West Virginia Cash Advance Consumer Resource
Hello West Virginia residents! You have found the CashAdvance.com West Virginia site for understanding the payday loan process. West Virginia has currently implemented a series of strict reforms that have made it nearly impossible for payday loan lenders to operate in West Virginia. This is due to suppressive interest rate and loan fees that make it too costly for lenders to operate a business in the state.
West Virginia residents have other loan alternatives available to them. CashAdvance.com has organized a list of some of these alternatives. Additionally, the high demand for payday loan resources has increased the possibility that voters will push for new reform to open up the market to payday lenders. Continue to check back at the CashAdvance.com West Virginia site for updates and developments to the payday loan industry in the state.
What are your thoughts on the West Virginia payday loan laws? We want to hear your comments! Contact us at: westvirginia@cashadvance.com.
For specific cash advance information in the city of Charleston, please visit the link listed below in the Information by City section.
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Cash Advance in West Virginia
Individuals who find themselves in need of quick cash often turn to the small loans provided by cash advance businesses. Cash advances put money into an individual’s pocket quickly but at the cost of sky-high interest rates that could come back to bite the borrower. Cash advance stores are found all across the U.S. and provide service to millions in need of fast cash. Each state makes its own laws for the cash advance industry to follow in the interest of protecting citizens while also encouraging business to grow. A cash advance in West Virginia is governed by the individual laws set forth in that state.
A cash advance is a small loan issued on a short term basis for which an individual pays fees and charges up front and faces high interest rates if they cannot repay their loan on time. Generally speaking an individual writes a post-dated check to a lender for the agreed upon amount plus other fees and charges. The lender then issues a check for the agreed upon amount to the customer, or provides them with an electronic payment. When the loan period comes to an end the lender cashes the check from the borrower and the transaction is complete.
In the event the borrower has insufficient funds to cover the amount of the loan at the end of the loan period, they may request a roll over (in some states) to extend their loan repayment schedule. This often results in high interest rates, sometimes reaching triple digits, to kick in making it harder to repay the loan.
A cash advance in West Virginia is governed by a unique set of laws that apply to all cash advance businesses in the state. Businesses cannot issue more than one loan at a time to individual customers. Lenders cannot pursue criminal action against borrowers who default or are delinquent, but they do have a private right of action against those who do not repay their loans.
Other laws that apply to a cash advance in West Virginia include:
- Maximum Loan: West Virginia law prohibits loans over $45,000
- Loan Period: There is no minimum or maximum loan period on a cash advance in West Virginia
- Extensions: West Virginia has no laws governing the number of extensions/rollovers borrowers can use
- Fees: The interest rate on loans under $2,000 cannot exceed 31%
West Virginia has some of the loosest laws governing the cash advance industry. While other states have lengthy laws and multiple restrictions on fees and charges, West Virginia took little interest in capping fees and charges. West Virginia is also unique in that it does not cap the number of extensions customers can use. Most other states either deny extensions all together or limit customers to just one. Regardless of the laws, those considering a cash advance in West Virginia should think carefully before using one. Cash advances should only be considered by those facing an emergency, including sudden medical expenses, home bills, or auto repair issues. Unlike many other states, West Virginia does not specify repayment schedules and APR.
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Consumer Notice: A cash advance, also referred to as a payday loan or payday advance, is a small, short-term loan that is intended to cover a borrower's expenses until the following payday. Cash advances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory help. Consumers are encouraged to consult our State Consumer Resource pages to learn more about the risks involved with cash advances, local laws and regulations that may be applicable to cash advances, possible loan alternatives and recent developments in their state.
Legal Disclaimer: This website does not constitute an offer or solicitation to lend. CashAdvance.com is not a lender, does not broker loans, and does not make loan or credit decisions. The operator of this Web Site is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product. CashAdvance.com provides a service only and is not acting as a representative, agent, or correspondent for any service provider or lender. CashAdvance.com's aim is to inform users of possible lenders who may be able to satisfy the needs of a particular consumer. CashAdvance.com does not endorse any particular service provider, lender, nor loan product. You are under no obligation to use CashAdvance.com's service to initiate contact, nor apply for credit or any loan product with any service provider or lender. Service providers or lenders will typically not perform credit checks with the three major credit reporting bureaus: Experian, Equifax, or Trans Union. However, credit checks or consumer reports through alternative providers such as Teletrack or DP Bureau, which typically will not affect your credit score, may be obtained by some service providers or lenders, in certain circumstances. You will not be charged any fees to use CashAdvance.com's service. Learn more on our Rates & Fees section.
Availability: Residents of some states may not be eligible for a short term cash loan based upon lender requirements. CashAdvance.com does not guarantee that completing an inquiry form will result in you being matched with a service provider or lender, being offered a loan product with satisfactory rates or terms, nor receiving a loan from a service provider or lender.