West Virginia Payday Loan Law and Legislation

West Virginia Payday Loan Regulations
Legal Status
Interest Rate (APR)
31% APR for loans up to $2,000

Payday lending is prohibited in West Virginia.

In the state of West Virginia, there is no legal payday lending as no check cashing businesses are allowed to offer payday loans. All licensed lenders must comply with the 31% APR loan cap for loans up to $2,000.

West Virginia Payday Lending Statutes

The official website of the West Virginia Division of Financial Institutions reads that “Payday Lenders” are generally prohibited within this state.”

As a matter of fact, many states offer payday service through check-cashing businesses. According to the lending laws of the state, it’s not an option in West Virginia.

In fact, there is a ban on payday cash advances prohibiting businesses functioning in the territory of West Virginia to provide customers short-term payday loans according to W. Va. Code 46A-4-107 and 32A-3-1 et seq.

Payday lenders in West Virginia are not permitted to agree to hold any check submitted for deposit later, in connection with any check-cashing service they offer to provide a loan.

This means you cannot go to a local check cashing company to obtain a payday loan in West Virginia.

Rates, Fees and Other Charges in West Virginia

  • There is an option of consumer lending; however, lenders operating in the state should adhere to 31% APR small loan rate cap on a loan of $2,000 or less.

Consumer Information

More information about payday loan laws and regulations in West Virginia can be found on the official website of the West Virginia Division of Financial Institutions.

Regulator: Complaints & Information

Office of West Virginia Attorney General (Consumer Protection Division)

Address: Consumer Protection Division, P.O. Box 1789, Charleston, WV 25326
Tel: 304-558-8986 or 800-368-8808 (hotline)
Fax: 304-558-0184
Url: http://www.wvago.gov/
File a Complaint: https://ago.wv.gov/Pages/consumercomplaint.aspx

Number of West Virginia Consumers Complaints by Topics

According to CFPB Consumer Complaint Database

  • Not exiting debt ( 8 )
  • Fraud and threat ( 4 )
  • Charges from account ( 1 )
  • Not requested loan ( 1 )

The History of Payday Loans in West Virginia

  • West Virginia never allowed payday lending in the state.
  • Present days – As of 2019, by law payday loans remain prohibited in the state of West Virginia.

[Updated As of February 2020]

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