Payday Loans in Shock, West Virginia

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

Company nameAddressZip codePhone number
Clear Mountain Bank 330 E Main St, Kingwood, WV 26537 +1 (304) 329 - 2265
Chase Bank 1000 5th Ave, Huntington, WV 25701 +1 (304) 526 - 4220
WesBanco Bank 278 S Main St, Masontown, WV 26542 +1 (304) 864 - 6300
Fortify Private Wealth Management - Ameriprise Financial Services, LLC 3 E Main St, Buckhannon, WV 26201 +1 (304) 472 - 8483
United Bank 90 Railroad Ave E, Cowen, WV 26206 +1 (304) 226 - 5371
First American Cash Advance 122 Nick Savas Dr, Logan, WV 25601 +1 (304) 792 - 6230
United States Postal Service 202 Clayton St, Pennsboro, WV 26415 +1 (800) 275 - 8777
Big Eagle Gun & Pawn 30 Brickyard Rd, Chapmanville, WV 25508 +1 (304) 855 - 4774
United Bank 202 Main Ave, Weston, WV 26452 +1 (304) 269 - 7600
Enterprise Rent-A-Car 1084 New Creek Hwy, Keyser, WV 26726 +1 (304) 597 - 2202

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Shock, WV, you can try to find different companies in big cities near by. Check out the following pages here: 24-Hour Loan in Charleston, WV, 24-Hour Loan in Huntington, WV, Payday Loans in Morgantown, WV and 24-Hour Loan 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 Shock, WV.

Are Payday Loans Legal In Shock, 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

Shock, WV payday loan calculator

Understanding Payday Loans and Their Prohibition in West Virginia

Payday loans, also known as cash advances, are short-term loans typically due on the borrower’s next payday. These loans are meant to help individuals cover unexpected expenses or bridge the gap between paychecks. However, payday loans come with very high interest rates that can trap borrowers in a cycle of debt. In West Virginia, payday lending is considered illegal by state law.

Why are Payday Loans Prohibited in West Virginia?

In 2006, West Virginia passed the West Virginia Consumer Credit Protection Act, which set a limit on the maximum annual percentage rate (APR) that short-term loans can charge. Payday lending was deemed illegal because it charges an APR exceeding the limit set by law.

West Virginia’s attorney general has also taken action to prevent payday lenders from operating in the state. In 2017, the attorney general’s office reached a settlement with an online payday lender accused of charging West Virginia consumers interest rates far above the legal limit. As a result, the lender was forced to refund more than $300,000 to West Virginia consumers who fell victim to their predatory lending practices.

The Risks of Payday Loans

Payday loans often come with sky-high interest rates that can be difficult to pay back, especially for people struggling to make ends meet. According to the Consumer Financial Protection Bureau, the average APR on payday loans is 400%. Borrowers who can’t pay back their loans on time often have to roll them over, which means extending the loan term and incurring additional fees and interest charges.

Payday lending can also lead to cycles of debt. When borrowers can’t pay back their loans on time, they often take out new loans to cover the old ones, creating a debt trap that can be hard to escape.

Interesting Facts and Statistics

  • West Virginia is one of 14 states where payday lending is illegal.
  • According to a 2017 report by the Center for Responsible Lending, payday lenders cost West Virginia’s economy more than $36 million in lost spending each year due to decreased household spending power.
  • The average payday loan borrower takes out eight loans per year, rolling over each loan for an average of five months.
  • Payday lending disproportionately affects low-income and minority communities.

Connect with Lenders

Although payday loans are illegal in West Virginia, TheGuaranteedLoans is committed to connecting borrowers with potential lenders who can offer alternative loan products, such as installment loans or line of credit.

As a connector service, TheGuaranteedLoans does not lend money directly, but we work with a network of lenders who may be able to offer loans to eligible borrowers. Our online application process is quick and easy, and we are dedicated to ensuring our customers get the fast, convenient loan products they need.

Don’t let unexpected financial situations leave you in a bind. Fill out an online application today and discover the loan products available to you in West Virginia.

F.A.Q.

Can a payday loan company garnish my wages in Shock, West Virginia?

No, a payday loan company cannot garnish your wages in Shock, West Virginia because these loans are illegal in the state.

Can a payday loan company repossess my property in Shock, West Virginia?

No, a payday loan company cannot repossess your property in Shock, West Virginia because these loans are illegal in the state.

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