Same Day Title Loans
In West Virginia
- Keep driving your vehicle
- Borrow up to $25,000
- Bad Credit is no problem
- Fair terms & rates
- Keep driving your vehicle
- Borrow up to $25,000
- Bad Credit is no problem
- Fair terms & rates
Apply To See How
Much Money I Can Get For My Car Title
Online Title Loans In West Virginia - Are They Possible
Car title loans are not allowed in West Virginia. Similar to the regulations covering payday loans and cash advances, the State outlaws any short term loan that is payable in less than a year.
A title loan is a way to borrow money using the equity in your car or truck as security for a loan. These loans don't require good credit, and while they come with a high APR, they can be ideal for someone who can't be approved for a traditional unsecured loan.
Current state laws regulating title loans vary throughout the Southeast, but there's no debating that West Virginia has some of the strictest regulations in place. Yes, it's technically possible to cross state lines and apply for a loan there, but even in that case, you won't have the protections offered as a customer if you had applied with a local lender in WV.
Common Reasons For Why Title Loans Are Not Offered in WV
- The interest on these loans is higher compared to any other loans. Sometimes, they exceed 100% annually and offer even higher rates than credit cards. You need to make quick payments to avoid significant interest charges.
- Sometimes, Repossession is not the end of these loans. There is a likelihood of losing the vehicle if the amount, which is the outcome of high-interest rates, is not paid. Therefore, with default, the vehicle can be seized; if the required amount is not generated, the difference will still be paid off. However, this rarely happens.
- They place a lien on the borrower until you repay the amount.
Alternatives for Car Title Loans in West Virginia
- Payday loans: The repayment is due within a month, which includes the amount plus interest. The key feature is that they do not ask for any collateral security. It can be applied in online and offline modes and involves same day funding.
- Credit card cash advance: they can gain a cash advance through ATMs. It is potentially faster than a title loan, requires no collateral, and comes up with lower APRs.
- Short-term loans: These include payday and installment loans. Installment loans are in greater amounts and allow borrowers to make payments over months and even years. $10,000 can be borrowed in case of installment loans in West Virginia. It can be applied online and in person. These types of loans are unsecured, and collateral is unnecessary for personal loans.
- CDFI loans: Community development financial institutions are non-profit organizations that offer loans and grants to underserved communities in West Virginia. Unlike title loans, these state-mandated grants and loans are legal and you can borrow a large amount of money with low interest rates.
- Payday Alternative loans: These unsecured loans are offered by credit unions and you can borrow $200-$1000. Learn more about the different payday loan alternatives by checking out our FAQ page, which covers many other personal loan lending options.