Editor's choice: OppLoans Installment Loans
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If you’re thinking of taking out a payday loan to get by between paychecks, you’ll need to consider other options. Fortunately, there are quite a few ways you can add some flexibility to your budget when times are tight. Just be sure the lender or service you go with abides by Pennsylvania law.
No. Payday loans aren’t legal anywhere in Pennsylvania, including Harrisburg. According to 63 Pennsylvania Statutes Ann. § 2325, check cashers can’t provide payday loans to residents of Pennsylvania, meaning they won’t be able to advance you cash in Harrisburg, even if you use an online lender.
If you apply for any other kind of credit, Pennsylvania’s Consumer Discount Company Act — 7 PA. Cons. Stat. §§ 6201 et seq. — applies. You won’t have to pay more than $9.50 per $100 in interest for the first 48 months of the loan, and lenders may only charge a service fee of $1.50 per $50 advanced. This is significantly less expensive than the terms offered by payday lenders.
However, that doesn’t necessarily limit your options if you have bad credit. You may still be able to borrow an installment loan, and there are some other options when you need a short-term loan.
Installment loans allow you to pay back your loan in fixed payments over a set period of time. If you’re thinking of taking out an installment loan, make sure it abides by Pennsylvania law. Even online lenders must follow these rules, so check before you sign.
You may not be able to borrow a payday loan, but there are other ways to make life more affordable when you live in Harrisburg, PA.
Of course, these aren’t your only options. We have a full list of payday loan alternatives for people who aren’t able to borrow.
Many states have begun to recognize consumer complaints about the cost of payday lending and the predatory practices some lenders take part in. To combat this, Pennsylvania lawmakers have put in place an interest cap to deter small-loan lenders from offering payday loans in the state. This may limit your option, but it does help protect you from the extremely high interest rates associated with payday lending.
Although payday loans may not be legal under Pennsylvania state law, you still have a few short-term loan options available. Just be sure your lender abides by Pennsylvania’s cap on interest and offers you terms you can afford.
You can read our guide to learn more about installment loans and how to find a legit lender.
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