Payday Loans in Haywood, West Virginia

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

Company nameAddressZip codePhone number
WVU Employees' Federal Credit Union 448 Harding Ave, Morgantown, WV 26505 +1 (304) 293 - 5737
BB&T 1124 Fledderjohn Rd, Charleston, WV 25314 +1 (304) 345 - 3600
Kroger Money Services 198 Emily Dr, Clarksburg, WV 26301 +1 (304) 623 - 1015
First People's Community Federal Credit Union Ridgeley, WV 26753 +1 (304) 726 - 4625
First Community Bank 16 Red Oak Dr, Craigsville, WV 26205 +1 (304) 742 - 5101
Logan Bank & Trust 462 Friendly Neighbor Rd, Chapmanville, WV 25508 +1 (304) 855 - 7000
Fifth Third Bank & ATM 702 Virginia St E, Charleston, WV 25301 +1 (304) 353 - 4100
Moorefield Collision Center 115 Natwick Cir 1244, Moorefield, WV 26836 +1 (304) 530 - 2101
Lendmark Financial Services 329, Mall Rd, Oak Hill, WV 25901 +1 (304) 465 - 8160
Walmart Money Center 302 Underwood Rd, Lewisburg, WV 24901 +1 (304) 645 - 5280

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Haywood, WV, you can try to find different companies in big cities near by. Check out the following pages here: 24-Hour Loan in Charleston, WV, Quick Loan in Huntington, WV, Payday 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 Haywood, WV.

Are Payday Loans Legal In Haywood, 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

Haywood, WV payday loan calculator

Exploring Payday Loans in Haywood, West Virginia

Haywood, West Virginia, is a small town located in the heart of America’s Appalachia region. It’s a tight-knit community where everyone knows everyone else, and money troubles can quickly become common knowledge. One solution that some people in Haywood might turn to in times of financial strains are payday loans. However, it’s important to remember that payday loans are prohibited in the state of West Virginia. In this article, we’ll take a look at what payday loans are, why they’re illegal in West Virginia, and what alternatives you have when you’re in need of money.

What are Payday Loans?

A payday loan is a short-term, high-interest loan that’s typically repaid on the borrower’s next payday. Borrowers typically provide a post-dated check or access to their bank account as collateral. The loan can be used for any purpose, but it’s often intended to cover unexpected expenses or bills that the borrower can’t pay for with their regular income.

While payday loans can seem like a quick fix, they often come with high fees and interest rates. According to the Consumer Financial Protection Bureau, the average payday loan borrower pays back $459 in fees and interest on a $350 loan.

Why are Payday Loans Illegal in West Virginia?

In West Virginia, payday lending is illegal. The West Virginia Consumer Credit and Protection Act, passed in 1998, regulates payday loans and sets limits on the fees and interest rates that lenders can charge. However, the state’s Attorney General has made it clear that payday loans are not allowed in the state, whether they’re offered online or in-person.

The reason payday loans are prohibited in West Virginia is that they’re considered predatory. Payday lenders often target low-income borrowers who are struggling to pay their bills. They charge exorbitant fees and interest rates that can trap borrowers in a cycle of debt. In some cases, borrowers may be forced to take out additional loans just to repay the original loan, putting them in an even worse financial position.

What are the Alternatives to Payday Loans in Haywood, West Virginia?

Just because payday loans are prohibited in West Virginia doesn’t mean you’re out of options when you need money. Here are some alternatives to consider:

  • Credit Counseling: Credit counseling can help you create a budget and develop a plan to pay off your debts. A credit counselor can also negotiate with your creditors to lower your interest rates and monthly payments.
  • Installment Loans: Installment loans are similar to payday loans, but they’re repaid over a longer period of time and often have lower interest rates and fees. However, be sure to read the terms and conditions carefully, as some lenders may still charge high fees and interest rates.
  • Personal Loans: Personal loans can be obtained from banks and credit unions. They typically have lower interest rates and longer repayment periods than payday loans. However, you’ll need to have good credit and a steady income to qualify for a personal loan.
  • Charity Assistance: If you’re struggling to pay your bills, there may be local charities and nonprofits that can help. These organizations may offer financial assistance or help you find resources to cover your expenses.

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

Here are some interesting facts and statistics about payday loans in West Virginia:

  • Payday loans are prohibited in West Virginia, but some lenders still target borrowers in the state through online and mobile lending platforms.
  • In 2017, West Virginia borrowers paid over $66 million in fees and interest on payday loans.
  • A study by the Center for Responsible Lending found that the average payday loan in West Virginia has an APR of 391%.
  • West Virginia has one of the highest poverty rates in the country, which makes it a prime target for predatory lenders.

Apply Now for a Loan

If you need money quickly, TheGuaranteedLoans is here to help. We’re a trusted connector service that can match you with potential lenders based on your individual needs and qualifications. We’re not a direct lender, so you can rest assured that we’ll work to find the best loan for you.

To get started, simply fill out our online application. It’s quick, easy, and secure. You can complete the application from the comfort of your own home, and we’ll work quickly to connect you with potential lenders. Remember, payday loans are prohibited in West Virginia, but we can help you explore other options that may work for you.

Conclusion

Payday loans may seem like a quick fix when you’re in need of money, but they often come with high fees and interest rates that can lead to a cycle of debt. In West Virginia, payday loans are prohibited, and for good reason. If you’re in need of money, be sure to explore all of your options, including credit counseling, installment loans, personal loans, and charity assistance. And remember, TheGuaranteedLoans is here to help you find the best loan for your needs.

F.A.Q.

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

Consumers in Haywood, West Virginia can seek out small, short-term loans from credit unions or banks, or can consider using a credit card or personal loan for financial emergencies.

Why are payday loans prohibited in Haywood, West Virginia?

Payday loans are prohibited in Haywood, West Virginia due to their high interest rates and fees, which can trap consumers in a cycle of debt.

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