Payday Loans in Colliers, West Virginia

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

Company nameAddressZip codePhone number
Chase Mortgage 755 Stratton St, Logan, WV 25601 +1 (304) 752 - 5750
WesBanco Bank 81 Morgantown Street Route 73, Bruceton Mills, WV 26525 +1 (304) 379 - 2081
Wells Fargo Home Mortgage 33 Erskine Ln Suite D, Scott Depot, WV 25560 +1 (304) 760 - 7481
Summit Community Bank 1049 Cook Pkwy, Oceana, WV 24870 +1 (304) 682 - 6221
City National Bank 1216 Johnson Ave, Bridgeport, WV 26330 +1 (304) 842 - 1962
Citizens Bank of Weston 47 Industrial Park Rd, Jane Lew, WV 26378 +1 (304) 884 - 7825
United Bank 220 Main St, Logan, WV 25601 +1 (304) 752 - 6570
First Community Bank - Cowen 6299 Webster Rd, Cowen, WV 26206 +1 (304) 226 - 5924
Jefferson Security Bank 7994 Martinsburg Pike, Shepherdstown, WV 25443 +1 (304) 876 - 2800
ATM M&t Bank 136 E Main St, Romney, WV 26757

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Colliers, 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, Payday Loan Without a Credit Check 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 Colliers, WV.

Beautiful sights of Colliers, WV

Are Payday Loans Legal In Colliers, 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

Colliers, WV payday loan calculator

Payday loans can seem like a quick fix when you’re short on cash, but they come with hefty interest rates and fees that can make them more trouble than they’re worth. In West Virginia, payday loans are actually prohibited by law, including in Colliers, a small town in the northern part of the state.

What are payday loans?

Payday loans are short-term loans that are typically due on your next payday. They’re usually for relatively small amounts of money, often less than $500, and are intended to help people cover unexpected expenses or make ends meet until their next paycheck.

What makes payday loans so risky is that they often come with extremely high interest rates and fees. According to the Consumer Financial Protection Bureau (CFPB), the average payday loan has an annual percentage rate (APR) of around 400%. This means that if you borrow $500 for two weeks, you could end up owing $575 in fees and interest – more than you borrowed in the first place.

Why are payday loans prohibited in West Virginia?

In 2009, West Virginia passed a law that prohibited payday loans in the state. The law cites the “excessively high cost” of payday loans and the “cycle of debt” that they can create as reasons for the ban. By preventing payday lenders from operating in the state, West Virginia hoped to protect its residents from the harmful effects of payday loans.

While the law has been successful in keeping payday lenders out of the state, some lenders have tried to work around it by offering online payday loans to West Virginia residents. However, these loans are still subject to West Virginia’s usury laws, which limit the interest rate on loans to 18% per year. This means that any lenders that try to offer payday loans to West Virginia residents are breaking the law.

What are the alternatives to payday loans in Colliers?

If you’re in Colliers and you need money quickly, payday loans might seem like your only option. However, there are other alternatives that could help you avoid the high fees and interest rates of payday loans:

  • Credit cards: If you have a credit card, you might be able to use it to cover your emergency expenses. While credit cards can also come with high interest rates, they’re usually more manageable than the rates charged by payday lenders.
  • Pawn shops: If you have something valuable that you can spare, you could try taking it to a pawn shop and getting a loan against it. Pawn shop loans often have lower interest rates than payday loans.
  • Personal loans: If you have decent credit, you could try applying for a personal loan from a bank or credit union. Personal loans usually have lower interest rates than payday loans and can give you more time to pay back the money.

Interesting facts and statistics

While payday loans are prohibited in West Virginia, they’re still a popular form of lending in other parts of the country. Here are a few interesting facts about payday loans:

  • The average payday loan borrower takes out eight loans per year.
  • One in four payday loans is re-borrowed nine times or more.
  • Payday lenders make $7 billion in fees each year.

Apply Now

If you’re in Colliers or elsewhere in West Virginia and you need money quickly, TheGuaranteedLoans may be able to connect you with potential lenders who can offer you alternative forms of lending. Please note that we are not a direct lender; rather, we work with a network of lenders who may be able to provide you with a loan that meets your needs. To get started, simply fill out our online application today.

F.A.Q.

Are payday loans legal in Colliers, West Virginia?

No, payday loans are prohibited in Colliers, West Virginia.

What are the alternatives to payday loans in Colliers, West Virginia?

Some options for short-term financial assistance in Colliers, West Virginia include credit union loans, personal loans from banks or online lenders, or borrowing from friends or family.

Look for Short-Term Loans in Other Cities: