Fair to Bad Credit Loans in WV
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Last updated March 22nd 2020
Commentary is for informational purposes only. See legal disclaimers here.Money Trouble in West Virginia?
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West Virginia Usury and Regulations
Summary of West Virginia Usury Law(s) / Quote: "Legal: 6% / Contract: West Virginia Lender, sellers and other creditors are authorized to charge, as an alternative to other rates under any provision, up to a maximum rate fixed by the Lending and Credit Rate Board (18% in June 2006). No law limiting interest rates may be applied to any debt incurred by a loan, installment sale or similar transaction primarily for a business purpose / Judgment: 10% / Corporate: No special rate"
(WeFindLenders.com endeavors to include the most up to date legal data for West Virginia, but no guarantee or warranty of any kind is expressed or implied as to the accuracy of said data. This data is not intended to be legal advice. For legal help speak with a lawyer in West Virginia, and/or contact the West Virginia State government's division of banking and finance - legal statutes researched by FindLaw.com & American Lawyers Quarterly - see credits)
West Virginia Usury Law Information:
Legal Maximum Interest Rates: Quote: "6% absent written agreement otherwise; 8% maximum contract rate - West Virginia Code 47-6-5: Legal Rate of Interest"
Usury Penalties:
Quote: "Void as to all interest and debtor may recover
4 times all interest agreed to be paid with $100 minimum; West
Virginia Code 47-6-6: Usury and Usurious Contracts"
Judgment Interest Rates: Quote: "10%
West Virginia Code 56-6-31: Interest on Judgments "
Legal Exceptions: Quote: "Life insurer
(33-13-8), Consumer credit sales (46A-3-101); Installment sale for
business purposes; loans for business purposes (47-6-11)"
West Virginia Lenders By City
Charleston WV / Huntington WV / Morgantown WV / Parkersburg WV / Wheeling WV
Complaints to:
West
Virginia Division of Financial Institutions
/ West
Virginia Complaint Process / Compaint
form PDF for download
West Virginia Division of Financial Institutions / 900 Pennsylvania Avenue, Suite 306, Charleston, WV 25302 / Phone: 304.558.2294 Fax: 304.558.0442
West Virginia Lender List
Click
or tap map image above for interactive version.
Lenders contact
us for listing removal or amendment.
Members Choice WV FCU
201 Ohio Ave Charleston
WV 25302 - 304.346.5242
www.memberschoicewv.com
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Pioneer West Virginia FCU
1316 Kanawha Blvd E, Charleston
WV 25301 - www.pioneerwv.org
304.348.6648
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State Credit Union
2200 Washington St E, Charleston
WV 25311 - www.wvpecu.org
304.558.0566
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Charleston Federal Credit Union
300 Virginia St E #4203, Charleston
WV 25301 - 304.347.3393
www.cfcuwv.virtualcu.net
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Star USA Federal Credit Union
1 Cantley Dr, Charleston
WV 25314 - www.starusafcu.com
304.357.2319
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Universal Federal Credit Union
317 31st St, Huntington
WV 25702 - 304.697.2919
www.universalfcu.com
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Metro Community Fcu
215 18th St, Huntington
WV 25703 - 304.697.4652
www.metrocommunityfcu.com
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Huntingtonized FCU
481 W 8Th Ave, Huntington
Wv 25701, Huntington, WV 25701
www.huntingtonized.com
304.528.2400
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Mountain Heritage FCU
1822 7th St, Parkersburg
WV 26101 - www.mhfcu.net
304.424.7256
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West Virginia Credit Union
411 Cedar Grove Road Parkersburg
WV 26104 - www.wvcul.org
304.485.4521
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Bad Credit Loan Form for West Virginia
Bad Credit Loan Example In West Virginia
Marc and his wife have really had a difficult year. He suffered an injury at work and had to take time off for almost a year. With no benefits and no disability checks coming in, they had to exist on his wife’s income which was not enough to sustain their lifestyle even with major cutbacks in spending.
They quickly exhausted their savings and had to stop many payments on a variety of things. The last straw was their mortgage payments.
Now the bank is threatening foreclosure on their home and they may need to move to an apartment if they cannot come up with the money they owe to the bank. They need a bad credit loan if they are going to make it through this tough time.
They need a total of $45000 to pay the missed payments to the bank and a number of other debts that have added up. These include credit card, hospital bills and some bills they have not paid to doctors and treatment centers for Marc’s health issues.
The good news is that Marc is ready to go back to work if he can find a job. He has already talked to his old employer, however ideally he would like to find a job that offers health benefits. He cannot afford another health scare like this one.
If they can be approved for this loan of $45000 with a 20 year term, they can begin to get their lives back in order and also perhaps build up their savings once again.
A $45000 loan with a 20 year term and 5.55% interest rate for Marc would cost him the following per month:
• Loan Amount (principal) = $45000
• Interest Rate = 5.55%
• Term Length =20 year
• Monthly Payment = $310.82
• Total Paid Back = $74597.15
• Total Interest = $29597.15
Although Marc has missed payments on his homes mortgage, he actually has quite a bit of equity in the home since they had a large down payment when they purchased the home and they have been living in the home for over 15 years paying the mortgage every month.
Although he still does not have a job, lenders will seriously consider his application for this loan.
He has the equity in his home to use as security which will give him a better interest rate even though he has a bad credit rating stemming from his past year with his disability. His biggest single road block at this time is a lack of a job.
If he can solve that problem, he likely will be approved for a loan.
Marc’s wife continues to work and they are also negotiating with the bank who holds their mortgage. They are considering an option to renegotiate their mortgage and have what they owe to the bank incorporated and added to the balance of what they owe.
