Payday Loans in Switchback, West Virginia

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

Company nameAddressZip codePhone number
Jefferson Security Bank 1861 Edwin Miller Blvd, Martinsburg, WV 25404 +1 (304) 264 - 0900
Partners 1st Federal Credit Union 1122 US-220, Moorefield, WV 26836 +1 (304) 530 - 3827
Pioneer Community Bank 822 Robert C Byrd Dr, Sophia, WV 25921 +1 (304) 683 - 9538
Walmart Money Center 720 Old U.S. 33, Weston, WV 26452
City National Bank 1700 W King St, Martinsburg, WV 25401 +1 (304) 264 - 4500
Chase Bank 200 Kanawha Mall Charleston, Charleston, WV 25304 +1 (304) 925 - 1925
First Federal Savings & Loan 712 Washington St, Ravenswood, WV 26164 +1 (304) 273 - 4212
United Bank 1661 Smoot Ave, Danville, WV 25053 +1 (304) 369 - 4900
Clear Mountain Bank 1085 Van Voorhis Rd Suite 150, Morgantown, WV 26505 +1 (304) 777 - 4000
First Federal 354 Suncrest Towne Centre Drive, Morgantown, WV 26505 +1 (304) 598 - 0060

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Switchback, 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 Loans in Huntington, WV, Bad Credit 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 Switchback, WV.

Are Payday Loans Legal In Switchback, 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

Switchback, WV payday loan calculator

Understanding Payday Loans in Switchback, West Virginia

If you’re in a tight financial situation, payday loans might seem like a solution that’s too good to pass up. However, it’s important to understand the high cost of borrowing and the risks involved with payday loans. In Switchback, West Virginia, payday loans are prohibited by state law. This article will provide you with a comprehensive guide on payday loans, their legality in Switchback, and alternative options you can consider.

What are Payday Loans?

Payday loans are short-term loans that are usually due on the borrower’s next payday. The loans are usually for smaller amounts, typically ranging from $100 to $1,000. To obtain a payday loan, borrowers provide the lender with a post-dated check or access to their bank account. The lender then provides the borrower with cash, less the fees for the loan.

The fees associated with payday loans can be very high, often amounting to an annual percentage rate (APR) of 400% or more. For example, if a borrower took out a $300 payday loan and the fees were $75, the APR would be around 400%. The borrower would have to repay $375 on their next payday, which is a substantial amount of money to pay back in such a short period.

Why are Payday Loans Prohibited in West Virginia?

West Virginia state law prohibits payday loans. This decision was made to protect consumers from the high fees and interest rates associated with payday loans. While some states have legalized payday lending, others have placed restrictions on them or prohibited them altogether. In the case of West Virginia, it was decided that payday loans offered more risks than benefits to consumers.

Alternative Options to Payday Loans

If you’re in need of quick cash, there are other options you can consider that won’t subject you to the high fees and interest rates of payday loans. Here are some alternatives that you might want to consider:

  • A bank or credit union loan: Banks and credit unions are regulated financial institutions that offer loans with lower interest rates and fees than payday loans.
  • Credit card cash advance: While the interest rate on credit card cash advances is higher, it is still lower than the fees and interest rates associated with payday loans.
  • Personal loans: Many online lenders offer personal loans that have lower interest rates and fees than payday loans.
  • Borrowing from friends or family: While this option might not be ideal, it can be a better alternative to payday loans. Make sure you and your family member or friend agree on the repayment terms and put them in writing to avoid misunderstandings.

Interesting facts and statistics about Payday Loans in Switchback, West Virginia

– It has been more than a decade since the state of West Virginia outlawed payday lending.
– Over 200,000 borrowers took out payday loans in West Virginia in the years when payday lending was legal.
– In 2007, around 66% of payday loan customers were repeat borrowers.
– The average payday loan borrower in West Virginia took out eight loans per year.

Apply Now

While payday loans are not legal in West Virginia, you might still be looking for a quick way to obtain cash. At TheGuaranteedLoans, we offer a connection service that can help match you with lenders who offer loans that may meet your needs. As a connector service, we can’t promise approval for every applicant, but we have a large network of lenders who may be able to help. Fill out our online application to get started today. Remember to borrow responsibly and consider all your options before taking out a loan.

F.A.Q.

Are there any alternatives to payday loans in Switchback, West Virginia?

Yes, there are several alternatives to payday loans in Switchback, West Virginia, including credit unions, community development financial institutions, and small-dollar loan programs offered by banks and credit unions.

Can I still take out a payday loan if I live in Switchback, West Virginia but the lender is based in another state?

No, it is illegal for payday lenders to offer loans to residents of West Virginia, regardless of where the lender is located.

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