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Online Loans in Pennsylvania
We've seen a decline in the number of unsecured loans that banks provide in the past few years. While it may be challenging to get a personal loan from a bank, you could still get financing by taking a payday loan.
The way payday loans are governed varies from state to state, and the laws in Pennsylvania are quite different from the laws set in the other states.
Compare online loans in Pennsylvania with our loan comparison tool above, or read more about online payday loan laws in Pennsylvania below.
The Advantages of Online PA Loans
Pennsylvania Payday Loans
Lenders who are still providing cash advances to consumers are doing it within the restrictions of the law.
In 1998, a law was passed in the state that prohibited check-cashing firms from issuing loans based on postdated checks.
This rule basically applies to payday lenders even though they are not check-cashing companies. Payday loans basically revolve around a consumer’s paycheck.
The borrower writes a postdated check when he signs an agreement authorizing the lender to withdraw paycheck funds from a bank account.
Pennsylvania Payday Loan Regulations
| Legal Status | Prohibited |
| Interest Rate (APR) | 6% small loan cap |
There are limits to how much interest a lender might charge a borrower. It is the responsibility of The Consumer Discount Company Act to regulate such interest rates. Just like most states, Pennsylvania has its own set of interest rate limitations, which include the following:
- Small loan lenders are not allowed to charge more than 6% interest on short-term loans;
- Some lenders may charge up to 24% interest but will first have to obtain licensure.
The strict rules were implemented to curb these lending companies from charging exorbitant rates. The average interest rate is approximately 300%. Some may even go up to 600%.
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An online personal loan can help when you need cash for large purchases or unplanned expenses.
Loan Laws in PA State
These laws on lending have caused a large number of businesses to come to a halt. Most lenders argue that low interest rates do not benefit them. On the other hand, lenders who are providing other types of loans other than cash advances are still expected to follow the guidelines.
The State of Pennsylvania does not have a positive perspective of cash advances. Struggling low-income earners are advised to obtain cash advances by other means.
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Compare PA Loans at Financer.com
Financer.com helps you compare the best personal loans in PA and get the best loan rates from leading lenders.
We look for lenders that offer full transparency and have a long track record of successful lending and satisfied customers. We are always improving our comparisons, but are confident in what we can bring to market, and we know you will be as well.
Use our free loan comparison tool to find the right personal loan in Pennsylvania and take the guesswork out of doing all the legwork yourself.
Pennsylvania Loans - FAQs
What are the typical costs of a PA loan?
The money you borrow is not the only obligation you will have. Interest rates, fees, and other charges will also be applicable. The rate of interest will depend on the type of credit, the lender, and the loan amount.
Late payments also attract additional fees. Some lenders from banks and credit unions will also include application fees and loan disbursement fees.
Are payday loans legal in the state of Pennsylvania?
No, payday lending is illegal in the state of PA. You may take out a personal loan but keep in mind that there are limits to how much interest a lender might charge a borrower in Pennsylvania.
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