West Virginia Payday Loans

Lots of people in West Virginia need access to quick, short-term financing in the form of cash advance loans, but if you drive around the state you will not be able to find one location that offers payday loans. The reason there are no places in West Virginia that offer payday loans is that it is illegal.

Just because payday loans in West Virginia are illegal does not mean that you can’t get one of these types of loans. There are dozens of online providers that offer all types of cash advance loans to people in several different states. If you are really wanting to get one of these loans you might want to hurry because the state is actively going after several online providers of payday loans.

The state’s Attorney General believes that all types of payday loans are prohibited by law. The Attorney General contends that not only are the loans themselves against state laws, the marketing of these loans by online providers is also illegal.

This fight is not going away any time soon; as it stands, West Virginia is not the only state actively trying to stop the practice of payday loans. Most states have well established usury laws that govern that amount of interest that can be charged for all types of loans, but some states in recent years have created safe harbor laws for payday lenders, capped interest rates on all loans, or outlawed them completely.

The state’s Attorney General wants all residents in West Virginia to know that it is unlawful for any type of lender to make payday loans, whether online or in person. If a consumer has taken out any type of payday loans, even from an online vender, they are not required to pay the loan off.

If a consumer is unsure what their rights are concerning payday loans they may have taken out, they should contact the Attorney General’s office for advice. If a consumer has previously taken out payday loans that were not paid off leading to collection agencies harassing them, the Attorney General invites these consumers to contact the office for help in ending the harassment.

The Attorney General’s office has been conducting an ongoing investigation to stop payday lenders since 2018 and until the state passes clear laws governing the practice, these court battles will continue. Currently the Federal Government is considering legislation that will make these loans unprofitable for the lenders to continue to provide them by capping all interest rates for any type of loan at 36%…


How to Tell if Your Cash Loan is Trustworthy

When you search for any sort of financial advice online you are almost immediately inundated with advertisements for “cash loans” and “no credit loans” and “get cash now!” Obviously, these ads can be tempting, especially if you are in need of a loan. The truth is that there are far more scam artists out there than legitimate lending operations. This does not mean that there are no legitimate online lenders or that all offers of cash loans are bogus. On the contrary–some cash loans are backed be legitimate financial institutions.

The easiest way to tell if the company promising your “cash loans” is legitimate is to do some digging into the company. Find out the street address for the company. If there is no street address or if there is only a post office box, move on to the next company. If there is a street address, check into the city, county, and state business records to make sure that the company is registered properly. If you cannot find any business listings for the company in its own state or in your own, move on to another financial institution.

If there are business records, check the company’s rating with the Better Business Bureau and the Federal Trade Commission. Make sure that the company is not under investigation for fraudulent activity and that it has a good reputation. If it looks shady, move on. Finally, make sure that you are able to call the company directly and talk to a person (or that you can visit its offices if they are located in your local area). If there either is no way to communicate directly, vocally, or face to face with the company, move on to another company that is offering you the opportunity to apply for a cash loan.

Your first stop on any cash loan quest should be your bank. You might be able to take out a loan if your account is in good standing and you have a good history with the bank. If your bank turns you down, your loan officer might be able to point you to another legitimate source of case. One that isn’t out to make money off you by charging you extra high fees or is only in search of your personal information. Remember that the rule of thumb is always, “If it feels shady, walk away.” Trust your gut!…