West Virginia Payday Loans

West Virginia was carved from another state and was to be named Kanawha before voters decided on the current name.  Over 1,700 persons from foreign countries were imprisoned at the Greenbriar Resort during World War Two.  West Virginia is home to the first federal prison for women and was the first state to levy a state sales tax.

West Virginia prohibits short term loans and severely restricts the amount of interest that may be charged on loans within the state.  In order to operate in West Virginia, payday loan companies must purchase a bank charter with a bank that has offices in both West Virginia and a state that allows short term loans.  Once this is accomplished the lender can operate in West Virginia adhering to the laws of the state from which the charter originated.

Maximum Loan Amount

It depends on the laws from the charter state.

Loan Terms

Loan terms are determined by the laws in the charter state.

Extensions

Extensions and rollovers are allowed depending on the laws in the charter state.

Fees and Charges

Fees and charges vary greatly from lender to lender and depend on the laws in the state from which the lender obtained their bank charter.

Fee Schedules and APR

These vary greatly depending on the laws of the charter state, but APRs as high as 490 percent have been reported.

First American Cash Advance
42 R H L Boulevard
Charleston, WV 25309
First American Cash Advance
900 Avenue
Fairmont, WV 26554
Hocking Valley Check Cashing
9 Heavenly Place
Huntington, WV 25705
First American Cash Advance
122 Nick Savas Drive
Logan, WV 25601
First American Cash Advance
160 Emily Drive
Clarksburg, WV 26301
First American Cash Advance
9007 Fayette Lndg
Oak Hill, WV 25901
First American Cash Advance
771 Beverly Pike
Elkins, WV 26241
First Community Bank
Cook Pkwy
Oceana, WV 24870
CitiFinancial
1349 Edwin Miller Boulevard
Martinsburg, WV 25401
(304) 263-0888
Diamond Funding Corporation
2420 Pennsylvania Avenue
Weirton, WV 26062
(304) 723-3030

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West Virginia Loan Statistics

Pay Schedule
Average Loan Average Age Weekly Bi-Weekly Monthly Twice Per Month Home Owner Renter
2012$8534118%51%16%15%51%49%
2011$8243818%52%15%15%51%49%
2010$8074111%50%18%20%55%45%