Payday Loans in Smoot, West Virginia

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

Company nameAddressZip codePhone number
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
West Union Bank 105 Main St, West Union, WV 26456 +1 (304) 873 - 2361
Huntington Bank 900 Lee St E, Charleston, WV 25301 +1 (304) 348 - 5001
BB&T - Craigsville WV Branch 457 Craigsville Rd, Craigsville, WV 26205 +1 (304) 742 - 5405
Acacia Group Inc 820 Market St, Parkersburg, WV 26101 +1 (304) 865 - 4460
Chris Freeman - Raymond James 1144 Market St, Wheeling, WV 26003 +1 (304) 233 - 6600
Pioneer West Virginia Federal Credit Union 416 Main St, Huntington, WV 25702 +1 (304) 348 - 6648
WesBanco Bank 4650 1st Ave, Nitro, WV 25143 +1 (304) 755 - 4700
Huntington Bank 1226 W Main St, Bridgeport, WV 26330 +1 (304) 842 - 6955

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Smoot, WV, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Charleston, WV, Quick Loan in Huntington, WV, Payday Loans in Morgantown, WV and Same Day 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 Smoot, WV.

Are Payday Loans Legal In Smoot, 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

Smoot, WV payday loan calculator

Payday loans are a popular option for those who need quick access to cash. However, they are prohibited in Smoot, West Virginia, and the entire state. Payday loans have long been controversial because of their high-interest rates and short repayment terms, which can leave borrowers in a cycle of debt.

The Legal Status of Payday Loans in West Virginia

In West Virginia, payday loans are not legal. The state’s usury laws prohibit interest rates above 31% APR, and payday lenders typically charge much higher rates, sometimes up to 400% or more. As a result, it is illegal to operate a payday lending business in West Virginia.

Additionally, many states have implemented laws to regulate other types of short-term loans, such as title loans and installment loans, but West Virginia has not yet put such laws in place.

Why Are Payday Loans Prohibited in West Virginia?

The main reason why payday loans are illegal in West Virginia is the high-interest rates. According to the state’s attorney general’s office, payday loans can carry fees and interest rates that amount to an APR of nearly 400%. These high-interest rates can trap borrowers in a cycle of debt, as they struggle to repay the loan and end up borrowing more money to cover the additional fees and interest charges.

In addition to the high-interest rates, payday lenders have been accused of using aggressive collection tactics and preying on vulnerable consumers who may not fully understand the terms of the loan.

Alternatives to Payday Loans in Smoot, West Virginia

While payday loans are illegal in Smoot and throughout West Virginia, there are other options for those who need quick access to cash.

  • Credit unions: Many credit unions offer small-dollar loans with low-interest rates and more reasonable repayment terms than payday loans.
  • Borrow from family or friends: If possible, borrowing from family or friends can be a safer and less expensive way to get the money you need.
  • Credit cards: While credit cards also have high-interest rates, they can be a better option than payday loans if you are able to pay off the balance before interest charges accrue.
  • Government assistance: There are a variety of government programs and non-profit organizations that offer emergency financial assistance to those in need.

Interesting Facts and Statistics

  • According to a report from The Pew Charitable Trusts, more than 12 million Americans take out payday loans each year, spending an average of $520 in fees to borrow $375.
  • West Virginia is one of 16 states where payday loans are prohibited by law.
  • The average interest rate for payday loans in states where they are legal is around 400%, according to the Consumer Financial Protection Bureau.

Apply Now

If you are in need of a loan, TheGuaranteedLoans can help connect you with potential lenders. Our application process is quick and easy, and we work with a network of trusted lenders who can provide you with the cash you need. Keep in mind that we are a connector service, not a direct lender, and we do not make credit decisions or determine the loan terms. If approved, you will be connected with a lender who will provide you with the details of the loan, including the interest rate, fees, and repayment terms. To get started, simply fill out our online application today.

F.A.Q.

Are payday loans legal in Smoot, West Virginia?

No, payday loans are prohibited in Smoot, West Virginia.

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

Some options for short-term financial assistance in Smoot, West Virginia include credit union loans, personal loans from banks or online lenders, or borrowing from friends or family.

Look for Short-Term Loans in Other Cities: