Loan Rates and Fees in West Virginia
Page last reviewed: March 27, 2026 · Reviewed for accuracy by LendUp
Payday Loan Costs in West Virginia
West Virginia does not permit payday lending - no lender is licensed to offer single-payment payday loans in this state.
For installment loan costs, see below. For non-loan options, visit Alternatives in West Virginia.
Installment Loan Costs in West Virginia
Licensed regulated consumer lenders in West Virginia use a tiered interest rate applied to the declining (unpaid) balance - the rate depends on how much of your balance falls within each tier.
| Portion of Unpaid Balance | Maximum Annual Rate |
|---|---|
| Up to $2,000 (unsecured) | 31% |
| $2,000–$10,000 (unsecured), or any amount secured by real property up to $10,000 | 27% |
| Over $10,000 | 18% |
State law prohibits origination fees, points, investigation fees, and similar upfront charges - a licensed lender may not add these on top of the interest rate.
On a $1,000 unsecured loan at 31% annual interest repaid over 12 equal monthly payments, your monthly payment would be approximately $91.68 and your total repayment approximately $1,100 - roughly $100 in interest plus $1,000 in principal.
- Refinancing restarts interest on the new balance - compare your remaining balance to the new loan's total of payments before you agree.
- Returned payment fees and late fees: state law bars lenders from charging fees not specifically authorized under West Virginia Code Chapter 46A - verify any such fee with the WV Division of Financial Institutions before you sign.
- If you pay early, interest is recalculated under the actuarial method so you don't pay for days you didn't use the money - see Installment loans in West Virginia for details.
If an offer exceeds these limits, verify with the WV Division of Financial Institutions.
What to Check on Your Offer
- Interest rate: shouldn't exceed 31% annually on unpaid balances up to $2,000 (unsecured), 27% on $2,000–$10,000 or secured amounts up to $10,000, or 18% above $10,000.
- Origination or upfront fees: state law prohibits these - any such charge on a licensed lender's offer is not permitted.
- Returned payment or late fees: no specific state cap - ask the lender for the exact amount before you sign and confirm it appears in your agreement.
- Total of payments: add up every scheduled payment on your agreement and confirm it matches the "total of payments" line.
- Payday or single-payment loan offers: no lender is licensed to offer these in West Virginia - if you receive one, it may not be from a licensed lender.
- Military households: if you or your spouse are active-duty, the all-in cost on your loan can't exceed 36% MAPR under federal law - compare that to the APR on your offer.
Official Sources
- West Virginia Code Chapter 46A, Article 4 - Regulated Consumer Lenders
- WV Division of Financial Institutions - Consumer Information
- WV Division of Financial Institutions - Licensee Information
Rules can change - confirm with the WV Division of Financial Institutions if an offer doesn't match what's shown here.