Although you may be considering a payday loan in Pennsylvania, you may need other options
If you’re short on cash, a payday loan might have crossed your mind. Although Pennsylvania law doesn’t allow payday, there are plenty of other options you can consider. Read our guide for more.
Are payday loans legal in Pennsylvania?
No. Under 63 Penn Stat. Ann. § 2325, check cashers are prohibited from lending short-term loans.
Lending is regulated by the Consumer Discount Company Act, 7 Pa. Cons. Stat. §§ 6201 et seq. The small loan rate is capped at $9.50 per $100 in interest per year with a service charge of $1.50 per $50.
You might want to consider an installment loan
An installment loan is similar to a payday loan but comes with longer repayment periods and is offered in larger amounts. You can typically borrow between $500 and $5,000 and pay the loan back in as short as 3 months or as long as 3 years.
Payday loan alternatives for residents of Pennsylvania
While you can’t get a payday loan in Pennsylvania, there are other ways to get money. If an installment loan isn’t suitable for you, consider other alternatives. Consider checking out state programs like Temporary Assistance to Needy Families (TANF) or Low-Income Home Energy Assistance Program (LIHEAP). These can help you pay down your normal bills while you work on getting control over your debt.
- Debt consolidation loan. If you have multiple loans out at once, you can apply for a debt consolidation loan. Rather than making multiple payments with varying interest rates, you’ll make one payment with a single, usually lower, interest rate. It should help save you money in the long run. Debt consolidation loans typically require you to have good to excellent credit.
- Negotiate with your creditors. When you’re unable to afford a payment, consider contacting your creditors and requesting a lower monthly payment. Creditors want to get paid and will often be willing to work with you to make this happen.
- Seek credit counseling. A credit counselor can be a good way to get a handle on your debt and learn important financial skills. There are many free services out there to help so give a few a call.
Even more alternatives to payday loans listed here
Bottom line
While you can’t get a payday loan in Pennsylvania, you still have other options that can help you out during a financial crisis. Consider an installment loan as another borrowing option or look into government resources for free financial help.
Can i get an installment loan without a checking account?
Hi Carolyn.
Thanks for your question.
The quick answer is yes. Generally, a checking account is not the only requirement for an installment loan, but, of course this could differ from one lender to another. Typically, with your checking account, they will also be able to determine whether you can service the loan or not.
Also, lenders will usually deduct payments from your bank account on the day the payments are due. Some lenders will also give you the options of repaying the loan online, via a check or through an app.
So best to check with the lender you go with if they would approve your application without having a checking account. In case you might like to get an idea how installment loans generally work, please refer to this guide.
Regards,
Rich
I have a nexs debit card and need a loan.can u please help?thx.
Hi Nick,
Thanks for leaving a question on finder.
Unfortunately, it is illegal to get a prepaid debit payday loan in Pennsylvania. You can consider applying for an installment loan or an auto title loan. You can also look into other loan options by state to find one that’s right for your situation.
Cheers,
Joel
Is there a cash advance office in Pennsylvania with a John Williams working there?
Hi Daniel,
Thanks for your inquiry. Please note that we are not affiliated with any company we feature on our site and so we can only offer you general advice.
You can have a look at this page for Cash Advance Loans. Please click the name of your preferred lender to find out the details and the minimum eligibility. You may then click the green “Go to Site” button to submit your loan application online.
Kind regards,
Rench
I need Parsnal loan.i am on duty
Hi Amarapreet,
Thanks for your inquiry
You may check all personal loans provider in our panel here.
Please do not forget to check the eligibility requirements before you apply for the loan.
Hope this information helps
Cheers,
Arnold
I need emergency cash,no job and already have debit card, in process moving out of state and need cash for medical emergency
Hi Angela,
The lenders on this page may consider you for a loan even if you are currently unemployed. Generally, lenders will require you to have a bank account to apply for a loan, but some of the lenders on the page may consider you even if you don’t have a bank account but is able to get a debit card.
Kindly review the eligibility criteria and the terms and conditions of the loan before submitting your application to know which is more suitable for you.
Cheers,
Anndy