Payday Loans in Pax, West Virginia

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

Company nameAddressZip codePhone number
Jackson Hewitt Tax Service 200 Academy Dr, Ripley, WV 25271 +1 (304) 377 - 7111
BB&T Mortgage 1 Troy Dr, Charles Town, WV 25414
Fifth Third Bank & ATM 3049 Mount Vernon Rd, Hurricane, WV 25526 +1 (304) 760 - 0233
BB&T 500 13th Ave, Vienna, WV 26105 +1 (304) 295 - 5400
Huntington Bank 3120 University Ave, Morgantown, WV 26505 +1 (304) 291 - 7795
Huntington Bank 919 5th Ave, Huntington, WV 25701 +1 (304) 526 - 4600
Midatlantic Farm Credit 112 E Liberty St, Charles Town, WV 25414 +1 (304) 724 - 8767
Kroger Money Services 518 Park Center, Rainelle, WV 25962 +1 (304) 438 - 8951
City National Bank 1711 S 2nd St, Mason, WV 25260 +1 (304) 773 - 5514
Calhoun Banks 860 Arnoldsburg Road, Arnoldsburg, WV 25234 +1 (304) 655 - 8347

Payday Loan Companies in Nearby Cities

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

Beautiful sights of Pax, WV

Payday Loans Available in Pax, WV By The Following ZIP Codes:

25904

Are Payday Loans Legal In Pax, 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

Pax, WV payday loan calculator

The Legality of Payday Loans in Pax, West Virginia

If you’re looking for a payday loan in Pax, West Virginia, it’s important to know that it’s not legal. West Virginia passed legislation in 2008 that completely prohibits payday lending within the state. The good news is, there are alternative loan options available for those in need of quick cash.

Why Are Payday Loans Prohibited in West Virginia?

Payday loans are known for their high interest rates and fees, which can trap borrowers in a cycle of debt. West Virginia recognized the predatory nature of these types of loans and decided to put a stop to them altogether with the West Virginia Consumer Credit and Protection Act. Under this act, payday lenders and other small dollar lenders are prohibited from operating in the state.

The legislation was passed to protect West Virginia residents from the harmful effects of payday loans. Research has shown that payday loans often lead to more financial troubles than they solve. The high interest rates and short repayment terms can lead to borrowers taking out additional loans to cover the costs of their original loan, leading to a cycle of debt that can be difficult to break.

Alternatives to Payday Loans in Pax, West Virginia

Just because payday loans are not an option in Pax, West Virginia doesn’t mean that there aren’t other ways to get access to quick cash. Here are some options to consider:

  • Personal loans: Personal loans are a popular alternative to payday loans. They often have lower interest rates and longer repayment terms, making them a more affordable and manageable option. Be sure to shop around for the best rates and terms.
  • Credit cards: If you have good credit and need to borrow a small amount of money, a credit card can be a good option. Be sure to pay off your balance as soon as possible to avoid high interest charges.
  • Community resources: Consider reaching out to local churches or nonprofits for assistance. Some organizations offer short-term loans or emergency grants for those in financial need.
  • Side hustles: Consider taking on a part-time job or side hustle to earn extra income. Websites like Fiverr and TaskRabbit can connect you with people looking for help with various tasks and projects.

Facts and Statistics About Payday Loans

Despite being prohibited in West Virginia, payday loans are still legal in many other states and continue to be a popular option for those in need of quick cash. Here are some interesting facts and statistics about payday loans:

  • In 2020, approximately 12 million Americans used payday loans, totaling $9 billion in fees alone.
  • The average payday loan borrower takes out eight loans per year, each with an average loan amount of $375.
  • Payday lending is most prevalent in the southern and western regions of the United States.
  • Some states, like California, have implemented regulations on payday loans to cap interest rates and fees and prevent borrowers from getting trapped in a cycle of debt.

Apply Now

If you’re in need of quick cash and live in Pax, West Virginia, TheGuaranteedLoans can help connect you with potential lenders. We are a connector service, not a direct lender, so you can rest assured that we are committed to finding you the best loan options available. Fill out our online application today and take the first step towards financial stability.

F.A.Q.

Can a payday loan company file a lawsuit against me in Pax, West Virginia?

No, a payday loan company cannot file a lawsuit against you in Pax, West Virginia because these loans are illegal in the state.

Are there any federal laws that apply to payday loans in Pax, West Virginia?

Yes, there are federal laws that apply to payday loans in Pax, West Virginia, including the Military Lending Act and the Truth in Lending Act. These laws provide protections for consumers and regulate the practices of payday lenders.

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