Thinking about a payday loan in West Virginia? We have the info 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, but you’ll need to find other options if you live in West Virginia. Take a look through our guide on payday lending to learn about the laws and how you can find other sources of short-term credit.
Can I get a payday loan 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 can’t provide payday loans to their customers. This also applies to online lenders.
Consumer loan laws of West Virginia place an APR cap of 31% on loans of $2,000 or less. This makes it so payday lenders–which often charge interest rates well over 400%–can’t work within the state.
Here are some installment loans you might want to consider
Be sure to read about how installment loans work and confirm the lender you choose operates in West Virginia.
What other options are there in West Virginia?
Even though you can’t take out a payday loan, there are still ways to get quick cash and meet your financial needs. The West Virginia Supplemental Nutrition Assistance Program (SNAP) and West Virginia Bureau for Medical Services can help you with your food and medical bills while you pay down your debt. The list and link below have even more options.
- Take out a credit card cash advance. If you have a credit card, you may be able to take out a cash advance on the remaining line of credit. It is a costly option, but you’ll have more time to pay it off than with a payday loan.
- Find a credit counselor. It’s not quick cash, but a credit counselor can help you create a budget to avoid future financial shortfalls.
- Ask friends and family for help. hen all else fails, turning to a friend or family member for help may be just what you need to get through a rough patch. See if they’re able to front you the money, but be sure to pay it back quickly to avoid strained relationships.
What do other types of loans cost in West Virginia?
It largely depends on the lender and your credit score. You won’t know how much a loan costs until you’re offered a contract. If this happens, be sure to read it entirely and make sure you can afford it. Otherwise, you could find yourself struggling to pay yet another bill on top of your normal daily expenses.
Although you can’t get a payday loan in West Virginia, there are plenty of other options to help you get by when you’re in need of quick cash.