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Loans in Pennsylvania (PA)

Finding Payday Loans and Installment Loans in Pennsylvania (PA)

For people that do not live in Pennsylvania, this state seems like the most tranquil place where you can live your life in peace. For some people with high-income (and good fortune), that might be true. For other people, however, things can be rather difficult.

Payday Loans Pennsylvania

Almost 13% of Pennsylvania’s population lives in poverty – and the percentage can go up to 30 if they are African American, Asian American, Native American or Latino. If you are an immigrant in this state, no matter if you are a citizen or not, you might be pushed into poverty.

This is precisely why so many people are opting for payday loans and installment loans in Pennsylvania nowadays. The cash is quick, and it can take them out of a great bind.

Are payday loans legal in Pennsylvania?

No. Check cashers are prohibited from lending short-term loans. 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 online installment loan. You can borrow up to $3,000 and pay the loan back in as long as 2 years.

What Are Payday Loans and How Much Do They Cost?

Pennsylvania payday loans and installment loans are loans that are given on the short-term (typically two to four weeks) until the borrower gets his next paycheck. On the due date, the entire sum gets deducted from their bank account.

These loans have a very high interest rate – and depending on the lender and the amount, you can pay from 15% to 30% extra from what you have borrowed. This can be very costly if you borrow a fairly high amount. For example, for every $300 borrowed, you may end up paying almost $100 only in interest – without including the amount that you have borrowed.

If you want to borrow higher amounts, that can also be possible – by means of installment loans. Practically, these loans are payday loans in an extended term. If you know that you can’t pay the money in just one installment, you can choose to do so in two or three. The interest rate may be higher this way, but the monthly payments will be smaller and more manageable.

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Dangers of Payday Loans and Installment Loans in Pennsylvania

If paid on time, payday loans can be dealt with immediately. However, many people in Pennsylvania seem to underestimate the power of interest – which keeps piling up with every delayed payment.

If not careful, here are the dangers you might come across:

  • Renewal Fees: If a borrower finds him/herself in an inability to pay the money back on time, they have two options: they can renew the loan, or they can take out a new one to pay the old one. These fees can be very expensive – which will obviously add to your loan.
  • Credit Impact: Payday lenders don’t care about your credit score – but if you fail to pay your debt, they will announce the credit bureau. This may leave a dark mark on your credit score.
  • Debt Cycle: When you can’t pay the loan in installment, you keep borrowing and borrowing to cover last month’s payment. Because of this, you might find yourself in a cycle of debt.

Be very careful when you take out payday loans or installment loans in PA. Unless you are certain that you can cover the fees and payments, you might want to try some alternatives – or at least speak with your financial advisor.

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Disclaimer

Short-term loans represent a type of emergency borrowing meant to help you with immediate financial issues. They can only become pricey products once you use them for long-term purposes.

 

MicroPaydayLoans.com‘s operator and owner is not a lender, so he isn’t involved in making credit decisions that include lending and making loan offers. This website actually works as a matching service, helping you contact with lenders and third parties. You are not charged any fee for our service. Moreover, you are not forced to initiate contact with any lender or third party or accept any of their offers.

 

The data that is presented on our website regarding short-term loans and the industry is here for information purposes only. We do not uphold a particular lender, and we’re not responsible for a lender’s actions or inactions. Moreover, MicroPaydayLoans.com doesn’t collect or store your data concerning fees and charges associated with the lenders. Basically, we don’t have access to this data in the first place.

 

Not every state approves of short-term loans. Also, not every lender in our network is able to provide loans of up to $1,000. We don’t guarantee that a consumer will get approval for any loan product or lender or will be matched with a lender. If matched, it doesn’t mean he/she will receive the requested short-term loan.

 

In addition, a lender may want to do a credit verification. This takes place to ensure that you have a reliable credit, and to determine the scopes of credit products to offer. Additional verification may be needed, including your driving license number, social security number, national ID or other documents that help with identification. Keep in mind that scopes vary from one lender to another based on various factors. These factors include the terms determined by each lender and credit standing of the applicant.

 

APR Representative

Annual Percentage Rate, or APR, is the loan rate that’s calculated for the annual term. Considering MicroPaydayLoans.com isn’t a lender and doesn’t own information about any detail of short-term loans offered by individual lenders, they can’t estimate the APR. So, the APR provided won’t be the exact one charged by any of the loan products lenders offer.

 

APRs are very different from one lender to another, one state to another and they depend on various factors, including the credit standing of an applicant. There may be additional charges associated with the loan offer. Some of these charges include late payment, late payment reporting, non-payment penalties, and debt collection actions.

 

These actions have nothing to do with our website. Moreover, we do not have any information about actions taken by the lenders. The financial and non-financial charges and actions can be disclosed in a particular agreement in a clean manner.

 

The APR is calculated as the annual charge, and it’s not a financial charge for a short-term loan.

 

Late Payment Implications

If something happens and you won’t be able to repay a loan on time, it is recommended you contact the lender. Once this happens, late payment charges and fees may be applied. Federal and state regulations may vary from one case to another, and they are determined for late payment cases. Information regarding costs and procedures when it comes to late payment should be discussed before signing any related document. So, make sure you review these with your lender, and they will be disclosed in the loan agreement.

 

Non-payment Implications

If you don’t pay a loan or miss the payment, there may be some financial and non-financial penalties. Any financial charges or fees in case of late payments should be disclosed in the loan agreement. Other actions related to non-payment, renewals, for instance, may be implied upon given consent. Renewal terms are going to be disclosed in each loan agreement individually. Keep in mind that renewal may also come with additional fees and charges.

 

Debt collection practices and any similar procedure will possibly be performed. Any action related to these practices is adjusted to the Fair Debt Collection Practices Act regulations. It is also adjusted to other applicable state and federal laws to ensure the consumers’ protection against negative borrowing and unfair lending experiences. Most lenders don’t refer to outside collection agencies. They will rather collect the debt through in-house means.

 

Late payment and non-payment may significantly impact a borrowers’ credit score and decrease it. Lenders may report these bad experiences to credit bureaus, including Transunion, Equifax, and Experian. If this happens, the consequences of late payment or non-payment will stay in a borrower’s credit reports for a certain amount of time.