This is another option for them to consider and perhaps even incorporate the other debt that they have.
Marc is totally focused on finding a job, even a part time job to enable this application for a loan and / or negotiation with the bank for a revised mortgage. More to come with regards to this loan application from Marc.
If you live in the State of West Virginia and you're struggling to get a loan approval with a bad credit rating we hope our website helps you in some way.
Sincerely,
Chris Somerset
Chris Somerset is the daughter of Lance Somerset who founded the We Find Lenders Pool. She contributes to WeFindLenders.com whenever she's not having fun with her three children and her husband Ron.
Debt Consolidation Loans in WV
Last 5 debt service loans approved in the State of West Virginia. Source: WFL Lender Pool. Updated Weekly. Principals rounded to the nearest $1000. Relative interest rates listed below in order left to right.
850000 $50000 $20000 $6500 $75000
11.85% 11.44% 5.71% 8.01% 6.34%
WV Debt Consolidation Providers
Click
or tap map image above for interactive version. American Debt Consolidation - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Debt Hero Debt Consolidation - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Debt Relief West Virginia - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - American Debt Consolidation - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - W V Air National Guard FCU - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Pioneer West Virginia FCU - - - - - - - - - - - - - - - -
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- - - - - - - - - - - - - Peoples Federal Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - American Debt Consolidation - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Metro Community FCU - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - To all of our visitors from West Virginia
- after you get your consolidation loan approved, be careful not to fall
into the same trap that a lot of people fall in to. And that's when you
finally get all your creditors paid off with one monthly payment, and
then you start spending again and cranking up your credit card debt. Joy just needs a small loan of $800 which
she will pay back in less than a years’ time. This loan is incredibly important to her
because it means having a car to get back and forth to work or having
to take the bus. She found another position within a months’
time and was able to catch up on all of her other debts in the last few
months, however the car loan is the last one and she is now afraid of
losing the car. Her new job pays well and she is not worried
about the debt on her credit card at this time. If they are worried that you cannot pay
your monthly payments, they quickly cut their losses, repossess the vehicle
and then sell it or re-lease it to recover their investment. In addition, there are fees for repossession
paperwork, towing and storage. Clients end up with a fairly large bill
in addition to losing their car. It may take two to four years for these
items to be removed from her credit score. It certainly will help if she
is able to catch up and repay everything she currently owes along with
paying her car loan in full. If you live in the State of West Virginia and
you're trying to get approved for a debt consolidation loan, we hope our
website helps you find a good lender regardless of your credit rating. Andy Somerset Andy
Somerset is the son of Lance Somerset who founded the We
Find Lenders Pool. He writes for WeFindLenders.com whenever he's not
working hard on his degree in finance. Click
or tap map image above for interactive version. - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Family Service Credit Counseling - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Consumer Credit Counseling Services - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - West Virginia Credit Counseling - - - - - - - - - - - - - - - -
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Lenders contact
us for listing removal or amendment.
Huntington WV 25701
304.522.0622
411 Virginia St E
Charleston, WV 25301
304.513.1228
921 Market St, Parkersburg
WV 26101 - 304.485.0547
Morgantown, WV 26505
304.292.0079
1512 Coonskin Dr, Charleston
WV 25311 - www.wvngfcu.com
304.342.2422
1507 Main St E, Oak Hill
WV 25901 - www.pioneerwv.org
304.465.2060
Ravenswood Federal CU
245 S Church St, Ripley
WV 25271 - www.rfcu.net
304.372.2124
419 1st Ave S, Nitro
WV 25143 - 304.722.2274
www.peoplesfcu.com
Wheeling, West Virginia
WV 26003 - 304.232.1198
215 18th St, Huntington
WV 25703 - 304.697.4652
www.metrocommunityfcu.com WV
Consolidation Application Form
About Consolidation Loans
In WV
Consolidation
Example in West Virginia
She is recovering from a job loss and owes $1200 in overdue payments on
her car loan.
They have told her that the leasing company will initiate repossession
of her car unless she comes up with the $1200 in the next week.
She has $400 and just needs another $800 to be able to repay them. She
lost her job earlier in the year and got behind on various payments.
Joy pays rent and utilities for her apartment. She is up to date on all
of these monthly payments. She has some credit card debt and expects to
repay what she owes in another month.
She could apply for a debt consolidation loan and be up to date on everything,
however right now she is so worried that she will lose her car. She just
wants a loan to cover her car payments and she will catch up on the rest.
A $800 loan with a 1 year term 7.65% interest rate for Joy would cost
her the following per month:
• Loan Amount (principal) = $800
• Interest Rate = 7.65%
• Term Length = 1 year
• Monthly Payment = $69.46
• Total Paid Back = $833.54
• Total Interest = $33.54
Joy is fortunate that she was able to find another job so quickly and
she is quite focused on repaying her debts. Leasing companies do not fool
around.
Joy needs her car to get back and forth to work. If she loses the car,
life commuting will be very difficult for her. Her credit score has suffered
over the past few months with the missed and late payments.
Since this is such a small loan, Joy should have no problem with being
approved. In fact, the proceeds of the loan can be paid directly to her
checking account and she can then transfer the $1200 she owes to the car
leasing company.
Sincerely,
Credit
Counseling Services In WV
Counselors contact
us for listing removal or amendment.
51 11th St #340 Wheeling, WV 26003
www.creditcounselingservicesusa.com
304.232.6733
1102 Memorial Blvd, Huntington
WV 25701 - www.goodwillhunting.org
304.522.4321
Morgantown, WV 26505 - 304.292.1448WFL Loan Product
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