Payday Loans in Tornado, West Virginia

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

Company nameAddressZip codePhone number
MVB Bank 651 Foxcroft Ave # 100, Martinsburg, WV 25401 +1 (304) 264 - 4000
Rollins Timothy D CPA 114 Southern Dr, Keyser, WV 26726 +1 (304) 788 - 3345
BB&T 100 S 4th St, Clarksburg, WV 26301 +1 (304) 624 - 5521
S.A.M. Check Cashing Machine 628 Main St, West Milford, WV 26451 +1 (304) 745 - 5385
Hope Federal Credit Union 925 White Oaks Blvd, Bridgeport, WV 26330 +1 (681) 842 - 3065
Huntington Bank 414 WV-34, Hurricane, WV 25526 +1 (304) 757 - 0824
State Credit Union 2200, Charleston, WV 25311 +1 (304) 558 - 0566
Huntington National Bank 219 Leon Sullivan Way, Charleston, WV 25301 +1 (304) 348 - 5080
ATM Clear Mountain Bank 160 Morgantown St, Bruceton Mills, WV 26525 +1 (304) 379 - 2265
Stone Capital Management Inc 207 Brookshire Ln, Beckley, WV 25801 +1 (304) 256 - 3981

Payday Loan Companies in Nearby Cities

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

Beautiful sights of Tornado, WV

Are Payday Loans Legal In Tornado, 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

Tornado, WV payday loan calculator

Payday Loans in Tornado, West Virginia: What You Need to Know

Payday loans are a type of short-term loan that typically come with high interest rates and fees. They are typically used by people who need quick cash to cover unexpected expenses or to make ends meet until their next paycheck. In Tornado, West Virginia, however, payday loans are prohibited by state law.

Why Are Payday Loans Prohibited in West Virginia?

West Virginia has taken a strong stance against payday lending. In 2001, the state passed the West Virginia Consumer Credit and Protection Act, which prohibits payday lenders from operating within the state. The law caps interest rates on loans at 31% per year and also limits the amount of money that can be borrowed and the length of the loan term.

Payday loans are seen as predatory lending because they usually come with high fees and interest rates that can trap borrowers in a cycle of debt. The West Virginia legislature recognized this and acted to protect consumers by passing the ban on payday lending.

What Are the Alternatives to Payday Loans in Tornado, West Virginia?

While payday loans are not available in Tornado, West Virginia, there are other options available for people who need quick cash. Some alternatives to payday loans include:

  • Personal loans from banks or credit unions
  • Credit card cash advances
  • Borrowing money from friends or family members
  • Selling items you no longer need or want

It’s important to consider these options carefully and to choose the one that is right for you. Personal loans and credit cards are generally less expensive than payday loans, but they may not be available to everyone. Borrowing money from friends or family members can be a good option if you are in a tight spot, but it can also strain relationships. Selling items can be a good way to raise quick cash, but it may not be a viable long-term solution.

Interesting Facts and Statistics About Payday Loans in Tornado, West Virginia

While payday loans are not available in Tornado, West Virginia, it’s still interesting to look at some facts and statistics about these loans across the country. Here are a few:

  • According to the Consumer Financial Protection Bureau, the average payday loan is $350 and carries an average fee of $15 for every $100 borrowed.
  • The CFPB also found that more than 80% of payday loans are rolled over or followed by another loan within two weeks, meaning that most borrowers are unable to pay off their loans on time.
  • A study by the Pew Charitable Trusts found that most payday loan borrowers are white women between the ages of 25 and 44, with annual incomes of less than $40,000.

Apply Now

If you’re in need of quick cash in Tornado, West Virginia, TheGuaranteedLoans can help connect you with potential lenders who may be able to offer you a loan. We are a connector service, not a direct lender, so we can help simplify the process of finding a loan. Simply fill out our online application form and we’ll get to work matching you with potential lenders. Remember, it’s important to borrow responsibly and to choose a loan that you can afford to repay.

F.A.Q.

Can I take out a payday loan online in Tornado, West Virginia?

No, even if the lender is located outside of West Virginia, it is illegal to take out a payday loan online in this state.

Can I take out a payday loan from a lender in another state and use it in Tornado, West Virginia?

No, it is illegal to use a payday loan from another state in Tornado, West Virginia.

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