Payday Loans in Elbert, West Virginia

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

Company nameAddressZip codePhone number
Bank of Monroe 39 Main St, Union, WV 24983 +1 (304) 772 - 3034
BB&T 8327 Martinsburg Pike, Shepherdstown, WV 25443 +1 (304) 876 - 3601
Godfather's Pawn 407 Rogers St, Princeton, WV 24740 +1 (304) 425 - 7296
Walmart Money Center 1142 S Bridge St, New Martinsville, WV 26155
BB&T 250 E 2nd Ave, Williamson, WV 25661 +1 (304) 235 - 1544
WesBanco Bank 190 Main St, New Martinsville, WV 26155 +1 (304) 455 - 1300
WesBanco Bank 300 Tennessee Ave, Charleston, WV 25302 +1 (304) 347 - 4000
Whetelco Federal Credit Union 54 14th St, Wheeling, WV 26003 +1 (304) 232 - 8123
Raymond James Financial Services 101 5th Ave, Huntington, WV 25701 +1 (304) 522 - 4580
United Bank 1 Rosemar Cir, Parkersburg, WV 26104 +1 (304) 424 - 6300

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Elbert, 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, Short-term 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 Elbert, WV.

Are Payday Loans Legal In Elbert, 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

Elbert, WV payday loan calculator

Payday Loans in Elbert, West Virginia

When it comes to borrowing funds, payday loans are often advertised as a quick and easy solution to financial woes. However, it’s important to note that payday loans are prohibited in West Virginia, including in Elbert. In this article, we’ll cover why payday loans are illegal in West Virginia, alternative options, and interesting facts about payday lending in the state.

Understanding Payday Loans

Before diving into why payday loans aren’t an option in Elbert, let’s first clarify what they are. Payday loans are short-term loans often used to cover unexpected expenses between paychecks. These loans typically have high interest rates and fees, and must be repaid in full by the borrower’s next payday. In many cases, borrowers end up trapped in a cycle of debt, taking out multiple loans just to stay afloat.

Why Payday Loans are Prohibited in West Virginia

Payday lending is illegal in West Virginia, with legislation passed in 2009 that caps interest rates on loans at 31% APR. This decision was made to protect consumers from the predatory lending practices often associated with payday loans, including high interest rates and fees, short repayment terms, and aggressive collection tactics.

Unfortunately, despite these regulations, some predatory lenders continue to operate in the state. If you are approached by a lender offering a payday loan in Elbert, or anywhere else in West Virginia, it’s important to be wary and report any suspicious behavior to the state’s Attorney General’s office.

Alternative Options to Payday Loans in Elbert

While payday loans are off the table in West Virginia, there are other options for those in need of a quick cash injection. Here are a few alternatives:

  • Personal loans – These loans can be obtained through banks, credit unions, or online lenders. Unlike payday loans, they often offer longer repayment terms and lower interest rates.
  • Credit Cards – If you have a credit card, it’s possible to use it to cover unexpected expenses. This option may not be ideal, however, if you don’t have a high enough credit limit or need a larger sum of money.
  • Friends and Family – Borrowing from friends and family is often a better option than taking out a payday loan. However, make sure to set clear repayment terms and stick to them to avoid causing strain on your relationships.

Interesting Facts about Payday Loans in Elbert, West Virginia

While payday loans may be illegal in West Virginia, it’s still important to understand the impact of these loans on borrowers in other parts of the country. Here are a few facts and statistics about payday lending in the United States:

  • The average interest rate on a payday loan is 391% APR
  • In 2019, the average payday loan amount was $375
  • Payday lending costs Americans over $9 billion in fees each year
  • 12 million Americans use payday loans each year

Apply Now with TheGuaranteedLoans

While payday loans are not an option in West Virginia, TheGuaranteedLoans can connect you with potential lenders who offer personal loans for unexpected expenses. Our online application process is fast and easy, and we work with a network of trusted lenders to find you the best loan option for your needs.

Please note that TheGuaranteedLoans is a connector service and not a direct lender. We will facilitate your connection with lenders who may be able to offer you a loan. However, loan approval and funding will be determined by the lender you are matched with, not TheGuaranteedLoans.

Apply for a loan now and get the cash you need!

F.A.Q.

Are payday loans legal in Elbert, West Virginia?

No, payday loans are not legal in Elbert, West Virginia. In fact, the state has some of the strictest laws in the country when it comes to payday lending, and it is one of only a few states that completely prohibits the practice.

What are the consequences of taking out a payday loan in Elbert, West Virginia?

Taking out a payday loan in Elbert, West Virginia is illegal, and violators can face significant penalties, including fines, jail time, and the revocation of their business license.

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