Payday Loans For West Virginia Residents

The Consumer Federation of America defines payday loans as short-term cash advances a borrower can access on the strength of a guaranteed salary or wages. It is a short notice loan normally paid by the borrower’s next paycheck. The loan is ideal for taking care of financial emergencies in households that rely on a fixed income and budget. The loans can be handy in unexpected financially demanding situations such as medical emergencies and car repairs. However, in West Virginia, payday loans are illegal according to the state’s lending laws. They are considered as loan ‘sharking�?activities and prohibited under the W. Va. Code 46A-4-107 statute. West Virginia has not had a legal payday loan operator since 2007 though there are a number of lenders specializing in this form of loans both online and offline albeit illegally.


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Payday Loans For West Virginia Residents

Most West Virginia consumers seeking for short-term cash advances normally cross the state border to the state of Virginia where payday loans are legal. However, the consumers have to bear with the high interest rates charged on payday loans in Virginia. Interest on these loans is as high as 650% per annual in Virginia. In most cases, it is even recommended to look into cheaper and legal options such as asking for a cash advance from one’s employer, applying for a small loan from a credit union, or even borrowing from a bank if you can qualify. According to West Virginia lending laws, all lenders are restricted by the Small Loan Act from charging anything beyond the maximum annual percentage rate (APR) of 31% per annual on a loan of up to $2,000. The law further regulates the use of mandatory arbitration clauses in loan contracts. Despite the state prohibition, there are a number of outlets in different locations within the state that provide payday loans. The services are also available over the Internet.

Basic Requirements For Payday Loans

West Virginia residents seeking for payday loans locally or in the neighboring state of Virginia are simply required to meet the following basic conditions:

  • They should provide legal identification documents to prove that they are over 18 years old.
  • Have proof of employment or steady source of income.
  • They should have an active bank account.

Despite the high interest rates and the prohibition by West Virginia payday loans laws, this type of short-term cash advance is quite easy and hassle-free. There are no documents to be faxed before your application is approved. Approval for submitted applications is also quite fast and normally takes one day when submitted on a weekday. The loans are available for any amount starting from $100 to $1,500 as long as you can pay back on your next payday. The loans provide an instant solution when you are facing a financial crisis. They do not require lengthy and unnecessary paperwork and neither is a credit appraisal necessary to qualify for payday loan. This is why they are usually known as no-verification or teletrack loans.

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