The Best Title Loan Companies in West Virginia

West Virginia is well known for being one of the only states that is completely within the Appalachian Mountains with the highest elevation of any state east of the Mississippi River. For this reason, West Virginia is known as the Mountain State. Also, its long history associated with the coal industry has garnered it the other nickname the Panhandle State. West Virginia is unique in that it is well known for its beautiful landscapes of mountains, forests, and white water rivers. In fact, the natural warm springs of Berkeley Springs attract visitors from around the world!

While West Virginia boasts beautiful natural landscapes, according to Rich States Poor States, it is, unfortunately, ranked 46th for its economic performance in the United States. This is largely due to the declining coal industry making West Virginia one of the more disenfranchised states in America. 

According to the West Virginia Center on Budget & Policy, even with the low cost of living in West Virginia, many families are struggling to survive with earnings from their full-time jobs. Struggles are especially prevalent in the Coalfields region of West Virginia which typically have the highest poverty rates in the United States due to a lack of economic opportunities beyond the coal industry.

Finding effective ways to manage short-term emergency expenses can be difficult. With the help of title loans, residents of West Virginia have an opportunity to bridge financial gaps as long as these short-term financial options are used responsibly.

Are Title Loans Available in West Virginia?

According to the Consumer Federation of America, West Virginia is considered a restricted title loan state. This means that while title loans are available, there are some mandated stipulations which have been enacted to prevent predatory lending practices. Some of the mandated requirements for companies that wish to offer title loans in West Virginia include:

• Obtaining a license to offer consumer loans
• A maximum 27% finance charge on secured loans between $3,500-$15,000
• A maximum 18% finance charge on secured loans greater than $15,000
• Loan terms commence on the date the loan was made
• Consumer lenders cannot create multiple loans to obtain higher loan finance charges

Due to the enactment of these stipulations, the number of brick-and-mortar title loan providers is much lower in West Virginia in comparison to other states. However, those entities which do provide title loan services in West Virginia are held to standards that ensure consumers are met with reputable lending practices.

Best Online Title Loans In West Virginia

To assist you in finding a reputable title loan in West Virginia, we have compiled a list of the best online title loan companies. These online title companies provide the convenience of obtaining a title loan from just about anywhere!

The Top 5 Local West Virginia Title Loan Companies

Online title loan companies such as MaxCash and LoanMart are quite convenient. However, you may be the type that wants to drive to a location and obtain your title loan in person. Thus, we offer the following listing of five local West Virginia title loan companies.

While these local title loan providers have been thoroughly vetted, consumers that are concerned about the legitimacy of these local title companies in West Virginia are encouraged to visit one of our preferred online title loan providers such as MaxCash or LoanMart.

Below are the five local title loan companies in West Virginia where you can obtain a title loan quickly to solve your short-term financial emergencies.

How Do Title Loans Work In West Virginia?

In order to obtain a title loan in West Virginia, applicants must be able to meet these minimum requirements:

• West Virginia residency
• Age 18 years of age or older
• Have a government-issued photo ID
• Proof of a steady source of income
• A lien-free vehicle title registered in the applicant’s name

Please note that companies providing title loan services in West Virginia are governed by The West Virginia Code Article 4: Regulated Consumer Lenders, which states that lenders are not allowed to charge upwards of 30% annual interest on the principal loan amount.

Can a Title Loan Mess Up My Credit?

One of the benefits of title loans is that they do not require credit. Your vehicle is used as collateral to secure the loan. Once you are approved for a title loan, you relinquish your vehicle title to the company that has offered the title loan. You will continue to drive your vehicle while you pay off the title loan. 

As long as the title loan is paid in full, you receive your title loan back upon meeting the repayment terms. This means you don’t have to worry about a title Ioan messing up your credit because it is your vehicle which secures the collateral for the title loan not credit.

If you’re looking for a way to improve your own credit, consider checking out our post on How to Fix My Credit Score Myself.

What Are the Pros And Cons Of Getting A Title Loan?

If you are seeking a title loan, it is important to make yourself aware of the pros and cons of title loan lending. Being informed about the title loan process will ensure that you are making the most financially sound decision for fast cash options.

Some of the pros of a title loan are:

• Access to quick cash without any credit check
• Quick loan funds available upon approval
• You can still drive your vehicle while paying off the title loan

Some of the cons of a title loan are:

• Higher interest rates in comparison to other loan products
• You may have to install and use a GPS to track your vehicle until the title loan is paid off
• In extreme cases, repossession of the vehicle (keep in mind, lenders would much rather restructure your loan than repossess your car, which is not an easy process for them)

To assist you with determining whether a title loan is a viable fast cash option for you, view our post on The Best Title Loan Companies in the United States.

How Do I Get Out Of A Title Loan?

If you are looking to get out of a title loan, you have three options:

1. You can pay off the title loan in full per your title loan contract. Upon doing so, the title company will return your vehicle title to you.
2. You could allow your car to be repossessed which will allow the title company to sell your car for repayment of the title Ioan funds and any associated fees. However, this is a worst case scenario, and it is not recommended.
3. If you have been having issues repaying your title loan, consider title loan refinancing which offers you the option to avoid vehicle repossession by re-negotiating the repayment terms of an existing title loan.

Conclusion and Next Steps

Now that you are more informed about title loans and what they have to offer, you are in an ideal position to choose either an online or local title loan provider in West Virginia with confidence.

Let us help you get started with your title loan search. Head on over to Max Cash to start the title loan process. With a platform with numerous lenders, submitting one simple loan application puts you on the path to getting the title loan funds you desire with no hassles.