Payday Loans in Coalton, West Virginia

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

Company nameAddressZip codePhone number
Homeownership Center Inc 2276 N Randolph Ave, Elkins, WV 26241 +1 (304) 636 - 9115
MCNB Banks - Welch Mini Bank 94 Howard St, Welch, WV 24801 +1 (304) 436 - 4112
MCNB Banks - Bluefield Banking Center 3152 E Cumberland Rd, Bluefield, WV 24701 +1 (304) 325 - 6500
WesBanco Bank 100 Cabela Dr, Triadelphia, WV 26059 +1 (304) 238 - 7000
Hamilton, Burgess, Young & Pollard, P.L.L.C. 5493 Maple Ln, Fayetteville, WV 25840 +1 (304) 574 - 2727
ATM Clear Mountain Bank 1889 Earl L Core Rd, Morgantown, WV 26505 +1 (800) 627 - 3999
United States Postal Service 6371 Midland Trail, Charlton Heights, WV 25040 +1 (800) 275 - 8777
Beacon Wealth Management 607 E Pike St, Clarksburg, WV 26301 +1 (866) 623 - 3900
Jackson Hewitt Tax Service 97 Williams Dr, Spencer, WV 25276 +1 (304) 679 - 4244
Tax & Accounting Solutions Inc. 200 Virginia Ave, Chester, WV 26034 +1 (304) 387 - 0626

Payday Loan Companies in Nearby Cities

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

Beautiful sights of Coalton, WV

Are Payday Loans Legal In Coalton, 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

Coalton, WV payday loan calculator

Payday Loans in Coalton, West Virginia

Payday loans are short-term loans typically meant to bridge the gap between paychecks. They can be appealing to those facing unexpected expenses or emergencies such as medical bills, car repairs, or overdue bills. While payday loans may seem like a quick fix, they come with high fees and interest rates that can trap borrowers in cycles of debt and financial hardship.

The Prohibition of Payday Loans in Coalton, West Virginia

In West Virginia, payday loans are prohibited by state law under the West Virginia Small Loan Act, which capped the interest rate for consumer loans at 31% APR. Without this cap, lenders could potentially charge interest rates much higher than the national average of around 400% APR.

While there are no payday lenders located in Coalton, West Virginia, some out-of-state lenders may target residents in the area through online or in-person advertising. It’s important for residents to be aware of their rights and protections under West Virginia law and to avoid high-interest loans that can lead to financial instability.

Why Are Payday Loans Prohibited in West Virginia?

The state of West Virginia has chosen to prohibit payday loans due to their high fees and interest rates, which can trap borrowers in cycles of debt. These loans are often marketed to low-income individuals who may be unable to repay the loan on time, resulting in additional fees and interest charges.

The high cost of payday loans can also have a ripple effect on local economies. According to a study by the Center for Responsible Lending, payday lending drains over $4 billion in fees from low-income communities across the country each year, leading to decreased spending power and economic instability.

Alternative Options for Residents of Coalton, West Virginia

While payday loans may seem like a quick fix, there are often alternative options that can help alleviate financial stress without the harmful effects of high-interest loans. Some alternatives include:

  • Talking to creditors or billing companies to negotiate payment plans or deferments
  • Applying for personal loans through banks or credit unions
  • Seeking assistance from local non-profit organizations or community assistance programs
  • Utilizing credit cards responsibly or seeking a low-interest credit card

These options may not be available or feasible for every individual, but it’s important to explore all options before turning to high-interest loans that can exacerbate financial struggles.

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

  • There are no payday lenders located in Coalton, West Virginia
  • West Virginia’s Small Loan Act prohibits payday lending and caps the interest rate for consumer loans at 31% APR
  • West Virginia is one of 17 states and the District of Columbia to prohibit payday lending
  • According to the West Virginia Division of Financial Institutions, payday loans are one of the most expensive ways to borrow money, with fees and interest rates that can exceed 600% APR

Apply Now for Alternative Loan Options

If you are looking for alternative loan options in Coalton, West Virginia, TheGuaranteedLoans can help connect you with potential lenders. We are a connector service, not a direct lender. Our service is free, and we do not require any upfront fees or credit checks. Simply fill out our online application, and we will work to connect you with a lender that may be able to offer the loan you need.

Remember to always read the terms and conditions carefully before accepting any loan offers, and to only borrow what you can afford to repay.

F.A.Q.

Can I be sued or have my wages garnished if I default on a payday loan in Coalton, West Virginia?

No, because payday loans are illegal in Coalton, West Virginia, lenders cannot sue borrowers or garnish their wages for non-payment.

Are there any protections for borrowers who take out illegal payday loans in Coalton, West Virginia?

Yes, the state of West Virginia has established several protections for borrowers who may be misled or exploited by illegal payday lenders. These include the right to cancel a loan within five days, the right to dispute any charges or fees, and the right to seek legal assistance.

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