Payday Loans in Blount, West Virginia

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

Company nameAddressZip codePhone number
First Exchange Bank 3128 Hornet Hwy, Hundred, WV 26575 +1 (304) 775 - 1700
Bank of Mingo Mate St & Bridge St, Matewan, WV 25678 +1 (304) 426 - 4000
PrimeLending, A PlainsCapital Company 1100 9th St H, Vienna, WV 26105 +1 (304) 699 - 3003
Freedom Bank 302 WV-20, Buckhannon, WV 26201 +1 (304) 472 - 7070
BB&T 1124 Fledderjohn Rd, Charleston, WV 25314 +1 (304) 345 - 3600
Pioneer West Virginia Federal Credit Union 1 Warrior Way 102, Belle, WV 25015 +1 (304) 348 - 6648
BB&T 98 Academy Dr, Ripley, WV 25271 +1 (304) 372 - 8431
Williamstown Bank, Inc. 435 Highland Ave, Williamstown, WV 26187 +1 (304) 375 - 6262
Community Trust Bank 507 Main St, Summersville, WV 26651 +1 (304) 872 - 2711
Bill Cole Automall Bluefield Green Valley U.S. 460 5, Bluefield, WV 24701 +1 (304) 960 - 4344

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Blount, 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 Blount, WV.

Are Payday Loans Legal In Blount, 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

Blount, WV payday loan calculator

Payday Loans in Blount, West Virginia: When & Why They Are Prohibited

Payday loans are short-term financial solutions that entail borrowing money against a borrower’s upcoming paycheck. They come with high-interest rates and fees, making them a costly option for those in need of cash. Currently, payday loans are prohibited in West Virginia, including in the town of Blount. In this article, we will explore why payday loans are prohibited in Blount and what residents can do if they need financial assistance.

What Are Payday Loans?

Payday loans, also known as cash advances, are quick loans that are typically due on the borrower’s next payday. The borrower writes a post-dated check or provides the lender with authorization to withdraw the loan amount plus interest and fees from their bank account on the due date. These loans are marketed as a convenient way to get cash quickly, despite being expensive and risky.

Payday Loans in Blount, West Virginia

In West Virginia, payday loans are prohibited under the West Virginia Consumer Credit and Protection Act (WVCCPA). In 2007, the state legislature passed a law that capped the annual percentage rate (APR) on small loans at 36%. This rate cap applies to all lenders, including storefront and online lenders, making it impossible for payday lenders to operate legally in Blount.

The state’s Attorney General also actively enforces the WVCCPA and has been successful in shutting down illegal payday lenders operating in West Virginia, protecting borrowers from high fees and predatory lending practices.

Why Are Payday Loans Prohibited?

Payday loans are known for their high-interest rates and fees, making them a risky financial option for those in need of cash. According to the Consumer Financial Protection Bureau (CFPB), the average interest rate on a payday loan is 400%. Borrowers often struggle to repay the loan, leading to a cycle of debt where they must take out another loan to pay off the original loan.

In addition, payday lenders target low-income borrowers who are unable to pay back the loan in full on the due date, putting them at risk of losing their income and trapping them in debt. Payday loans have also been linked to an increase in bankruptcy filings and financial distress among borrowers.

What Are the Alternatives?

In Blount, West Virginia, residents who need financial assistance have several alternatives to payday loans. They can obtain a personal loan from a bank, credit union, or online lender, as well as consider credit counseling or debt management programs. Additionally, they can explore government assistance programs, including food assistance and energy assistance programs.

When seeking financial assistance, it’s important to consider all of the options and choose the one that’s best for your financial situation. Borrowers should also read the terms and conditions carefully and ensure that they understand the costs and repayment terms before signing up for any loan or program.

Interesting Facts and Statistics about Payday Loans in Blount, West Virginia

  • Payday loans are illegal in West Virginia due to a state law that caps the APR on small loans at 36% (source: West Virginia Attorney General).
  • The average APR on a payday loan in the US is 400% (source: CFPB).
  • Payday loans have been linked to an increase in bankruptcy filings and financial distress among borrowers (source: Pew Charitable Trusts).
  • Approximately 12 million Americans take out payday loans each year (source: Pew Charitable Trusts).

Apply Now

If you need financial assistance, TheGuaranteedLoans can connect you with potential lenders. Click the “Apply Now” button to fill out an online application. Please note that TheGuaranteedLoans is a connector service, not a direct lender. We work with a network of lenders who will review your application and determine if they can offer you a loan.

Remember to read the terms and conditions carefully and ensure that you understand the costs and repayment terms before signing up for any loan or program.

F.A.Q.

What should I do if a payday loan lender is threatening me with legal action in Blount, West Virginia?

If a payday loan lender is threatening you with legal action in Blount, West Virginia, you should contact the West Virginia State Department of Financial Services to report the lender's actions. The department may be able to help you resolve the issue and protect your rights.

Is it possible to get a payday loan from a lender in another state and use it in Blount, West Virginia?

No, it is not possible to get a payday loan from a lender in another state and use it in Blount, West Virginia. Payday loans are illegal in Blount, West Virginia, regardless of where the lender is located.

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