Wondering if you can get a payday loan in West Virginia? Here’s the information you need.
You might be considering a payday loan if you’ve found yourself short on cash and looking to borrow a small amount of money. Take a look through this guide on payday lending if you live in West Virginia.
Are payday loans legal in West Virginia?
Payday lending is illegal in West Virginia. As per West Virginia Code 46A-4-107 and 32A-3-1 et. seq, businesses operating in this state cannot provide payday loans to their customers. The same set of West Virginia payday loans laws apply to out-of-state lenders that want to provide online loans in this state.
The reason payday loan laws in West Virginia prohibit this kind of lending is typically the high interest it involves. Consumer loan laws of West Virginia place an APR cap of 31% on loans of $2,000 or less. This makes payday lending unviable for lenders in this state, but there are many other ways to apply for a loan if you find yourself in need of extra money.
Keep in mind that if you choose to apply for any kind of loan or line of credit, it’s very important read all the paperwork (including all the fine print) before signing anything. It’s also a good idea to have a solid plan to pay back your loan, so you don’t find yourself needing to borrow more money to repay debt.
Installment loans you can apply for
An installment loan requires that you repay the money you borrow in installments over a predetermined timeframe. Some lenders offer these loans to applicants with less-than-perfect credit, provided they can demonstrate an ability to repay. Similar to payday loans, the interest is very high and there are some risks you should consider when applying.
What other options do you have for a loan in West Virginia?
Getting a payday loan in West Virginia is not an option. However, you can think about getting credit in other ways. Some of your alternatives include:
- Apply for a credit card. Whether you have good or bad creditworthiness, there is a huge selection of credit cards worth considering if you need extra money. Credit cards also have more reasonable payments and lower interest rates.
- Tribal loans. If you live in a state like New York where payday loans are illegal, you still have the option of getting one if you go through a tribal lender like Blue Trust Loans. Since these lenders are based on tribal land, they are considered a sovereign entity and are able to abide by their own laws.
- Payday loans from other states. If you’re in West Virginia temporarily but are normally a resident of a state where payday loans are legal, you can consider applying for an online payday loan. To do this you’ll have to provide documented evidence of your residence in another state. Also make sure the lender is backed by the OLA or similar.
- Pick up side work. Looking for side jobs, selling things online through a service like eBay or LetGo, or signing up to drive with a company like Uber are some of the many ways people get extra cash when they’re in a bind. It’s a great alternative to getting a loan or credit card because there is nothing to repay.
What are the typical costs of a West Virginia loan?
When you take any kind of a loan in West Virginia, you have to repay the money you borrow along with the interest it attracts as well as any applicable fees and charges.
Various factors have an effect on the interest you have to pay. These include your credit score, the desired loan amount, the time you need to repay the loan completely and the lender you choose. The kind of credit you seek also has a bearing on the interest rate. For example, personal loans usually charge lower interest when compared to installment loans and credit card cash advances.
Your loan contract should give you a clear indication of the fees you may have to pay during the course of the loan term. These can include application fees, disbursement fees, settlement fees, and late payment fees.
Have any more questions about West Virginia payday loans?
What West Virginia payday loan requirements do I have to meet to apply?
Since payday lending in West Virginia is illegal, the question of meeting state specific payday loan requirements does not arise.
I’m a resident of Ohio who lives in West Virginia temporarily. Can I apply for an Ohio payday loan online?
If you have valid documents that show you to be a resident of Ohio, you can apply for an Ohio payday loan online. You would have to meet lender-specific eligibility criteria to qualify.
Who should I get in touch with to report an irregularity about a payday lender in West Virginia?
You should contact the Office of West Virginia Attorney General.
Can I get an auto title loan in Vermont?
No, you can not. Due to the high interest rates and the frequency of borrowers defaulting on their loans, title loans are illegal in Vermont and many other states.