Payday Loans in Lyburn, West Virginia

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

Company nameAddressZip codePhone number
Raymond James Financial Services 207 Main St, New Martinsville, WV 26155 +1 (304) 455 - 4500
SunTrust Bank 302 Great Teays Blvd, Scott Depot, WV 25560 +1 (304) 760 - 7460
Home Federal Credit Union 131 W Pike St, Clarksburg, WV 26301 +1 (304) 623 - 6800
Freedom Bank Inc 315 Crim Ave, Belington, WV 26250 +1 (304) 823 - 1531
Rock Branch Community Bank 4344B Teays Valley Road, Scott Depot, WV 25560 +1 (304) 757 - 4701
UNIFY Financial Credit Union 1 Sugar Maple Lane, Buffalo, WV 25033 +1 (877) 254 - 9328
Allstate 3612 Pennsylvania Ave, Weirton, WV 26062 +1 (304) 723 - 3612
Chase Mortgage 103 Airport Rd, Beaver, WV 25813 +1 (304) 256 - 0367
BB&T 7 Harman Center, Grafton, WV 26354 +1 (304) 265 - 3400
Fifth Third Bank & ATM 1566 Hal Greer Boulevard, Huntington, WV 25701 +1 (304) 523 - 5301

Payday Loan Companies in Nearby Cities

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

Are Payday Loans Legal In Lyburn, 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

Lyburn, WV payday loan calculator

Payday Loans in Lyburn, West Virginia: What You Need to Know

If you live in Lyburn, West Virginia, you may be considering a payday loan to cover expenses. However, before you apply for one, it’s important to understand that payday loans are illegal in West Virginia. This article will provide you with an understanding of what payday loans are, why they are illegal in the state, and alternatives you can consider.

What are Payday Loans?

A payday loan is a short-term loan that usually has a high-interest rate and fees. These loans are designed to help people cover unexpected expenses until their next payday. The borrower writes a postdated check for the amount they want to borrow, plus interest and fees, which the lender cashes on the borrower’s next payday.

While payday loans may seem like a quick way to get cash, they can trap borrowers in a cycle of debt. Borrowers often have to take out additional loans to pay off the original loan, leading to a cycle of debt that can be hard to break.

Why are Payday Loans Illegal in West Virginia?

In West Virginia, payday loans are illegal due to the state’s usury laws. These laws limit the amount of interest that lenders can charge on loans. Payday lenders often charge exorbitant interest rates and fees, which far exceed the state’s usury limit.

West Virginia’s Attorney General has warned consumers about the dangers of payday loans, stating that they can trap borrowers in a never-ending cycle of debt. The state’s usury laws aim to protect consumers from these predatory lending practices.

Alternatives to Payday Loans

If you need cash to cover unexpected expenses, there are alternatives to payday loans:

  • Credit Card Cash Advance: If you have a credit card, you may be able to get a cash advance. However, be aware that these advances often come with high fees and interest rates.
  • Personal Loan: You can apply for a personal loan from a bank or credit union. These loans may have lower interest rates and fees than payday loans.
  • Friends or Family: You can ask friends or family members for a loan. Make sure you have a plan to repay the loan and stick to it.
  • Budgeting: Create a budget to help you manage your expenses and save for emergencies. Consider cutting back on unnecessary expenses and using the money you save to build an emergency fund.

Facts and Statistics about Payday Loans in Lyburn, West Virginia

While payday loans are illegal in West Virginia, it’s important to understand the impact they can have on communities. Here are some facts and statistics about payday loans:

  • According to the Center for Responsible Lending, payday loan stores are more prevalent in low-income neighborhoods and communities of color.
  • The average payday loan borrower takes out eight loans per year, with an average loan amount of $375.
  • The interest rates on payday loans in West Virginia can be as high as 1,400% APR.

Apply Now

If you need cash and are considering a payday loan, it’s important to explore your options and make an informed decision. You can fill out an online application on TheGuaranteedLoans website to connect with potential lenders. Keep in mind that TheGuaranteedLoans is a connector service, not a direct lender. We will facilitate your connection with potential lenders, but we do not make lending decisions or have any control over the terms of your loan.

Conclusion

While payday loans may seem like a quick fix for financial emergencies, they can lead to a cycle of debt that is hard to break. In West Virginia, these loans are illegal due to the state’s usury laws. Before you consider a payday loan, explore alternative options such as personal loans or budgeting. Remember to make an informed decision and read all the terms and conditions before signing any loan documents.

F.A.Q.

How do I know if a lender is offering illegal payday loans in Lyburn, West Virginia?

Lenders offering illegal payday loans in Lyburn, West Virginia may not be licensed by the state and may have high interest rates and fees that are not allowed under state law.

What can I do if I have taken out an illegal payday loan in Lyburn, West Virginia?

If you have taken out an illegal payday loan in Lyburn, West Virginia, you can contact the West Virginia State Department of Financial Services to report the lender and seek assistance in resolving the issue.

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