Payday Advance West Virginia
In difficult economical times, having an emergency situation occur can be devastating. Dealing with unexpected circumstances that require rapid funds can place enormous amounts of stress on already stressful situations, especially if you have no savings or are between paydays.
People experiencing such situations can apply for payday advance loans. Such loans are short-term cash advances that you receive almost immediately, usually in less than 24 hours. They are normally repaid within a month's time, and usually on the next payday. Access to such sources of fast cash can make dire situations much less troubling.
About West Virginia Payday Loans
Payday loans are short-term cash advances that are designed to provide individuals with funds quickly in order to meet emergency situations. Because payday advances are provided using regular income checks from an employer, disability checks, Social Security checks, etc., they are very easy to obtain. Only a limited amount of information is required and credit checks are rarely made, which makes payday loans obtainable by even those who have bad credit histories.
However, payday cash advances are not permitted in the state of West Virginia. Those seeking access to fast cash must consider other alternatives to overcome their emergency situations.
West Virginia Payday Loan Laws and Legislation
Payday loans are not permitted in the state of West Virginia, because they traditionally come with very high interest rates and other associated fees. However, under West Virginia law, small loan companies can operate within the state as long as they abide by a 31% cap on annual small loan rates. These small loans are considered to be amounts of $2,000 or less.
Those who require a source of fast cash can search for online payday loan lenders. Internet companies often operate from outside states and can provide payday advances to West Virginia residents as long as the payday loan lenders adhere to West Virginia payday advance laws. This means online lenders must offer cash advances at the 31% rate of interest. Many payday loan lenders do not find such low rates profitable and will not offer West Virginia payday loans, but some do.
Alternative Sources of Extra Cash
If you find yourself in a situation requiring extra funds and cannot find online payday loan lenders that offer cash advances to West Virginia residents, then you will need to turn to an alternative means for obtaining the cash. Here are some suggestions.
Title loans are similar to payday loans in that they provide rapid cash through an easy process. However, title cash advance loans use your vehicle's clear title to hold as collateral against the loan. Keep in mind that title loans, like payday advances, apply very high interest rates and fees.
Short-term or long-term loans through your credit union or bank are another option. Although payments are spread out over months or years, much lower interest rates are applied. Bank credit cards often have cash advance options as well. However, interest rates and fees for cash advances are much higher than normal credit purchases.
You can check with your supervisor at your place of employment and see if any overtime is available. You might also approach your employer's Human Resources Office to see if they offer cash advances that are repayable through deductions of subsequent paychecks. Raising your dependents on work tax forms will also provide extra cash by reducing funds deducted for taxes.
You may find that there are various local, state, or federal programs in your area that are designed to meet emergency needs. You can also approach family or friends for cash loans, sell or pawn items, consolidate bills, or do side jobs.
Where to Find More Information on West Virginia Payday Loan Laws
If you require further information on payday advance West Virginia laws or other related topics, you can contact the following state office.
Office of West Virginia Attorney General
West Virginia State Capitol Building 1, Room 26-E
Charleston, WV 25305
Phone: 304-558-8986 or 800-368-8808