Payday Loan Laws in West Virginia
Payday loans are small, short-term cash loans. Generally, consumers write a post-dated check for
the desired amount, in addition to an interest fee. The lender will hold onto the check until the
next payday (usually 14 days) and then deposits it. Consumers also have the option to return with
cash to reclaim the check. Or, in some cases, consumers can repay the loan with a signed agreement
which allows the lender to electronically withdraw the funds from their bank account on a
pre-determined date. Payday loans are regulated by state; therefore, it's important to
understand your state laws.
Payday loan laws in West Virginia outlaw them all together.
In fact, payday loans have never been legal in West Virginia. However, residents have alternative
options available to them. Online lenders offer financial products comparable to a payday advance
or personal loan. And, in most cases, online lenders such as MoneyNowUSA will qualify you for a
higher loan amount at a lower rate.
Applying online is easy!
Simply fill out an application, provide a few pieces of documentation, and submit it. Within minutes,
your application will be approved or denied. If approved, you'll be asked for an esignature on the
terms and conditions contract. Generally, the money will be wired directly into your account
within one hour.
*Be aware of fraudulent online lenders. When applying for a loan product online, check for important
safety information. Specifically, identify the link to the security certificate on the application
page. A VeriSign secured site also indicates that your confidential information is secure. Take a
minute to read the privacy policy and security guarantee as well. If anything sounds vague, don't
hesitate to call the company and ask questions.
For more information, contact the West Virginia Consumer Protection Division, call 800-368-8808 or
visit online.