Payday Loans in Lerona, West Virginia

All Credits Welcome!

If you have a bad credit score, then don’t worry – it’s not an issue for us!

TGL Loan Services

You can get your money fast after filling out the simple form on the "Get Started" page! Lenders cannot guarantee the approval, but they could approve your loans, even if you are unemployed, receiving government benefits.

Fast Money In Your Bank

You can get your money within hours after filling out the form! We work 24/7 for you!
  • This form is protected with secure 256-bit SSL encryption
  • By clicking “Get Started”, I consent and agree to the Privacy Policy and Terms of Use.

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

Company nameAddressZip codePhone number
City of Clarksburg Federal Credit union 101 S 4th St, Clarksburg, WV 26301 +1 (304) 624 - 1678
City National Bank 413 5th St, New Haven, WV 25265 +1 (304) 882 - 2135
Summit Community Bank 564 N Main St, Franklin, WV 26807 +1 (304) 358 - 2388
First National Bank 1409 Main St, Follansbee, WV 26037 +1 (304) 527 - 1770
Poca Valley Bank 6420 Sissonville Dr, Charleston, WV 25312 +1 (304) 984 - 1997
Loan Assistance 650 Jennmar Dr, Reedsville, WV 26547 +1 (304) 296 - 1448
Summit Community Bank 231 Aikens Center, Martinsburg, WV 25404 +1 (304) 260 - 0811
Lendmark Financial Services 6526 Mall Rd, Morgantown, WV 26501 +1 (304) 983 - 6208
Clear Mountain Bank 330 E Main St, Kingwood, WV 26537 +1 (304) 329 - 2265
167th Federal Credit Union 1945 Edwin Miller Blvd, Martinsburg, WV 25404 +1 (304) 267 - 2944

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Lerona, WV, you can try to find different companies in big cities near by. Check out the following pages here: Guaranteed Loans in Charleston, WV, Payday Loans 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 Lerona, WV.

Are Payday Loans Legal In Lerona, 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

Lerona, WV payday loan calculator

Payday Loans in Lerona, West Virginia: Why They Are Prohibited

Payday loans, also referred to as cash advances, are short-term loans with high interest rates intended to help individuals make ends meet until their next paycheck. Although they may seem like a solution for those facing financial struggles, these loans carry with them a great risk of trapping individuals in debt cycles, especially in states where regulations are not strict enough to protect borrowers.

In today’s article, we will discuss payday loans in Lerona, West Virginia, where they are prohibited by law, and why this is the case. We will also offer alternative solutions for those in need of financial assistance and provide an “Apply Now” section for readers seeking relevant connections through TheGuaranteedLoans.

Why Are Payday Loans Prohibited in West Virginia?

Payday loans have been banned in West Virginia since 2007. The state determined that payday lending practices were predatory, and the interest rates charged were far too excessive for those seeking financial assistance. The payday lenders were charging an average of 391% in interest rates, a rate which left many borrowers trapped in a cycle of debt.

Lobbyists have since tried numerous times to bring back payday loans in West Virginia, but each attempt has been met with significant opposition from consumer protection groups and lawmakers. The state has remained committed to protecting its consumers from the significant financial risks associated with payday loans.

Alternative Financial Assistance Options

Taking a payday loan might seem like the best option if you need cash urgently, but the financial risks involved make it an unwise decision. If you reside in Lerona, West Virginia, consider alternative solutions such as:

  • Credit Union Loans: Credit unions are a viable financial institution to consider if you have a low credit score. They offer short-term loans with lower interest rates than most payday lenders.
  • Personal Loans: You could opt for a personal loan from a financial institution offering lower interest rates, which will even improve your credit score.
  • Credit Card Advance: Although cash advances from credit cards are not an ideal solution, they are a better alternative than payday loans. If your credit score is above average, you could benefit from a lower interest rate.

Facts and Statistics About Payday Loans in Lerona, West Virginia

The fact that payday loans are prohibited in Lerona, West Virginia, does not mean that its residents are not prone to financial challenges that necessitate short-term financial assistance. The following are some verified facts and statistics about the impact of payday loans in other states:

  • According to the U.S. Consumer Financial Protection Bureau, around 12 million Americans depend on payday loans each year, amassing at least $9 billion in fees and interest charges.
  • People who use payday loans are generally low-income earners with little to no savings. They usually use these loans immediately before or after receiving their paycheck to keep up with living expenses, rent, or other essential bills.
  • Most people who take out payday loans end up in debt cycles that continue impacting their finances for months, if not years. They borrow to pay off previous debts and end up taking out more loans to pay off new debts.
  • Payday loans can ruin borrowers’ credit scores, hindering their chances of accessing traditional financial assistance plans in the future.

Apply Now for Financial Assistance

If you need financial assistance, consider exploring the alternatives we have proposed above. Bear in mind that TheGuaranteedLoans is a connector service, not a direct lender. We can help you find potential lenders and facilitate connections between you and the lenders. Feel free to fill out our online application, and we will match you with a suitable lender who best fits your needs.

F.A.Q.

Where can I get more information about payday loans in Lerona, West Virginia?

More information about payday loans in Lerona, West Virginia can be found on the West Virginia State Department of Financial Services website. You can also contact the department directly with any questions or concerns.

Are payday loans available in Lerona, West Virginia?

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

Look for Short-Term Loans in Other Cities: