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Business Loan Payday Loans in Arthurdale, West Virginia: What You Need to Know
If you’re looking for a way to get fast cash in Arthurdale, West Virginia, you might be tempted to turn to payday loans. While these loans can provide you with the money you need quickly, it’s important to remember that payday loans are prohibited in West Virginia.
While the promise of easy money is tempting, there are other alternatives that are safer and more affordable than getting a payday loan. In this article, we’ll explain why payday loans are illegal in the state of West Virginia and explore some alternative options for getting the money you need.
Why Are Payday Loans Prohibited in West Virginia?
In 2001, the payday loan industry was deregulated in West Virginia, allowing lenders to charge sky-high interest rates and fees. This led to many borrowers falling into a cycle of debt they couldn’t escape from.
In response, the West Virginia Legislature passed a law in 2007 that made payday loans illegal in the state. This law capped interest rates on short-term loans at 31% APR, effectively putting most payday lenders out of business.
Alternatives to Payday Loans in Arthurdale, West Virginia
While payday loans are illegal in Arthurdale, there are still several options available if you need cash fast.
1. Personal Loans
Personal loans are a popular alternative to payday loans because they offer a fixed interest rate and a set repayment schedule. Unlike payday loans, which can have interest rates as high as 400%, personal loans usually have rates between 5% and 36%.
2. Credit Cards
If you have a credit card with an available balance, this can be a good option for getting the money you need quickly. While credit cards do charge interest, the rates are usually much lower than those of payday loans.
3. Borrow from Friends or Family
If you’re in a pinch and need cash fast, reaching out to friends or family members is another alternative to payday loans. Be sure to establish clear repayment terms and stick to them to avoid any misunderstandings or damaged relationships.
Interesting Facts and Statistics about Payday Loans in Arthurdale, West Virginia
- The average payday loan borrower in West Virginia takes out 12 loans per year.
- The payday loan industry in West Virginia made $16.8 million in fees in 2016.
- On average, payday loan borrowers in the United States pay $520 in interest and fees for $375 in credit.
Apply Now with TheGuaranteedLoans
At TheGuaranteedLoans, we understand that unexpected expenses can happen at any time. That’s why we offer a fast and easy online application process to connect you with potential lenders who may be able to help.
It’s important to remember that we are a connector service, not a direct lender. This means that we won’t be the ones lending you the money, but rather facilitating the connection between you and potential lenders. If you’re approved, the lender will provide you with the terms and conditions of the loan, including the interest rate and repayment schedule.
If you’re in need of fast cash in Arthurdale, West Virginia, TheGuaranteedLoans can help. Simply fill out our online application to get started.