Payday Loans in Wilsonburg, West Virginia

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

Company nameAddressZip codePhone number
Community Trust Bank 101 E 2nd Ave, Williamson, WV 25661 +1 (304) 235 - 5454
Nationwide Insurance - Fallon Insurance Agency Inc 115 Aikens Center 4, Martinsburg, WV 25404 +1 (304) 263 - 3349
Logan Bank and Trust 1218 McClellan Hwy, Harts, WV 25524 +1 (304) 855 - 9459
First Federal 354 Suncrest Towne Centre Drive, Morgantown, WV 26505 +1 (304) 598 - 0060
Ohio Valley Bank Co 156 Mallard Lane, Mason, WV 25260 +1 (740) 992 - 2357
Camden Clark Memorial Hospital Federal Credit Union 801 Ann St, Parkersburg, WV 26101 +1 (304) 424 - 2255
City National Bank 1 Park Ave, Beckley, WV 25801 +1 (304) 255 - 7000
City National Bank 5263 US-60 E, Huntington, WV 25705 +1 (304) 733 - 3600
BB&T 1000 Mid Atlantic Dr, Morgantown, WV 26508 +1 (304) 212 - 3530
WEE Federal Credit Union 3312 Dudley Ave, Parkersburg, WV 26104 +1 (304) 420 - 9517

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Wilsonburg, 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, Payday Loan for 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 Wilsonburg, WV.

Are Payday Loans Legal In Wilsonburg, 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

Wilsonburg, WV payday loan calculator

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

If you’re in a financial bind and need quick cash, you may be considering a payday loan. However, if you live in Wilsonburg, West Virginia, you should be aware that payday loans are prohibited by state law. In this article, we’ll explain what payday loans are, why they’re prohibited in West Virginia, and offer alternative options for those in need of fast cash.

What are Payday Loans?

Payday loans are short-term loans that typically must be repaid on the borrower’s next payday. They are designed to help people who need quick cash to cover unexpected expenses, such as car repairs or medical bills.

Payday loans usually require no collateral and have relatively lax requirements for approval. Borrowers simply need to fill out an application and provide proof of income and a checking account.

However, payday loans often come with extremely high interest rates and additional fees. The average interest rate for a payday loan is 391%, according to the Consumer Financial Protection Bureau (CFPB).

Why are Payday Loans Prohibited in West Virginia?

Payday loans are just one of many types of high-interest loans that are prohibited in West Virginia. In 2001, the state passed the West Virginia Consumer Credit and Protection Act, which placed a 36% cap on APRs for all loans under $2,000.

This law effectively banned payday loans and other predatory lending practices in the state, in an effort to protect consumers from the cycle of debt that often accompanies these loans. Supporters of the law argue that it has been effective in preventing payday lenders from exploiting vulnerable borrowers.

Alternative Options for Fast Cash

If you’re in need of cash quickly, there are several alternative options to payday loans:

  • Credit card cash advance: If you have a credit card, you may be able to take out a cash advance. However, these often come with high interest rates and fees, so be sure to read the fine print.
  • Personal loans: Some banks and credit unions offer personal loans with lower interest rates than payday loans.
  • Side gigs: Consider taking on a short-term gig, such as driving for a ride-sharing service or doing odd jobs on TaskRabbit, to earn some extra cash.
  • Borrow from friends or family: While it may not be ideal, borrowing from friends or family members may be a better option than taking out a payday loan.

Interesting Facts about Payday Loans in Wilsonburg, West Virginia

  • West Virginia has some of the toughest laws in the country when it comes to payday loans.
  • In 2015, a nationwide study found that the average payday loan borrower takes out eight loans per year, with an average loan size of $375.
  • According to the West Virginia Center on Budget and Policy, payday lenders in the state made over $37 million in fees from 2008 to 2016.

Apply Now

While payday loans are not an option in West Virginia, TheGuaranteedLoans can help connect you with lenders who offer alternative loan options. Our online application is quick and easy, and we work with a network of reputable lenders who can offer you the cash you need, when you need it.

Remember, we are a connector service and not a direct lender. We pride ourselves on connecting our clients with the best fit for their financial circumstances. Don’t hesitate to apply now.

F.A.Q.

Why are payday loans illegal in Wilsonburg, West Virginia?

Payday loans are illegal in Wilsonburg, West Virginia because they often have high interest rates and fees that can trap borrowers in a cycle of debt. The state's regulations are designed to protect consumers from predatory lending practices.

What are some alternative options for getting quick access to cash in Wilsonburg, West Virginia?

in Wilsonburg, West Virginia, consumers can seek out alternative forms of financing, such as small personal loans, credit union loans, or even borrowing from friends or family.

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