Payday Loans in Petroleum, West Virginia

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

Company nameAddressZip codePhone number
City National Bank 5263 US-60 E, Huntington, WV 25705 +1 (304) 733 - 3600
Bank of Mingo Mate St & Bridge St, Matewan, WV 25678 +1 (304) 426 - 4000
New Peoples Bank 1221 Stafford Dr, Princeton, WV 24740 +1 (304) 487 - 9800
Pioneer West Virginia Federal Credit Union 1 Warrior Way, Belle, WV 25015 +1 (304) 348 - 6648
Bank of Charles Town 9738 Tuscarora Pike, Martinsburg, WV 25403 +1 (304) 262 - 0089
Peoples Federal Credit Union 419 1st Ave S, Nitro, WV 25143 +1 (304) 722 - 2274
United States Postal Service 1074 McClellan Hwy, Harts, WV 25524 +1 (800) 275 - 8777
Huntington Bank 280 Southridge Blvd, South Charleston, WV 25309 +1 (304) 744 - 5512
Raymond James Financial Services 1102 Grand Central Ave, Vienna, WV 26105 +1 (304) 422 - 6400
Monro Auto Service And Tire Centers 200 Marshall St N, Benwood, WV 26031 +1 (304) 371 - 4557

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Petroleum, WV, you can try to find different companies in big cities near by. Check out the following pages here: Online Loans in Charleston, WV, Payday Loan Companies in Huntington, WV, Short-term 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 Petroleum, WV.

Are Payday Loans Legal In Petroleum, 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

Petroleum, WV payday loan calculator

Payday Loans in Petroleum, West Virginia: Understanding the Prohibition and Alternative Options

Payday loans, also known as cash advances or payday advances, are a type of short-term loan typically offered by lenders with the promise of quick access to cash. However, in Petroleum, West Virginia, payday loans are prohibited by law. While payday loans can be tempting for many individuals who are struggling financially, it is important to be aware of the potential consequences and explore alternative options.

Why Payday Loans Are Prohibited in Petroleum, West Virginia

Payday loans were made illegal in West Virginia in 2007 due to concerns over predatory lending practices and the high interest rates charged by payday lenders. The law states that payday loans cannot be made in West Virginia and that lenders who offer these loans can be fined. While this is intended to protect consumers from falling into debt traps, it can make it difficult for individuals who need emergency funds to find quick cash.

Other Short-Term Loan Options

Although payday loans are prohibited in Petroleum, West Virginia, there are still some alternative options for short-term loans. These include:

  • Installment loans: These loans are offered by many online lenders and allow borrowers to pay back the loan amount in installments over a period of time. This can be a more flexible option for borrowers who need cash but don’t want to fall into a debt trap.
  • Personal loans: Personal loans can be obtained from banks, credit unions, or online lenders. These loans typically have better interest rates and repayment terms than payday loans. However, they may require a higher credit score and longer approval times.
  • Credit cards: Credit cards can be a useful tool for short-term loans, particularly if you already have a credit card with a low-interest rate or 0% APR introductory offer. However, it is important to use credit cards responsibly and pay off the balance in full each month to avoid high-interest charges.

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

  • In West Virginia, the average payday loan borrower takes out eight loans per year, with an average loan size of $375.
  • According to a report by the Center for Responsible Lending, payday lenders in West Virginia charge an average APR of 130% on their loans.
  • Payday lenders target low-income and vulnerable populations, including minorities and military personnel.

Apply Now

If you are in need of emergency funds and are unable to obtain a payday loan in Petroleum, West Virginia, TheGuaranteedLoans can help. We are a connector service that helps borrowers connect with potential lenders who offer a range of short-term loan options. It is important to note that we are not a direct lender and we do not offer payday loans. However, we are committed to providing our customers with access to the best loan options available to them.

Applying for a loan through TheGuaranteedLoans is easy. Simply fill out our online application form and we will match you with potential lenders who offer loans that fit your needs. Our service is free and there is no obligation to accept any loan offers you receive.

Conclusion

While payday loans are illegal in Petroleum, West Virginia, there are still alternative short-term loan options available. It is important to research your options and find a loan that fits your needs and your budget. If you are considering a loan, it is important to read the terms and conditions carefully and ensure that you can afford to repay the loan in full and on time. Remember, TheGuaranteedLoans is here to help you find the best loan options available to you, so you can get the cash you need without falling into a debt trap.

F.A.Q.

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

Lenders offering illegal payday loans in Petroleum, 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 Petroleum, West Virginia?

If you have taken out an illegal payday loan in Petroleum, 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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