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Rates and rules

West Virginia Loan Rates and Rules

Who regulates consumer lending in West Virginia, how rates are set, and how to check a lender and its rate before you borrow. For new requests SET Financial is not the lender: it connects West Virginia residents with third-party lenders who set all rates and terms.

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This page is general information, not a rate quote. Not everyone who applies will be matched or approved.

Who regulates consumer lending in West Virginia

Consumer lending in West Virginia is governed by the West Virginia Consumer Credit and Protection Act (Chapter 46A of the West Virginia Code), and companies making these loans generally must be licensed as regulated consumer lenders by the West Virginia Division of Financial Institutions. West Virginia has a relatively strict rate environment. Under the regulated consumer lender rules (W. Va. Code 46A-4-107), loan finance charges are capped on a tiered basis on the unpaid principal balance, generally up to 31 percent per year on loans of $3,500 or less not secured by real property, up to 27 percent per year on loans above $3,500 through $15,000 (or secured by real property), and up to 18 percent per year on loans above $15,000. SET Financial does not lend or set rates. The actual rate you are offered depends entirely on the third-party lender and your situation.

Regulator: West Virginia Division of Financial Institutions (Office of the Commissioner of Financial Institutions).

How to check a lender before you borrow

You can confirm that a lender is licensed by checking with the West Virginia Division of Financial Institutions, and you should always review the APR, fees, payment schedule, and total cost stated on your loan agreement before you sign.

Many consumer lenders are also listed on NMLS Consumer Access, a national database you can search for free to confirm a company's license status and history.

Search NMLS Consumer Access

The four numbers to compare on any offer

A regulator's rules tell you about the lender. These tell you about the loan. Whoever you borrow from, and whether or not you use this site, compare offers on the same four things:

  • APR. The annualized cost including most fees. It is the only number that lets you compare two different loans honestly.
  • Total repayment amount. Principal plus every finance charge over the full term. A lower monthly payment stretched longer often costs more overall.
  • Term and payment schedule. How many payments, how often, and the exact due dates measured against when you actually get paid.
  • Fees and prepayment terms. Origination, late, and returned-payment fees, and whether paying the loan off early saves you interest.

Your loan agreement is the number that governs

Federal Truth in Lending rules require the lender to disclose the APR, finance charge, amount financed, and total of payments on the loan agreement before you sign. Any rate you see in marketing, including on this site, is general information. The figures on your own signed agreement are what actually apply to your loan.

Common questions about West Virginia rates

What are the interest rate limits on consumer loans in West Virginia?

West Virginia caps loan finance charges under its regulated consumer lender rules on a tiered basis, generally up to 31 percent per year on loans of $3,500 or less not secured by real property, up to 27 percent on loans above $3,500 through $15,000, and up to 18 percent on loans above $15,000. Your actual APR is set by the lender and shown on your loan agreement.

Who regulates consumer lenders in West Virginia?

Consumer installment and personal lending in West Virginia is regulated by the West Virginia Division of Financial Institutions under the West Virginia Consumer Credit and Protection Act. You can verify a lender's license with that agency.

This page is general information about West Virginia lending rules, not legal or financial advice, and it is not a rate quote. Rules change; confirm anything that matters to your situation with the West Virginia Division of Financial Institutions (Office of the Commissioner of Financial Institutions) or a qualified advisor. SET Financial is not the lender on new requests and does not set the rates, fees, terms, or approval decisions of the third-party lenders in its network.

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