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 are determined by the laws in the charter state.
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.
Charleston, WV 25309
Fairmont, WV 26554
Huntington, WV 25705
Logan, WV 25601
Clarksburg, WV 26301
Oak Hill, WV 25901
Elkins, WV 26241
Oceana, WV 24870
Martinsburg, WV 25401
Weirton, WV 26062
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West Virginia Loan Statistics
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