Editor's choice: OppLoans Installment Loans
- APR starting at 4.66%
- Funding as soon as the next business day
- Accepts fair credit
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Compare your loan options in Pennsylvania
Pennsylvania has strict restrictions on what you can be charged, but there are some short-term options.
When you have unplanned expenses and are on a tight budget, a payday loan could be helpful. Payday loans, a type of short-term loan, give you quick access to money when you need it. Read on to find out about the laws in Pennsylvania and everything else you should know about how payday advances work.
Although Pennsylvania law doesn’t allow payday loans, there are plenty of other options you can consider, including installment loans and other payday loan alternatives.
Are payday loans legal in Pennsylvania?
No. Under the Check Cashing Licensing Act of 1998, 505(a), lenders are prohibited from issuing a loan as an advance on a postdated check. This includes ACH transfers from bank accounts, and online lenders are also required to be licensed in Pennsylvania, which means they must follow this regulation.
What other options do I have if I need extra money in Pennsylvania?
There are quite a few state-run programs in Pennsylvania to help you care for yourself and your family while in a tough financial situation, and you can find more by visiting the Pennsylvania Department of Human Services website.
- Supplemental Nutrition Assistance Program (SNAP)
- Low-Income Home Energy Assistance Program (LIHEAP)
- Temporary Assistance to Needy Families (TANF)
- Cash Assistance
- Medical Assistance (MA) / Medicaid
Are there any other short-term options in Pennsylvania?
Yes. Beyond public assistance, there are multiple payday loan alternatives available to you, including:
- 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.
What costs can I expect with a loan in Pennsylvania?
Under Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6213, lenders in Pennsylvania are unable to charge an APR over 6% on loan amounts under $25,000. They are also required to comply to the Small Loan Rate Cap, which limits the amount of interest a lender can charge each year. The exact cap depends on the length of the loan term:
- Under 48 months. $9.50 per $100 for the entire loan term.
- Over 48 months. $9.50 per $100 for the first 48 months of the loan term; $6 per $100 for the remainder of the loan agreement.
Lenders are also required to limit the service charge, which can be no more than $1.50 per $50.
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. There are multiple state-sponsored resources, and there are installment loans to cover your short-term needs.
Good morning,
Looking for an installment loan in Pennsylvania., is that available?
Hi Dominique,
Thank you contacting Finder, a general information service. Yes, installment loans are available in Pennsylvania. You can usually borrow between $500 and $5,000, and pay back the loan between as short as 3 months and as long as 3 years. You can learn more about installment loans in our guide.
Sincerely,
Ezra
Looking for a loan in pa but got no bank account just prepaid card. What are my choices?
Hi Justin,
Thank you for reaching out to Finder.
We are on the right page for you to check the available lenders that could assist you in your state. Please indicate the state you are in on the table provided on the table to see your options. Once the results are populated, you may want to check on the “Requirements” column to see which lender does not require a bank account to apply. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.Hope this helps!
Cheers,
Reggie
I need a direct lender someone who gives the loans not a broker type person who finds the lenders . I live in Butler County Pennsylvania and I DESPERATELY need a loan now today can you help me with this?
Hi Drusillla,
Thank you for reaching out to us,
You are on the correct page as the Lenders listed on the table above a direct ones wherein you will submit your application directly to them then once approved they will be the one who will provide the loan to you. You may compare the Lenders available in your state as well as their eligibility requirements.
You may also read above the alternative loan that you may apply to in Pennsylvania.
Kindly read the Lender’s Terms and Conditions as well as their eligibility criteria before submitting your application. To apply, you may click on the green “Go to site” button to be redirected directly to the Lender’s site.
I hope this helps.
Please do not hesitate to reach out again to us if you have additional questions that you need assistance with.
Cheers,
Ash
Trying to get a pay day loan for 500 and pay back in installments
Hi Nina!
Thanks for leaving an inquiry on our page.
Though Payday loans are not legal in Pennsylvania, you can get an instalment loan and other payday loan alternatives. Instalment loans have longer repayment periods so typically, you can pay the loan back in as short as 3 months or as long as 3 years.
You can use the table above to compare installment loan options in Pennsylvania that you may be eligible to apply for. Once you’re ready, simply click on the ‘Go to site’ button and process the application from the main page of the lender or get in touch with their representatives for further inquiries you may have.
Make sure to check all the eligibility criteria and read through the loan terms and conditions before making a decision on whether it is right for you.
Hope this helps!
Cheers,
Nikki
Can i get an installment loan without a checking account?
Hi Carolyn.
Thanks for your question.
The quick answer is yes. Typically lenders will be able to determine whether you can service the loan or not with your checking account, however, it is not the only requirement to be eligible for an installment loan. This of course, could differ from one lender to another.
While typically, lenders will usually deduct payments from your bank account on the day the payments are due, some lenders will also give you the option of repaying the loan online, via a check or through an app.
To fully understand how their installment loans work, you may contact your preferred lender and so you would know whether they could approve your application without having a checking account or not and for any other inquiries you may have.
Regards,
Rich