Berkeley Springs Personal Loan Terms and Rules in 2025

Common Capital is a Help Organization dedicated to providing the public with comprehensive, accurate, and accessible online information about payday loans in West Virginia.

Table of content
Jump to
West Virginia Berkeley Springs

Berkeley Springs Short-term Loans Terms

Legal Status Illegal
Interest Rate (APR) 31% APR for loans up to $2,000

Trusted Personal Loan Lenders in Berkeley Springs, WV

Explore our carefully selected list of trusted personal loan lenders, renowned for their transparency and reliability, ensuring you receive the best financial support tailored to your needs.

Lender
User Ratings
Address
Phone
Category
CNB Bank Inc
User Raiting:
5.00
Address: 1610 Valley Rd, Berkeley Springs, WV 25411
Phone: +1 (304) 258-9650
Category: Bank
CNB Bank, Inc.
User Raiting:
4.70
Address: 101 S Washington St, Berkeley Springs, WV 25411
Phone: +1 (304) 258-1520
Category: Bank
Truist
User Raiting:
4.30
Address: 7 S Washington St, Berkeley Springs, WV 25411
Phone: +1 (304) 258-4596
Category: Bank
City National Bank
User Raiting:
3.70
Address: 149 N Washington St, Berkeley Springs, WV 25411
Phone: +1 (304) 258-4343
Category: Bank

West Virginia Short-term Loan Regulations

In West Virginia, payday lending is effectively prohibited due to strict usury laws. The state's regulations, particularly the West Virginia Consumer Credit and Protection Act, impose a maximum interest rate cap that makes traditional payday lending unprofitable. Under this act, licensed lenders are limited in the amount of interest they can charge, which is significantly lower than the typical rates charged by payday lenders.

The West Virginia Consumer Credit and Protection Act caps the interest rate for consumer loans at 31% per annum on unpaid balances of $2,000 or less. This cap is far below the rates that payday lenders usually charge. As a result, there are no payday loan storefronts in West Virginia. The state has been proactive in enforcing its laws against payday lenders operating within its borders, including online lenders.

Additionally, lenders in West Virginia, as in all states, must comply with federal regulations. This includes the Truth in Lending Act, which mandates that lenders, including those operating online, disclose the cost of the loan in terms of the finance charge and the annual percentage rate (APR). The Fair Debt Collection Practices Act also applies, regulating how debts are collected and prohibiting abusive, deceptive, and unfair collection practices.

Due to these stringent regulations, consumers in West Virginia are largely protected from the high-interest rates and potentially predatory practices associated with payday lending.

What Are the Alternatives for Short-term Loans in Berkeley Springs?

Discover various financial solutions that provide safer, more sustainable options than payday loans. Empower yourself with alternatives that offer fair terms and help avoid debt cycles.

Installment Loans Quick

Installment loans provide borrowers with a lump sum to be repaid over a set schedule, offering predictable, manageable payments.

Fast Cash Loans

Fast cash loans offer immediate access to funds for urgent needs, often with minimal eligibility requirements and quick approval times.

Instant Title Loans

Instant title loans use your vehicle title as collateral, offering you fast cash based on your car’s value.

Emergency Loan Guaranteed

Emergency loans guaranteed cater to sudden financial needs, providing a safety net with quick disbursal and flexible terms.

Payday Loans Online

Payday loans online facilitate short-term borrowing with easy applications, rapid approval, and direct bank transfers for quick financial relief.

P2P Loans No Credit Check

P2P loans no credit check connect borrowers directly with lenders through online platforms, enabling personalized loan arrangements.

Online Debt Consolidation Loans

Online debt consolidation loans combine multiple debts into one, simplifying payments and potentially reducing interest rates.

Bad Credit Loans Instant

Bad credit loans instant provide financial solutions for those with poor credit, focusing on alternative factors for swift approval.

Requirements for Instant Cash Advance

  • Proof of identity: A government-issued ID such as a passport or driver's license.
  • Proof of income: Recent pay stubs or a bank statement to verify your financial situation.
  • Contact information: Valid email address and phone number for communication purposes.
  • Bank account details: An active bank account to receive the funds.
  • Completed application form: Accurately filled out with all required personal and financial details.
  • Age requirement: Must be at least 18 years old to qualify.

How to Use Personal Loans - Useful Resources

Unlock the potential of personal loans effectively with our comprehensive guide, featuring insightful resources designed to empower and assist you in managing short-term financial needs responsibly.

