started, simply fill out our online application form. We will review your information and connect you with potential lenders who can meet your needs. Apply now and take the first step towards financial stability.

Interesting Facts and Statistics about Payday Loans

  • Payday loans are prohibited in 18 states and the District of Columbia.
  • The average payday loan borrower takes out nine loans per year.
  • The typical payday loan borrower pays $520 in fees to borrow $375.
  • A report from the Consumer Financial Protection Bureau found that 80% of payday loans are rolled over into a new loan within two weeks.

These statistics show that payday loans can quickly become a cycle of debt and financial instability. It is important to consider all available options before turning to a payday loan.

F.A.Q.

Can I be charged with a crime for taking out a payday loan in Bakerton, West Virginia?

It is illegal for lenders to offer payday loans in Bakerton, West Virginia, so borrowers cannot be charged with a crime for taking out a payday loan. However, lenders may face criminal charges for engaging in illegal lending practices.

What should I do if I have already taken out a payday loan in Bakerton, West Virginia?

If you have already taken out a payday loan in Bakerton, West Virginia, you should contact the lender to try to negotiate a repayment plan. If the lender is unwilling to work with you, you may want to seek out alternative forms of financing or seek legal advice.

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