Payday Loans in New Manchester, West Virginia

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

Company nameAddressZip codePhone number
Huntington Bank 5704 Pinecrest Dr, Huntington, WV 25704 +1 (304) 733 - 8230
SunTrust Bank 302 Great Teays Blvd, Scott Depot, WV 25560 +1 (304) 760 - 7460
Kroger Money Services 2007 7th St, Parkersburg, WV 26101 +1 (304) 424 - 6369
Will Jewelry and Loan 5523 MacCorkle Ave SW, South Charleston, WV 25309 +1 (304) 768 - 5101
Hancock County Savings Bank 1200 Ridge Ave, New Cumberland, WV 26047 +1 (304) 564 - 3368
First Sentinel Bank 234 Expert Cir, Princeton, WV 24739 +1 (304) 431 - 2477
Walmart Money Center 167 Progress Way, Hurricane, WV 25526
BB&T 120 Logan St, Kermit, WV 25674 +1 (304) 393 - 3371
Huntington Bank 130 Green Bag Road, Morgantown, WV 26501 +1 (304) 284 - 8595
City National Bank 300 8th St, Marlinton, WV 24954 +1 (304) 799 - 4640

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in New Manchester, WV, you can try to find different companies in big cities near by. Check out the following pages here: No Credit Check Loans in Charleston, WV, Payday Loans in Huntington, WV, No Credit Check Loans in Morgantown, WV and Payday Loan Without a Credit Check 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 New Manchester, WV.

Are Payday Loans Legal In New Manchester, 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

New Manchester, WV payday loan calculator

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

If you’re considering taking out a payday loan in New Manchester, West Virginia, it’s important to understand that payday loans are prohibited in this state. While it can be tempting to turn to these loans for a quick financial fix, there are several risks involved that could leave you in worse financial shape than when you started.

What Are Payday Loans?

First, let’s define what payday loans are. They are short-term loans that are typically due on the borrower’s next payday. The borrower writes a post-dated check or gives authorization for a direct debit from their bank account for the full amount of the loan plus fees and interest. The lender then gives the borrower cash or deposits the loan amount directly into their account.

While these loans may seem like a convenient solution for those in need of quick cash, they often come with high interest rates and fees that can leave borrowers in a cycle of debt.

Why Are Payday Loans Prohibited in West Virginia?

West Virginia, along with several other states, has taken steps to protect consumers from the pitfalls of payday loans. In 2006, the state passed a law capping the APR (annual percentage rate) on payday loans at 31%. However, many payday lenders found loopholes in the law and continued to charge much higher rates. The state responded by passing additional regulations in 2009, which effectively made payday lending illegal in West Virginia.

The main reason behind the state’s decision to prohibit payday loans is the high rates of interest and fees associated with these loans. According to the Consumer Financial Protection Bureau (CFPB), the average APR on a payday loan is around 390%. This means that a borrower could end up paying back significantly more than they originally borrowed.

The Risks of Payday Loans

While payday loans may seem like a quick and easy solution to financial troubles, they often come with significant risks and downsides. Some of the main risks of payday loans include:

  • High Interest Rates: As mentioned earlier, the APR for payday loans can be as high as 390%, leaving borrowers in a cycle of debt.
  • Fee Overload: In addition to high interest rates, payday lenders often charge additional fees for loan origination, late payments, and early repayment. These fees can quickly add up and leave borrowers with unmanageable debt.
  • Bank Account Debits: Many payday lenders require borrowers to provide direct access to their bank accounts, which can lead to overdraft fees and other financial problems if the lender attempts to withdraw money when there are insufficient funds in the account.
  • Collection Practices: If a borrower is unable to repay their loan, some payday lenders may resort to aggressive collection tactics, such as harassment, threats, and even lawsuits.

Interesting Facts and Statistics About Payday Loans in West Virginia

  • In 2019, the average payday loan amount in West Virginia was $375.
  • Between 2012 and 2013, the number of payday loans issued in West Virginia decreased by 80%, following the state’s crackdown on payday lending.
  • In 2014, the West Virginia Center on Budget and Policy estimated that payday lending drained over $25 million from the state’s economy each year.

Apply Now on TheGuaranteedLoans

If you’re in need of quick cash, there are still options available to you. TheGuaranteedLoans is a connector service that can connect you with potential lenders who may be able to offer you a loan that fits your needs.

It’s important to note that TheGuaranteedLoans is not a direct lender and does not have control over the loan terms or rates offered by the lenders in our network. However, we do our best to connect our customers with reputable lenders who abide by state and federal laws.

To begin the application process, simply fill out the online form on our website. We’ll ask for some basic personal and financial information, as well as the amount of money you need to borrow and the purpose of the loan. Once you’ve submitted your application, we’ll work to connect you with potential lenders who may be able to offer you a loan.

The Bottom Line

Payday loans may seem like a quick and easy way to get cash, but they often come with significant risks and downsides. In West Virginia, payday loans are prohibited, but there are still options available if you’re in need of a loan. At TheGuaranteedLoans, we’re committed to helping our customers find the best loan options available to them. Apply now to get started.

F.A.Q.

What should I do if a payday loan lender is threatening me with legal action in New Manchester, West Virginia?

If a payday loan lender is threatening you with legal action in New Manchester, West Virginia, you should contact the West Virginia State Department of Financial Services to report the lender's actions. The department may be able to help you resolve the issue and protect your rights.

Is it possible to get a payday loan from a lender in another state and use it in New Manchester, West Virginia?

No, it is not possible to get a payday loan from a lender in another state and use it in New Manchester, West Virginia. Payday loans are illegal in New Manchester, West Virginia, regardless of where the lender is located.

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