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In Mount Clare, West Virginia, payday loans are prohibited by law. The state has enacted strict measures that. However, even though the state law prohibits this type of loan, it is still important to know what payday loans are, so you can avoid falling into that trap.
What is a Payday Loan?
A payday loan is a short-term, high-interest loan that is designed to help people who are in a tight financial spot. This type of loan is usually taken out by individuals who need money to tide them over until their next paycheck.
The terms of a payday loan typically involve a high interest rate and a short repayment period, usually within two weeks. Because of the high interest rate and short repayment period, payday loans are considered to be a very expensive form of borrowing.
Why are Payday Loans Prohibited in West Virginia?
In 2007, West Virginia enacted the West Virginia Consumer Credit and Protection Act, which prohibits payday lending in the state. The law was enacted because payday loans are considered to be very predatory and could trap people in a cycle of debt.
The law in West Virginia caps the APR on loans at 31%. Payday loans often have APRs of over 400%, which is why they are deemed to be very unethical and a danger to consumers.
Interesting Facts and Statistics about Payday Loans in Mount Clare, West Virginia
- In 2016, there were no payday loan storefronts in Mount Clare, West Virginia.
- The payday loan industry in the United States is worth billions of dollars.
- The average payday loan borrower takes out eight loans per year.
- Payday loans trap thousands of people in a cycle of debt each year.
Why Avoid Payday Loans
- Payday loans come with extremely high interest rates and fees.
- Many payday loan lenders do not adhere to ethical lending practices.
- Payday loans can trap you in a cycle of debt.
- There are other ways to access credit, such as a personal loan, secured credit card, or lines of credit.
Apply Now
While payday loans are illegal in West Virgina, unexpected expenses can still happen and cause a financial strain. At TheGuaranteedLoans, we provide you with a quick, easy and hassle-free process to apply for a loan.
We are a lender matching service connecting borrowers with a network of reputable lenders who will provide you with the funds you need. Even if you have bad credit, our network of lenders can help you get back on track.
To apply for a loan, simply fill out our online application form. We’ll connect you with some of the most reliable payday lenders in the market who are happy to serve you.
At TheGuaranteedLoans, your financial well-being is our top priority. Apply today to get started on the path to financial security.