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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.
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.
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.
Yes. Beyond public assistance, there are multiple payday loan alternatives available to you, including:
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:
Lenders are also required to limit the service charge, which can be no more than $1.50 per $50.
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.
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