Payday Loans in Davisville, West Virginia

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

Company nameAddressZip codePhone number
First Community Bank 298 Stokes Dr, Hinton, WV 25951 +1 (304) 466 - 5502
Pendleton Community Bank 204 Pinewood Dr, Beckley, WV 25801 +1 (304) 252 - 2265
First Community Bank 902 Northside Dr, Summersville, WV 26651 +1 (304) 883 - 4100
Summit Community Bank 310 N Main St, Moorefield, WV 26836 +1 (304) 530 - 1000
Midatlantic Farm Credit 112 E Liberty St, Charles Town, WV 25414 +1 (304) 724 - 8767
BB&T Bank 148 S Queen St, Martinsburg, WV 25401 +1 (304) 264 - 2265
Freedom Bank 302 WV-20, Buckhannon, WV 26201 +1 (304) 472 - 7070
First Community Bank 100 Market St, Man, WV 25635 +1 (304) 583 - 6525
Rice Johnathan P CPA 540 Main St, Union, WV 24983 +1 (304) 772 - 4406
Brown Edwards 1815 Jefferson St, Bluefield, WV 24701 +1 (304) 325 - 8157

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Davisville, 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, Same Day Loans in Morgantown, WV and Bad Credit 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 Davisville, WV.

Payday Loans Available in Davisville, WV By The Following ZIP Codes:

26142

Are Payday Loans Legal In Davisville, 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

Davisville, WV payday loan calculator

Payday loans can be a quick and easy solution for individuals who need fast cash to cover expenses. However, payday loans are illegal in West Virginia, including the town of Davisville. In this article, we will explore why payday loans are prohibited in West Virginia and what alternative options may be available.

The Reality of Payday Loans in West Virginia

Payday loans, also known as cash advances, are a short-term loan that is typically due on the borrower’s next payday. These loans are appealing to individuals who need immediate cash to cover bills, medical expenses or other unforeseen expenses.

In West Virginia, payday loans have been prohibited since 2009 under the West Virginia Consumer Credit and Protection Act. The law was enacted to protect consumers from predatory lending practices that often trap individuals in a cycle of debt. In addition to payday loans, auto title loans and other small-dollar loans with high interest rates are also prohibited in West Virginia.

Understanding the Risks of Payday Loans

The risks associated with payday loans are numerous and can be financially devastating to individuals who are already struggling. The average payday loan has an interest rate of 391%, making it difficult for borrowers to repay the loan on time. Additionally, payday lenders often require access to the borrower’s bank account, making it easy for them to withdraw funds on the due date.

When borrowers are unable to pay back a payday loan, they often take out another loan to cover the original loan plus interest. This creates a cycle of debt that can be nearly impossible to escape. In fact, studies have shown that the average payday loan borrower takes out 10 loans per year and spends nearly 200 days in debt.

Alternative Solutions for Davisville Residents

While payday loans may not be an option for residents of Davisville, there are other solutions available for those who need fast cash. Some options include:

  • Credit Cards: Credit cards can be a good solution for individuals who have good credit. However, high-interest rates and fees can also make credit cards a risky option.
  • Personal Loans: Personal loans from banks or credit unions can provide cash with lower interest rates and longer terms than payday loans. However, the application and disbursement process can be slower.
  • Side Jobs: Consider taking on a part-time job or freelancing to earn extra cash to cover expenses.
  • Community Assistance: There are community assistance programs available in many areas. Check with local churches, charities, and non-profits to see what programs may be available.

Interesting Facts About Payday Loans in the United States

Despite being prohibited in West Virginia, payday loans are still prevalent in many states across the US. Consider these statistics:

  • The average payday loan borrower spends about $520 in fees to borrow $375 in principal.
  • 12 million Americans use payday loans every year.
  • Payday loan companies have more storefront locations in the US than McDonald’s and Starbucks combined.
  • The Consumer Financial Protection Bureau found that 80% of payday loans are rolled over into a new loan within 14 days.

Apply Now

If you are in need of quick cash and live in an area where payday loans are legal, it is important to only work with reputable lenders. TheGuaranteedLoans is a connector service that can connect you with potential lenders. We are not a direct lender, but we work with a network of lenders who may be able to provide you with the cash you need. Simply fill out our online application to get started.

Please note that TheGuaranteedLoans does not make credit decisions and is not a lender. We are a loan connecting service that encourages responsible borrowing and works to connect those in need with potential lenders.

F.A.Q.

Are payday loans legal in Davisville, West Virginia?

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

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

Some options for short-term financial assistance in Davisville, 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: