Online Payday loans in West Virginia
In as much as you may be strapped for cash in West Virginia, Pay day loans are prohibited. However, there are other legally available options to consider if you are a resident of this state. But you have other options too which can help you to get approved for your desired amount such as personal and installment lending.
Installment loans in West Virginia
A 90-day installment loan is a distant cousin to payday bad credit loans, in that it takes the shortest processing time whether on line on over the counter. The maximum cash allowed is $500, while the repayment amounts are be debited directly every due date over the next three months.
Even with bad credit, you are able to access this facility because the lender normally considers your current financial situation. Of utmost importance is to pay on the due date, because this will affect your credit score. Besides, refinancing is discouraged.
APR is capped at 31% for every $2,000 and below. Nevertheless, this can go up to 200% when the amount is higher than $2000.
Other options available to West Virginia residents are Credit cards and tribal loans, yet interest rates charged are much lower. On the whole, factors that determine the cost of an installment loan are; the lender you choose interest rates and the term of the loan.
Bad Credit Personal loans in WV
If you are having a wedding, want to buy a boat or pay off credit cards, then a personal loan will come in handy.
You can access a bad credit personal loan of up $35,000, with some lenders offering up to $100,000. However, your credit score must be 620 and above. The repayment period ranges from 36-84 months and depending on the lender you choose, interest rates of between 3.99% and 6.99% are offered as well as APR of not more than 24.99%.
When you take a loan term of maximum 36 months, you are able to get an APR of 18%. On the other hand, if is advisable to factor into your monthly budget the repayment installments to avoid penalties that may apply to None Sufficient Fund (NSF) accounts.
What you need to qualify for a bad credit loan:
- Be a citizen of the U.S
- Be 18 years and above
- Have regular source of income
- A driving license
- Social security number
- A functioning bank account
How it works.
Here at Nation 21, we are fully committed to matching you with the right lender, whether you are facing an emergency or a life time of financial crises.
You fill out your application form on line or offline by walking into our shop, and if approved money is deposited into your account within one business day.
Lending regulations in West Virginia
The average credit score in West Virginia state is 632, while rest of the country has a credit score between 300- 850. That said, all lenders are bound by the state’s law as stipulated in Chapter 46A Article 4 of West Virginia state code.
This law is specific on refinancing which is capped at 18% APR, every $2000 or less may be charged at 31% APR and no more.
With these regulations in place, you are free to report any rogue lender bent on charging fees and interest rates above what the law provides.
Population and demographics
West Virginia State had a population of 1.86m by 2016 which was composed of: 93% whites, 3% black Americans, 1% Hispanics and 1% others.
With Charleston being the state’s capital, West Virginia is ranked as the 10th smallest by area. It also holds the 2nd lowest place as far as house hold incomes go.
The gross domestic product for West Virginia stood at $63.3 billion by 2009 according to the Bureau of Economic Analysis. Additionally, the economy grew by 5.1 % in 2014. West Virginia is the global hub of biotech energy, manufacturing, aerospace, and media. Not forgetting tourism which brought in $4.2 billion in revenue in 2010.