What Is a Personal Loan?
A personal loan, sometimes called “personal installment loans” or just “installment loans,” is a type of funding where approved borrowers receive a single lump sum payment, and repay the balance (plus interest and fees) with fixed installments over a set period of time.
Unlike secured loans such as mortgages or auto loans, unsecured personal loans can be used for just about any purpose, making them a good solution for many different types of financial emergencies.
What Are The Types of Personal Loans You Can Get?
Below are details about some of the common loan types you may come across in your search for funding:
Bad Credit Loans
Online bad credit loans are unsecured personal loans designed for people with poor or no credit history, or those looking to build credit. These loans can help build a positive payment history, diversify your credit profile, and establish a history of paying off debt, which can work towards improving your overall credit score.
Payday Loans
A payday loan is a type of quick cash loan that typically comes with low loan amounts, high interest rates, and extremely short repayment terms. Given the predatory nature and inefficiency of this type of loan, payday loans are illegal in the state of West Virginia.1
No Credit Check Loans
No credit check loans are a type of funding where the lender forgoes a traditional credit check during the approval process. However, this term is often just a marketing tactic because lenders will almost always have to confirm your credit in some way before approving you for a loan.
Cash Advance Loans
Online cash advance loans are a type of short term loan, similar to payday loans. These loans are also illegal under West Virginia law.1
West Virginia Installment Loans
When looking for the best deal on your personal loan, pay close attention to the following factors:
- Loan Amounts — Borrow only what you need and what you can afford to repay.
- Fixed Interest Rates — Look for lenders that offer fixed rates to make monthly installments easy and predictable.
- Repayment Terms — Your lender should offer affordable repayment terms that work with your personal budget.
- Fees and Penalties — Read over your loan contract carefully before signing to make sure you understand your terms, rates, and conditions of your loan.
EXPERT TIP: Look for lenders that don’t charge early payment penalties; that way, you can pay off your loan early and save money on interest rates.
You may also want to find a lender that offers online loan management so you can apply on your own schedule. Online loans also allow you to get paid and even repay your loan without ever having to leave your house!
West Virginia Installment Loan Rates
Interest rates and loan terms can play a huge role in determining the overall cost of your loan. Below is what paying off a $500 payday loan with a 36% APR might look like, depending on your loan terms. As you can see, while longer repayment terms come with lower monthly payments, they can also make your loan more expensive in the long run.
| Term Length | Monthly Payment ($) | Total Paid ($) |
| 4 months | $134.51 | $538.05 |
| 8 months | $71.23 | $569.83 |
| 12 months | $50.23 | $602.77 |
| 24 months | $29.52 | $708.57 |
Can You Get a Bad Credit Loan In West Virginia?
Yes, there are multiple lenders in West Virginia who specialize in bad credit loans. Keep in mind, while getting credit approval for these types of loans can be easier, they often come with higher interest rates and sometimes lower loan amounts.
However, as you make timely payments and work towards improving your credit, you’ll have a better chance of being approved for higher loan amounts and lower interest rates in the future.
What Can You Use An Installment Loan In West Virginia For?
Common reasons people take out a personal loan online are:
| Home Improvement Take care of home maintenance projects before they become a bigger issue. | Credit Card Debt Consolidation Consolidate balances and knock out debt with one easy monthly payment. | Medical Costs Cover everything from hospital stays to dental visits and stay on top of your health. |
| Car Repairs Pay for repairs or maintenance up front so you can get back on the road. | Life Events Job loss, weddings, funerals, or other life expenses. | Other Emergency Expenses Unexpected expenses like surprise bills, accidents, or financial emergencies. |
How West Virginia Loan Options Work
While every lender may be different, the basic process for getting a loan in West Virginia works like this:
| Apply Online Fast & Easy Fill out an online application from your smartphone or computer. | Income Verification The lender will verify your income and other identifying documents prior to loan approval. | Same-Day Availability After you sign your loan agreement, you should get paid right away. |
Top West Virginia Loan FAQs
What is an installment loan?
An installment loan is a type of unsecured loan where borrowers apply and receive a lump sum payment upon approval. Borrowers then repay their balance plus interest and fees with fixed monthly payments.
Unlike lines of credit, where borrowers receive renewed funding every month, borrowers will have to reapply if they would like more money from an installment loan.
How much can I borrow with a personal loan with bad credit?
Funding amounts can range depending on your credit score, state laws, and the specific lending product you choose. For example, payday loans typically come with lower loan amounts of a few hundred dollars, while personal installment loans may be able to offer a few thousand dollars.
What are the eligibility requirements?
Eligibility requirements can vary from lender to lender, but basic criteria include being 18 years or older, being able to provide proof of income (via pay stubs, bank account information, or even tax statements), and having a proof of ID (driver’s license, passport, etc.). Some lenders also require that you have an active bank account.
How quickly can you get funding from a personal loan?
Many lenders offer quick loans with same day funding available. To get your money as quickly as possible, opt for direct deposit if you can, so money is delivered right to your bank account.
What our borrowers are saying
References:
Payday Lending Act | West Virginia Legislature
CreditNinja does not act as a direct lender in all states. In certain states, loan products are offered and originated via bank partners, which are duly licensed financial institutions. The availability of loans and the identity of the originating lender may vary depending on state of residence and applicable state and federal regulations.