West Virginia Payday Loan Laws

There are exclusive and very specific loan rules and regulations that you would find in the state of West Virginia. There has been a lot of leading lenders in the state, that has had to abide by this particular constitution, and there is no one that can do the business in the state without any sort of registration and the procurement of a license.

• Maximum APR – 760 percent
• Maximum Finance Fees – $20 per $100 dollars
• Maximum Financing Interest – 16 percent
• Maximum Quantity of Loans at One Time – One
• Maximum Payday Loan – $ 1000
• Loan Term Limit – 5 Days
• Loan Term Maximum – 40 Days
• Total Number of Extensions: 3 times
• Loan Default Collections Actions Permitted: Non-criminal (exception for NSF checks)

When we are on the lookout for the best kind of payday loans, you would find that West Virginia Payday loans can certainly offer this to you with the necessary relief. Even though there are a lot of lenders in this particular state that abide by strict rules and regulations, you would always find lenders that are willing to hop on to the next kind of quick moneymaking scheme by going illegitimate. Most of them prefer to pay off all the debts one by one, ensuring that the borrower would face a lot of harassment in order to pay off the loan that has been taken by him or her. This is a practice that should be stored by the state in order to ensure that the borrower would be safe under the jurisdiction of this particular state.

Another particular feature, which is not at all welcome in the payday loans, is the inclusion of excess rate of interest. This is a feature that has been used by the lending agencies in order to ensure that they would be able to get quick money off the investment that they have made.

This is something that has never been authorized by the state of West Virginia, and it is entirely illegal. There are glaring loopholes in the jurisdiction as well as the different charters that has constituted the financial policy of the state, and hence these are the advantages that have been taken by the lending agency in order to stay legal as well as ensure that they do each and every process under the illegal method, causing a very harrowing time for the borrower.

Comments are closed.