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West Virginia Payday Loans

Unexpected financial strain can happen to any individual for a number of reasons. So what can an individual do when in need of quick cash and still weeks away from their next payday? Payday loans are small sum, short term cash loans that are given to individuals who are employed and in need of money before the date of their next paycheck. These payday advances allow an individual to receive financial assistance when they are in need of fast cash. West Virginia lenders provide a small loan to the borrower with the understanding that the loan will be repaid at the time of the borrower’s next paycheck.

How Does It Work?

When an individual finds themselves in need of a cash advance, the first step in the payday loan process is locating a company that can help with their specific needs. For a resident of West Virginia, the best option is to use an online lender. Online lenders can provide easy, quick cash through electronic transactions and direct deposits. Once a lender is found, the potential borrower can expect the company to ask for some information before a loan is approved. Although the exact information that is requested can vary from lender to lender, the potential borrower will generally be required to present some variation of the following:

  • Personal identification (this will need to be photo identification such as a state issued driver’s license or a passport).
  • The borrower should have a valid checking account (some lenders will require that the checking account has been active for a minimum of three months in order for it to be considered valid).
  • The borrower must be currently employed (this can be proven with employee pay stubs or bank statements that show previous deposits).
  • The borrower will usually be asked to provide some sort of repayment protection (this is generally a postdated check signed to the lender, or the borrower’s authorization for the funds owed to be withdrawn by the lender).

After a loan agreement has been agreed upon and signed by the borrower and lender, the funds are disbursed to the borrower. On or before the date of the borrower’s following paycheck, the total amount borrowed plus any additional interest and fees must be repaid to the lender.

Applying For A West Virginia Cash Advance

In the United States, payday loans are regulated on a state level. While some states have legislation disallowing payday loans, the majority of states do allow payday loans. West Virginia is one of those states that have legislation against payday loans. Due to this fact, there are no local payday loan companies in the state of West Virginia. Residents of the state can use online lenders when in need of a payday advance. Online lenders can provide a quick and easy loan process to those who are in need of fast cash. Once a loan is approved for an individual, the lender can make a direct deposit into the borrower’s checking account for the requested amount.