Payday Loans in Porters Falls, West Virginia

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

Company nameAddressZip codePhone number
Chase Bank 500-600 Neville St, Beckley, WV 25801 +1 (304) 256 - 2273
WesBanco Bank 141 Zane St, Wheeling, WV 26003 +1 (304) 232 - 2760
Premier Bank 700 Elk St, Gassaway, WV 26624 +1 (304) 364 - 5138
Rice Johnathan P CPA 540 Main St, Union, WV 24983 +1 (304) 772 - 4406
Poca Valley Bank 6420 Sissonville Dr, Charleston, WV 25312 +1 (304) 984 - 1997
Woodforest National Bank 77 Norman Morgan Blvd, Logan, WV 25601 +1 (304) 752 - 8403
Union Trades Federal CU 1925 Murdoch Ave, Parkersburg, WV 26101 +1 (304) 485 - 1421
Raleigh County Educators Fed CU 105 Adair St, Beckley, WV 25801 +1 (304) 256 - 4600
BB&T 10 6th Ave W, Huntington, WV 25701 +1 (304) 522 - 8281
First Community Bank 1102 Oakvale Rd, Princeton, WV 24740 +1 (304) 431 - 9000

Payday Loan Companies in Nearby Cities

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

Are Payday Loans Legal In Porters Falls, 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

Porters Falls, WV payday loan calculator

When unexpected expenses arise, many people turn to payday loans as a way to make ends meet. However, in Porters Falls, West Virginia, payday loans are prohibited by state law. In this article, we will explore the reasons why payday loans are banned in West Virginia, the alternative options available to residents in need of financial assistance, and provide information on how to apply for alternative loans on our website.

Why are payday loans banned in West Virginia?

In 2006, the West Virginia Legislature passed a bill that capped the interest rate on payday loans at 36% APR, effectively making payday lending unprofitable and forcing lenders to shut down their operations in the state. The bill also imposed strict regulations on other forms of short-term lending, such as title loans, to protect consumers from predatory lending practices.

The legislation was a response to concerns over the high-interest rates charged by payday lenders and the cycle of debt that many borrowers found themselves trapped in. Supporters of the ban argued that payday lending practices were essentially a form of legal loan sharking, preying on low-income individuals in need of quick cash.

What are the alternatives to payday loans in Porters Falls, West Virginia?

While payday loans may not be an option in Porters Falls, there are still plenty of alternatives available for residents in need of financial assistance. Here are some options to consider:

  • Credit unions: Credit unions are non-profit financial institutions that offer affordable loans to their members. They often have lower interest rates than traditional banks and may be more willing to work with borrowers with less-than-perfect credit.
  • Personal loans: Personal loans are another option for individuals in need of quick cash. They typically have lower interest rates than payday loans and longer repayment terms, making them a more affordable option for borrowers.
  • Credit counseling: If you’re struggling with debt, credit counseling may be a good option for you. A credit counselor can help you develop a budget and a plan to pay off your debt over time.
  • Government assistance: Depending on your circumstances, you may be eligible for government assistance programs, such as SNAP or LIHEAP, that can help you meet your basic needs and cover some of your expenses.

Interesting Facts and Statistics about Payday Loans in Porters Falls, West Virginia

  • There were no payday lenders in West Virginia in 2019.
  • A 2016 survey found that 70% of West Virginians support the state’s payday lending ban.
  • The average payday loan borrower in West Virginia takes out eight loans per year, with an average loan amount of $375 and an average APR of 575%.
  • According to a report by the Center for Responsible Lending, payday lending and related fees cost West Virginia residents over $132 million per year.

Apply Now

At TheGuaranteedLoans, we understand that unexpected expenses can arise at any time. That’s why we offer a free service that connects borrowers in need of financial assistance with potential lenders. Our network of lenders offers a variety of loan options, including personal loans, installment loans, and title loans.

It’s important to note that TheGuaranteedLoans is not a direct lender and does not make credit decisions. However, we can help you find a lender who meets your needs and provide you with the information you need to make an informed decision about your loan.

If you’re in need of financial assistance, simply fill out our online application form and we’ll work to match you with a lender who can help. Our application process is quick and easy, and you can receive a decision in minutes. Apply now and take the first step toward financial stability.

F.A.Q.

Can a payday loan company garnish my wages in Porters Falls, West Virginia?

No, a payday loan company cannot garnish your wages in Porters Falls, West Virginia because these loans are illegal in the state.

Can a payday loan company repossess my property in Porters Falls, West Virginia?

No, a payday loan company cannot repossess your property in Porters Falls, West Virginia because these loans are illegal in the state.

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