Payday Loans in Saint Marys, West Virginia

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

Company nameAddressZip codePhone number
Monro Auto Service And Tire Centers 200 Marshall St N, Benwood, WV 26031 +1 (304) 371 - 4557
United Bank 4261 Robert C Byrd Dr, Beckley, WV 25801 +1 (304) 255 - 1454
Summit Community Bank 1049 Cook Pkwy, Oceana, WV 24870 +1 (304) 682 - 6221
First United Bank & Trust 7736 Winchester Ave, Inwood, WV 25428 +1 (304) 229 - 5821
Farm Credit of the Virginias 2112 Ripley Rd, Ripley, WV 25271 +1 (304) 372 - 5671
Tri State Federal Credit Union 2828 1st Ave, Huntington, WV 25702 +1 (304) 526 - 1047
First State Bank 6441 Farmdale Rd, Barboursville, WV 25504 +1 (304) 736 - 5271
Premier Bank Inc. 307 Hudgins St, Logan, WV 25601 +1 (304) 752 - 9627
Auto Choice 1201 Lafayette Ave, Moundsville, WV 26041 +1 (304) 845 - 2157
City National Bank 1041 Church St, Milton, WV 25541 +1 (304) 743 - 9041

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Saint Marys, WV, you can try to find different companies in big cities near by. Check out the following pages here: Guaranteed Loans in Charleston, WV, Payday Loans 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 Saint Marys, WV.

Beautiful sights of Saint Marys, WV

Are Payday Loans Legal In Saint Marys, 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

Saint Marys, WV payday loan calculator

Understanding Payday Loans in Saint Marys, West Virginia

Payday loans, while legally prohibited in West Virginia, are still a controversial financial product that is frequently used by consumers in need of short-term cash solutions. In Saint Marys, West Virginia, many people may be unaware of the legal status of payday loans in their state. This article aims to provide a comprehensive understanding of payday loans in Saint Marys, West Virginia, the legal and financial considerations of obtaining such loans, and why to avoid them.

The Prohibition of Payday Loans in West Virginia

Payday loans are prohibited in West Virginia by law. This law was enacted to protect consumers from predatory lending practices and ensure they are not trapped in a cycle of debt. Under West Virginia Code 46A-4-107 and 32A-3-1 et seq., payday loans are considered illegal. If caught lending payday loans, a lender may face substantial fines or even lose their license to do business in the state. 

The Risks of Payday Loans

While payday loans may be tempting for Saint Marys residents who are short on cash to pay for unexpected expenses, it is important to consider the risks associated with such loans. Payday loans typically have an annual percentage rate (APR) of 400% or higher, trapping borrowers in a cycle of debt that is difficult to break free from. According to the Consumer Financial Protection Bureau (CFPB), most payday borrowers end up renewing or doing re-borrowing multiple times, and only 15% are able to repay the loan on time. Borrowers often end up paying more than double their original loan amount in fees and interest charges.

What Are the Alternatives to Payday Loans?

If you live in Saint Marys, West Virginia, and are in need of short-term cash, there are several alternatives to payday loans that you should consider:

  • Credit Counseling: A credit counselor can provide you with free advice and guidance on reducing your expenses and managing your finances effectively. This can help you avoid future financial crises and break free from a cycle of debt.
  • Pawn Shop Loans: If you have valuable items such as jewelry, electronics, or musical instruments, you can use them as collateral to obtain a pawn shop loan. These loans typically have much lower interest rates than payday loans, and you can repay the loan over a longer period.
  • Credit Card Cash Advances: If you have a credit card, you can take a cash advance against it. This option typically has lower interest rates and fees than payday loans, but be aware that you will need to pay it back quickly to avoid accruing more debt.

Always remember that it is important to carefully consider your options before taking on debt, and make sure that you can repay the loan on time.

Interesting Facts and Statistics:

Here are some interesting facts and statistics regarding payday loans:

  • Payday loans are banned in 14 states in the US, including West Virginia.
  • On average, payday loan borrowers take out eight loans per year, and spend almost 200 days in debt.
  • The payday loan industry earns an estimated $9 billion in fees annually.
  • Payday loans are often marketed to low-income and minority populations.

How to Obtain a Loan?

If you urgently need a loan in Saint Marys, West Virginia, it is essential to remember that payday loans are illegal. However, there are many lenders who offer installment loans, personal loans, and other types of credit products that might suit your needs. TheGuaranteedLoans is a connector service that facilitates connections between potential lenders and borrowers. Simply fill out our online application form, and we will connect you with lenders who are willing and able to provide you with the loan you need. Remember, careful consideration and a solid repayment plan are essential before obtaining any credit.

No one ever wishes to be put in a situation where they need quick cash. But if it happens, it’s essential to make an informed decision on which loan product to choose. Prohibited payday loans are not a valid choice in Saint Marys, West Virginia. However, many legal alternatives provide a much better solution for those in need of short-term loans. At TheGuaranteedLoans, we aim to provide all the necessary support to our customers to make an informed choice. Contact us for more information on the legal alternatives to payday loans available in Saint Marys, West Virginia.

F.A.Q.

Can a payday loan company report me to a credit bureau in Saint Marys, West Virginia?

No, a payday loan company cannot report you to a credit bureau in Saint Marys, West Virginia because these loans are illegal in the state.

Can a payday loan company take me to court in Saint Marys, West Virginia?

No, a payday loan company cannot take you to court in Saint Marys, West Virginia because these loans are illegal in the state.

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