West Virginia Cash Advance
Laws Related To Cash Advance Lending In West Virginia
Cash advances in the state of West Virginia are not legal, even though they are legal in the neighboring state of Virginia. What this does is make it easy to cross the border and obtain a cash advance if you are in need of some quick cash. Also, there are a lot of companies that offer West Virginia cash advances online. These companies are common and make it hard for officials in West Virginia to enforce the cash advance laws. Since giving out cash advances is not legal in West Virginia, much like many other states in the New England region, you cannot find any cash advance centers where you can get a West Virginia cash advance.
West Virginia has legislation that controls the interest rates on cash advances. Currently, cash advance lenders can charge customers an Annual Percentage Rate (APR) of up to 31% on cash advances of $2,000 or less. In terms of loans in amounts between $2,001 and $10,000, lenders are restricted to charging an interest rate of 27%. Considering that interest rates caps are small, West Virginia is one of 19 states in America that prohibits cash advances from being given out.
There is very strict legislation in West Virginia for cash advances. In the state, a lender can charge an APR of up to 31% on a cash advance that has a principal that is unpaid. Also, cash advance lenders can charge fees that are non-refundable of 2% of the cash advance. These restrictions apply to cash advances that have a value of $1,200 or less. In addition, cash advances that are over $45,000 are entirely prohibited in West Virginia.
Even though the state of West Virginia has very strict laws and prohibitions on cash advances, it does not keep companies from offering West Virginia cash advances to their customers. There are a lot of companies that skirt the laws by becoming a partner with a bank in order to provide cash advance services. By doing this, companies have the same rights that the banks do; therefore, they can charge their customers rates that are available in the state where the bank is located. Some cash back lenders in the state of West Virginia can charge their customers triple digit interest rates, sometimes with an APR as high as 470%!
West Virginia lenders, who are in a partnership with a bank, generally give larger cash advances to their customers, charge higher interest rates, and keep violating West Virginia state laws. Currently, the only states that are actively taking action against companies that are violating the laws are Florida, Ohio, Maryland, and Colorado.
Unemployment Statistics For West Virginia
The unemployment rate in West Virginia in January of 2006 was 4.8%, which meant that at the time there were 37,976 residents of the state without employment. One year earlier in January of 2005, the unemployment rate in West Virginia was 5.9%. In the past decade, the unemployment rate in the state has not exceeded 9.4%.
West Virginia Cash Advance - Cities