West Virginia Laws & Regulations
At this time, payday loans are not legal in the state of West Virginia. State usury laws cap APR for all loans under $2000 at 32%, putting payday lenders out of business, as they are unable to charge enough interest to afford business operating costs. Continue to check back for future reforms.
Here are some specific West Virginia regulations, to protect consumers from predatory lending in the payday loan industry:
- Maximum Payday Loan Term
N/A - Maximum Finance Charges and Fees
31% APR - Maximum Loan Amount
N/A - Number of Rollovers
N/A - Outstanding Loans Allowed at Once
N/A - Cool-Off Period
N/A
- Payment Plan
N/A - Collection Fees
N/A - Presentment Limit
N/A - Private Right of Action
N/A - Military Protection
N/A - Penalties
Arbitration, attorney fees, and all loan costs including late fees
As of January 2012, no further legislative mandates governing the cash advance industry have been passed.
References:
Office of West Virginia Attorney General
Consumer Protection Division
812 Quarrier St., 4th Floor
Charleston WV 25301
Phone: (800) 368-8808
Fax : (304) 558-0184
Web: www.wvago.gov
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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.
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