Scott Depot 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.

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West Virginia Scott Depot

Scott Depot Short-term Loans Terms

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

Trusted Personal Loan Lenders in Scott Depot, WV

Discover our curated list of trusted personal loan lenders, offering reliable financial solutions tailored to meet your needs with transparency, competitive rates, and unwavering customer support.

Lender
User Ratings
Address
Phone
Category
City National Bank
User Raiting:
4.40
Address: 100 Poplar Fork Rd, Scott Depot, WV 25560
Phone: +1 (304) 757-4004
Category: Bank
Chase Bank
User Raiting:
2.50
Address: 210 Great Teays Blvd, Scott Depot, WV 25560
Phone: +1 (304) 760-1101
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 Scott Depot?

Explore viable financial options to relieve short-term needs, minimize debt, and avoid high-interest payday loans with smarter, sustainable, and supportive alternatives that promote financial stability and well-being.

Quick Installment Loans

Installment loans are borrowed funds paid back over time with scheduled payments. These are typically larger than payday loans, offering a quick and structured repayment process.

Fast Cash Loans

Cash loans provide immediate funds for urgent needs. They are usually short-term and easy to obtain, offering a fast solution to financial emergencies without lengthy procedures.

Instant Title Loans

Title loans require using your vehicle as collateral. Borrowers receive funds instantly, though they risk losing their vehicle if unable to repay. They're meant for quick cash flow.

Emergency Loan Online

These loans cater to urgent financial needs during unexpected crises. Often available online, emergency loans provide fast access to necessary funds without traditional hurdles.

Payday Loans Online

Online payday loans offer small, short-term financial assistance, meant to cover expenses until the next paycheck. They're typically easy to access, even with imperfect credit.

P2P Loans Guaranteed

Peer-to-peer loans allow individuals to borrow directly from others, facilitated through platforms. These loans offer guaranteed approval from fellow lenders with flexible terms.

Debt Consolidation Loans Instant

These loans combine multiple debts into one manageable payment. Instantly simplify financial burdens by reducing interest rates and organizing debt into a single monthly installment.

No Credit Check Bad Credit Loans

Designed for those with poor credit history, these loans offer funds without scrutinizing credit scores. No credit check loans can improve financial situations with responsible usage.

Requirements for Instant Cash Advance

  • Must be a registered member of the NGO.
  • A valid government-issued ID is required for identification.
  • Proof of income or recent financial statement to verify the need for cash advance.
  • Complete the online cash advance application form.
  • Provide contact details for verification purposes.
  • Ensure no outstanding dues with the NGO.
  • Applicant must be above 18 years of age.
  • Submit a detailed explanation of the purpose for the cash advance.

How to Use Personal Loans - Useful Resources

Explore our comprehensive guide on utilizing personal loans effectively, complete with useful resources to help you make informed decisions and improve your financial well-being. Start learning today!

Industry
Address
Phone
Dentist
Address: 4330 Teays Valley Road, Scott Depot, WV 25560
Phone: +1 (304) 757-7590
General Practitioner
Address: 7 Thoroughbred Road, Scott Depot, WV 25560
Phone: +1 (304) 757-0115
Pharmacy
Address: 4539 Teays Valley Road, Scott Depot, WV 25560
Phone: +1 (304) 201-1630
Pizzeria
Address: 4334 Teays Valley Road, Scott Depot, WV 25560
Phone: +1 (304) 757-7775
Real Estate Agent
Address: 98 Devonshire Drive, Scott Depot, WV 25560
Phone: +1 (304) 757-1010
Truck Repair and Service
Address: 4195 State Route 34, Scott Depot, WV 25560
Phone: +1 (304) 757-7600

How to Get to Scott Depot

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 Scott Depot

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

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