Loans in Pennsylvania

Read about online loans and payday loans in Pennsylvania and compare loan rates fast in Financer.com - Compare Pennsylvania loans here!

How much would you like to borrow?

Pennsylvania Loans

Borrow $1,000 with a period of 6 Months.
Edit Search
Amount: $1,000 | Period: 6 Months
Search Options
We found 5 loans

Edit Search

More Filters Reset
Choose your state
recommended

Chosen 49,028 times

recommended

Chosen 49,028 times

Loan Amount

$1,000

APR:

5.99% - 35.99%

Total Payment

$1,017.54

for 6 months

Monthly payback

$169.59

for 6 months

Lowest cost

Customer type:

All

Borrow up to

$35,000

Estimated Payback

09/11/2021

Weekend Payout

Age

18

62 Reviews

Interest & Costs

Flexibility & Terms

Website & Functionality

Support & Service

recommended

Chosen 70,713 times

recommended

Chosen 70,713 times

Loan Amount

$1,000

APR:

5.99% - 35.99%

Total Payment

$1,017.54

for 6 months

Monthly payback

$169.59

for 6 months

Most chosen

Customer type:

All

Borrow up to

$5,000

Estimated Payback

09/11/2021

Weekend Payout

Age

18

25 Reviews

Interest & Costs

Flexibility & Terms

Website & Functionality

Support & Service

Chosen 20,972 times

Chosen 20,972 times

Loan Amount

$1,000

APR:

5.99% - 35.99%

Total Payment

$1,017.54

for 6 months

Monthly payback

$169.59

for 6 months

Best reviews

Customer type:

All

Borrow up to

$35,000

Estimated Payback

09/11/2021

Weekend Payout

Age

18

9 Reviews

Interest & Costs

Flexibility & Terms

Website & Functionality

Support & Service

Important

Please note that loan amounts, interest rates and other loan terms may vary according to your state and credit profile.

Show all 5 offers
$1,000
Compare Offers
pennsylvania loans

What You Should Know about Online Loans in Pennsylvania

Generally, payday loans are prohibited in Pennsylvania State. Having said that, this lending business is still thriving online.

Read the following guide to know the ins and outs of payday lending in this state.

History of Pennsylvania Payday Loans

pennsylvania pauday loansLenders 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 Interest Rate: Rules

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%.

The Effect of Laws

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.

What Are The Typical Costs of a Loan In Pennsylvania?

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.

Author Financer.com

Insightful articles, Industry news, Independent price comparisons

Share on

We use cookies to give you the most relevant experience. By using our site, you accept all cookies and our privacy policy. To find out more about what cookies we use you can go to privacy overview