Payday Loans in Bowden, West Virginia

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

Company nameAddressZip codePhone number
Wes Banco Bank 2100 National Rd, Wheeling, WV 26003 +1 (304) 243 - 7550
West Union Bank 105 Main St, West Union, WV 26456 +1 (304) 873 - 2361
BB&T Mortgage 209 Mingo St, Kermit, WV 25674
Logan Bank and Trust Mini Bank 512 Stratton St, Logan, WV 25601 +1 (304) 752 - 1166
Joe Holland Special Financing 210 MacCorkle Ave SW, South Charleston, WV 25303 +1 (304) 720 - 9352
Clear Mountain Bank 1101 E State Ave, Terra Alta, WV 26764 +1 (304) 789 - 2436
Huntington Bank 103 Adams St, Fairmont, WV 26554 +1 (304) 363 - 5800
United Bank 425 Robert C Byrd Dr, Sophia, WV 25921 +1 (304) 683 - 3233
Milton Gun & Pawn 305 E Main St, Milton, WV 25541 +1 (304) 743 - 8115
Pioneer West Virginia Federal Credit Union 1316 Kanawha Blvd E, Charleston, WV 25301 +1 (304) 348 - 6648

Payday Loan Companies in Nearby Cities

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

Beautiful sights of Bowden, WV

Are Payday Loans Legal In Bowden, 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

Bowden, WV payday loan calculator

Payday Loans in Bowden, West Virginia: Why They are Prohibited and What You Need to Know

Payday loans are short-term loans that can provide quick cash to those who need it. They are often marketed to people with bad credit or low income who can’t get a traditional loan. However, in West Virginia, payday loans are prohibited under the West Virginia Code § 46A-4-107 and § 32A-3-1 et seq. These laws were enacted to protect consumers from predatory lending practices that can lead to debt traps.

The Effects of Payday Loans

Payday loans can be tempting because of their accessibility and ease of qualification. However, they can also be extremely dangerous to your finances. The interest rates on these loans can be as high as 400% APR, making them nearly impossible to pay off. Additionally, many payday lenders require access to your bank account, which can lead to unauthorized withdrawals and overdraft fees.

According to the National Consumer Law Center, payday loans can have a devastating effect on borrowers’ finances. Many borrowers end up taking out multiple loans to repay the original loan, creating a cycle of debt that can be nearly impossible to break. This cycle can leave borrowers with ruined credit, wage garnishments, and even bankruptcy.

Alternatives to Payday Loans

While payday loans are not available in West Virginia, there are still options available for those who need quick cash. These alternatives include:

  • Credit union loans: Many credit unions offer short-term loans with lower interest rates and fees than payday loans. They are often more willing to work with borrowers who have bad credit or low income.
  • Personal loans: Personal loans can be obtained through traditional banks or online lenders. They typically have lower interest rates and longer repayment terms than payday loans.
  • Credit counseling: Credit counseling services can help you develop a budget and create a plan to pay off debt. They can also negotiate with creditors to lower interest rates and fees.

In Conclusion

Payday loans may seem like an easy solution when you need money in a hurry, but they can lead to more problems than they solve. If you are in need of quick cash, it is important to explore all of your options before turning to a payday loan. In West Virginia, payday loans are prohibited, but there are still alternatives available to help you through a financial crisis.

Interesting Facts about Payday Loans in Bowden, West Virginia

  • West Virginia is one of 18 states that prohibit payday loans.
  • In states where payday loans are legal, the average interest rate is 391% APR.
  • A typical payday borrower takes out nine loans per year and spends 200 days in debt.
  • The payday lending industry generates an estimated $9 billion in revenue annually.
  • The majority of payday loan borrowers use the loans for recurring expenses, such as rent and utilities.

Apply Now

If you are in need of quick cash, TheGuaranteedLoans can help connect you with potential lenders. Our service is free to use, and we will work with you to find a loan that fits your needs and budget. Please note that we are a connector service, not a direct lender, and we do not make credit decisions. To get started, fill out our online application today.

F.A.Q.

Are there any alternatives to payday loans in Bowden, West Virginia?

Yes, there are several alternatives to payday loans in Bowden, West Virginia, including credit unions, community development financial institutions, and small-dollar loan programs offered by banks and credit unions.

Can I still take out a payday loan if I live in Bowden, West Virginia but the lender is based in another state?

No, it is illegal for payday lenders to offer loans to residents of West Virginia, regardless of where the lender is located.

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