Payday Loans in Wolfe, West Virginia

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

Company nameAddressZip codePhone number
Calhoun Banks - Glenville Office 904 N Lewis St, Glenville, WV 26351 +1 (304) 462 - 5051
Clay County Bank 150 Main St, Clay, WV 25043 +1 (304) 587 - 4221
Star USA Federal Credit Union 1 Cantley Dr, Charleston, WV 25314 +1 (304) 357 - 2319
MCNB Banks - Bluefield Banking Center 3152 E Cumberland Rd, Bluefield, WV 24701 +1 (304) 325 - 6500
ATM Exxon 332 Campbells Creek Dr, Charleston, WV 25306
First Community Bank 111 Citizens Dr, Beckley, WV 25801 +1 (304) 252 - 9400
Walmart Money Center 86 E Walmart Ln, Grafton, WV 26354
First Community Bank 2 W Main St, Buckhannon, WV 26201 +1 (304) 472 - 1112
Yeager Insurance and Financial Services 3786 Teays Valley Road, Hurricane, WV 25526 +1 (304) 318 - 7200
IBEW 317 Federal Credit Union 1848 Madison Ave B, Huntington, WV 25704 +1 (304) 522 - 4871

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Wolfe, WV, you can try to find different companies in big cities near by. Check out the following pages here: Bad Credit Loans in Charleston, WV, Online 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 Wolfe, WV.

Are Payday Loans Legal In Wolfe, 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

Wolfe, WV payday loan calculator

Payday Loans in Wolfe, West Virginia

Are you in need of a quick cash infusion? Perhaps you are facing a financial emergency that requires a fast cash loan. Whatever the case, it’s important to fully understand your options before agreeing to a payday loan. In this article, we’ll take a closer look at payday loans in Wolfe, West Virginia, and the reasons why they’re prohibited in the state.

What are Payday Loans?

Payday loans are short-term loans that typically range from $50-$1,000. These loans are designed to be paid back within a few weeks, or on the borrower’s next payday. They are often used to cover unexpected expenses like car repairs, medical bills or veterinary expenses.

Payday loans are known for having high, sometimes exorbitant interest rates, which can make them very expensive for borrowers. They can also come with additional fees and charges for extending or renewing the loan if the borrower is unable to pay it back in full on time.

Why are Payday Loans Prohibited in West Virginia?

Despite their popularity in other states, payday loans are prohibited in West Virginia. This is because the state’s Usury Law caps interest rates at 18% APR for loans under $2,000. Payday loans typically carry much higher interest rates, often around 300-400% APR.

West Virginia’s Attorney General Patrick Morrisey has been a vocal opponent of payday loans, citing their high interest rates and the financial burden they can place on borrowers. In 2017, Morrisey announced a settlement with 12 payday lenders who had been operating illegally in the state, resulting in more than $160,000 in refunds to West Virginia consumers.

What Are the Alternatives to Payday Loans in West Virginia?

If you are in need of fast cash in West Virginia, payday loans are not an option. However, there are alternatives available that can help you get the money you need without resorting to a high-interest payday loan.

One option is to apply for a personal loan from a credit union or bank. These loans typically have lower interest rates and longer repayment terms than payday loans. You may also be able to secure a personal loan with collateral, such as a car or home equity.

Another option is to seek out a local charity or non-profit organization that provides financial assistance to those in need. Some organizations may be able to provide emergency assistance with expenses like rent, utilities or medical bills.

Interesting Facts about Payday Loans

  • In 2019, the Consumer Financial Protection Bureau found that 80% of payday loans are rolled over or renewed within two weeks.
  • The average payday borrower takes out 10 loans per year, spending an average of 199 days in debt per year.
  • In 2018, payday lenders made $10.8 billion in fees alone.

Apply Now

If you need a quick cash loan and payday loans are prohibited in your state, don’t despair. TheGuaranteedLoans can help connect you with potential lenders who may be able to provide the financial assistance you need. We are a connector service, not a direct lender, meaning we work with a network of lenders to find the right match for you.

To get started, simply complete our online application. We’ll ask you to provide some basic information about yourself and your financial situation. Once you’re approved, you’ll be connected with potential lenders who will provide you with loan terms and conditions. From there, the decision to accept or decline a loan offer is up to you.

The Bottom Line

While payday loans may seem like an easy fix for a financial emergency, they can actually end up causing more harm than good. With high interest rates and additional fees, payday loans can quickly become a financial burden and trap borrowers in a cycle of debt.

If you are in need of quick cash, explore your options carefully and consider alternatives like personal loans, credit unions or local charities. And if you do decide to apply for a loan, be sure to read the terms and conditions carefully before agreeing to anything.

F.A.Q.

Can a payday loan company file a lawsuit against me in Wolfe, West Virginia?

No, a payday loan company cannot file a lawsuit against you in Wolfe, West Virginia because these loans are illegal in the state.

Are there any federal laws that apply to payday loans in Wolfe, West Virginia?

Yes, there are federal laws that apply to payday loans in Wolfe, West Virginia, including the Military Lending Act and the Truth in Lending Act. These laws provide protections for consumers and regulate the practices of payday lenders.

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