You’ve tried so hard to get your finances on track, but life keeps throwing you curveballs. Now, money is tight, and you can’t wait until payday to get relief.
You need cash now and have little to no options. The banks won’t help you, and a payday loan isn’t an option since they’re prohibited in your state. An online installment loan may be your only option – or is it?
Let’s take a closer look at how they work along with other viable alternatives that are safer for your finances.
Options For Payday Advances in West Virginia
Since payday loans are prohibited in the state of West Virginia, many entities offer check installment loans to consumers with credit challenges.
Loan payments are more affordable since the total amount owed is broken down into small chunks. However, you will pay more in interest over the life of the loan as these loans are usually accompanied by steep interest rates.
The installment loan industry is regulated by West Virginia’s Office of the Attorney General.
Requirements
Wondering if you qualify for an installment loan in West Virginia? Each lender has their own set of rules, but you may be eligible if you are a U.S. citizen or permanent resident that’s 18 or older. The lender will also confirm that you have a steady source of income that can be verified and an open checking account that’s in your name and accepts direct deposit.
Credit Affects
Some online lenders in West Virginia conduct credit checks during the review process. A low credit score may not disqualify you for a loan, but you will receive a higher interest rate to offset the risk of loss if you default on the loan.
Payment history may be reported to the credit bureaus. Not all lenders report loan activity, though, unless you default and they sell the account to a debt collector.
Max Loan Amount and Terms
State law does not limit loan amounts, but interest is capped at 31% on small loans on $2,000 or less.
It’s up to the lender to determine the repayment period. Also, know that you may be able to take out multiple loans from different lenders at once with no cooling off period between loan applications.
Penalties
You may be subject to additional fees for missed payments. If you default on the loan and don’t make a payment arrangement with the lender, they may tack on extra fees or sell the loan off to a third-party debt collector.
Payday Advance Alternatives in West Virginia
Since payday loans aren’t an option, you can resort to online installment loans for fast cash. But is that really the best choice for your finances? Not necessarily. These loans are known for having steep interest rates and high monthly payments.
You may be better off exploring other alternatives, like:
Pawn shop loans
Low-interest credit cards
Loans from relatives or friends
Another viable option could be an interest-free cash advance or credit builder loan from MoneyLion.
Instacash
The Instacash feature from MoneyLion offers interest-free cash advances of up to $250. Credit checks are not required, and it only takes a few minutes to apply and get cash.
Simply download the mobile app, customize your profile, and link your checking account. Request the amount you’d like to advance, and the cash advance proceeds will be deposited into your account right away.
Take advantage of Instacash today. There’s zero monthly fee, no interest, and no credit check. Just cash when you need it.
Credit Builder Loan
The Credit Builder Loan from MoneyLion can get you fast cash and a better credit score. It’s a part of the Credit Builder Plus membership that also includes access to premium features like credit tracking, managed investing, and Instacash cash advances.
You may qualify for an installment loan of up to $1,000. Some or all of the funds are yours to use right away. Any remaining portion goes to a Credit Reserve account that earns interest until the loan is paid in full. When you pay off your loan, you get the rest of the cash.
MoneyLion reports payment activity to the credit bureaus to help boost your payment history. And you won’t have to keep up with due dates as payments are automatically withdrawn from your checking account. These timely payments will be reported to the major credit bureaus and will dramatically improve your score.
Get all of this and more for just a $19.99 for a monthly membership.
Apply for a Credit Builder Loan
Find An Online Loan In West Virginia
Instacash | Credit Builder Loan | |
|---|---|---|
How Much Can You Borrow? | $250 | $1000 |
Fees & Interest | $0, 0% APR | Low APR, 0 fees |
Credit Check | No | No |
Availability | Online & Mobile | Online & Mobile |
Wait Time | Instantly | Instantly |
Next Steps | Sign Up | Sign Up |
Get Approved for a Low-Cost Loan in West Virginia!
High-interest installment loans can mean bad news for your finances. Give yourself a chance to get back on track financially without spending a fortune in interest and fees with a loan from MoneyLion.
Consider an Instacash advance to get you over the hump. If you need a little more or want to rebuild your credit, the credit builder loan is also a good fit for your financial situation.
You may like
Community Posts
Similar Posts
Disclosures
Credit Builder Plus membership ($19.99/mo) unlocks eligibility for Credit Builder Plus loans and other exclusive services. This optional offer is not a Pathward product or service. A soft credit pull will be conducted which has no impact to your credit score. Credit Builder Plus loans have an annual percentage rate (APR) ranging from 5.99% APR to 29.99% APR, are made by either exempt or state-licensed subsidiaries of MoneyLion Inc., and require a loan payment in addition to the membership payment. The Credit Builder Plus loan may, at lender’s discretion, require a portion of the loan proceeds to be deposited into a reserve account maintained by ML Wealth LLC and held by Drivewealth LLC, member SIPC and FINRA. The funds in this account will be placed into money market and/or cash sweep vehicles, and may generate interest at prevailing market rates. You will not be able to access the portion of your loan proceeds held in the credit reserve account until you have paid off your loan. If you default on your loan, your credit reserve account may be liquidated by the lender to partially or fully satisfy your outstanding indebtedness. May not be available in all states. Credit Reserve Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclaimers relating to the MoneyLion Credit Reserve Account, see Investment Account FAQs and FORM ADV.
Instacash® is an optional service offered by MoneyLion. Your available Instacash Advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors, as determined by MoneyLion. Expedited delivery requires Turbo Fee. See Instacash Terms and Conditions for more information and eligibility requirements.
MoneyLion does not provide, nor does it guarantee, any third-party product, service, information, or recommendation. The third parties providing these products or services are solely responsible for them, as well as all other content on their websites. MoneyLion is not liable for any third party's failure with regard to those advertised products, services, and benefits. These advertised products and services may not be FDIC insured or bank-guaranteed, and may be subject to a different privacy policy than MoneyLion’s. You should check individual offers, products, and services to become familiar with any applicable restrictions or conditions that may apply. MoneyLion may receive compensation from third parties for referring you to the third party, their products or to their website.
Instacash is a 0% APR cash advance service provided by MoneyLion. Your available Instacash advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors as determined by MoneyLion. This service has no mandatory fees. You may leave an optional tip and pay an optional Turbo Fee for expedited funds delivery. For a $40 Instacash advance with a Turbo Fee of $4.99, your repayment amount will be $44.99. Generally, your scheduled repayment date will be your next direct deposit date. An Instacash advance is a non-recourse product; you will not be eligible to request a new advance until your outstanding balance is paid. See Membership Agreement and help.moneylion.com for additional terms, conditions and eligibility requirements.