Industry
Address
Phone
Barbecue Restaurant
Address: 110 Cold Run Valley Road, Berkeley Springs, WV 25411
-
Car Accessories
Address: 43 Morgan Square, Berkeley Springs, WV 25411
Phone: +1 (304) 258-0566
Club & Association
Address: 593 North Washington Street, Berkeley Springs, WV 25411
Phone: +1 (304) 258-1618
Dentist
Address: 345 Concord Avenue, Berkeley Springs, WV 25411
Phone: +1 (304) 258-2291
Government Office
Address: 2612 Martinsburg Road, Berkeley Springs, WV 25411
Phone: +1 (304) 258-1880
Grocery Store
Address: 4 Howard Street, Berkeley Springs, WV 25411
Phone: +1 (304) 258-2313
Hotel
Address: 1 Market Street, Berkeley Springs, WV 25411
-
Museum
Address: Hull Drive, Berkeley Springs, WV 25411
-
Pharmacy
Address: 8 Gayle Drive, Berkeley Springs, WV 25411
Phone: +1 (304) 258-4955
Specialist
Address: 83 War Memorial Drive, Berkeley Springs, WV 25411
-

How to Get to Berkeley Springs

Complaints about Short-term loan, Title Loan, or Personal Loan in West Virginia

Issue Type
Amount of Complaints
Charged fees or interest you didn't expect
10
Problem with the payoff process at the end of the loan
10
Getting the loan
9
Problem when making payments
9
Problem with additional add-on products or services
5
Getting a line of credit
5
Struggling to pay your loan
4
Money was taken from your bank account on the wrong day or for the wrong amount
2
Incorrect information on your report
2
Credit limit changed
2
The data is taken from consumer complaint database created by Consumer Financial Protection Bureau

Submit a Complaint for a Short-term lender in Berkeley Springs

If you need to submit a complaint against a payday lender in West Virginia, the primary regulatory body is the West Virginia Division of Financial Institutions. They ensure compliance with state laws governing payday loans. You can reach them at:

  • West Virginia Division of Financial Institutions, 900 Pennsylvania Avenue, Suite 306, Charleston, WV 25302
  • (304) 558-2294
Submit a Complaint

Frequently Asked Questions about Short-term Loans

Are Payday Loans Legal in West Virginia?

Yes, payday loans are legal in West Virginia. However, they are subject to regulations and consumer protections to ensure responsible lending practices and protect borrowers.

Why are Payday Loans Regulated?

Payday loans are regulated in West Virginia to prevent predatory lending practices and excessive interest rates. The regulations aim to safeguard the financial well-being of residents and ensure that borrowers are not trapped in cycles of debt.

What Are the Restrictions on Payday Loans in West Virginia?

In West Virginia, payday loans are subject to restrictions, including maximum loan amounts, maximum loan terms, and limits on finance charges. These regulations are in place to protect consumers from the potentially harmful effects of payday lending.

Can Out-of-State Lenders Offer Payday Loans?

Out-of-state payday lenders are allowed to offer payday loans to residents in West Virginia, but they must adhere to the local regulations and licensing requirements.

Where Can I Report Unlawful Payday Lending Practices?

If you encounter any unlawful payday lending practices or believe you have been targeted by predatory lenders in West Virginia, you can report these issues to the West Virginia Division of Financial Institutions. They can investigate and take appropriate actions to address any violations of payday lending laws in the state. Reporting such practices helps protect consumers from unfair treatment and promotes responsible lending.

West Virginia Personal Loans Near Me

Accoville Alderson Alloy Alum Bridge Ansted Apple Grove Arbovale Arnoldsburg Athens Augusta Baker Barboursville Beaver Beckley Belington Belle Belmont Berkeley Springs Big Chimney Birch River Blacksville Bluefield Branchland Bridgeport Bruceton Mills Buckhannon Buffalo Burnsville Cameron Capon Bridge Ceredo Chapmanville Charles Town Charleston Charlton Heights Chester Clare Clarksburg Clay Clendenin Comfort Cowen Crab Orchard Craigsville Cross Lanes Daniels Danville Davis Delbarton Depot Dunbar Eleanor Elizabeth Elkins Elkview Ellenboro Fairmont Fairview Falling Waters Farmington Fayetteville Follansbee Fort Ashby Fort Gay Franklin Friendly Gallipolis Ferry Gassaway Gauley Bridge Gilbert Glasgow Glen Dale Glen Daniel Glen Fork Glenville Grafton Grantsville Grove Hamlin Harman Harpers Ferry Harrisville Harts Hedgesville Hilltop Hinton Hundred Huntington Hurricane Iaeger Ikes Fork Inwood Jane Lew Kanawha Head Kearneysville Kenova Kermit Keyser Kingwood Lanes Lavalette Lewisburg Lindside Logan Lost Creek Madison Man Mannington Marlinton Martinsburg Mason Masontown Matewan Mathias Mcmechen Middlebourne Mill Creek Milton Moatsville Montgomery Moorefield Morgantown Moundsville Mt Clare Mt Hope Mullens Naugatuck New Cumberland New Martinsville Newell Nitro Nutter Fort Oak Hill Oceana Paden City Parkersburg Paw Paw Pennsboro Petersburg Peterstown Philippi Pine Grove Poca Point Pleasant Princeton Proctor Rainelle Ranson Ravenswood Red House Reedsville Ridgeley Ripley Rock Cave Romney Ronceverte Rowlesburg Sabraton Scott Depot Shady Spring Shepherdstown Shinnston Sistersville Slanesville Slaty Fork Sophia South Charleston Spencer Springfield St Albans St Marys Summersville Summit Point Sutton Terra Alta Thomas Triadelphia Union Valley Grove Victor Vienna Walton War Wardensville Wayne Webster Springs Weirton Welch Wellsburg West Hamlin West Milford West Union Weston Westover Wheeling White Hall White Sulphur Springs Whitesville Wiley Ford Williamson Williamstown Winfield