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Payday Loans in PA up to $1K
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Apply online for bad credit unsecured Payday Loans in Pennsylvania. We'll help you compare direct lenders offering Payday Loans. We cooperate only with verified reliable direct lenders who can help you solve your urgent financial problems. You can apply for $1,000 - $5,000 Installment Loans or $5,000 - $35,000 Personal Loans. They are unsecured and available for both good and bad credit. Fill out our simple free online application to see if you qualify for a loan.
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It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.
The minimal percentage allowed that actually represents monthly cost of your loan. The MPR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.
Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.
It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000 for Payday Loans, $1000 - $5000 for Installment loans, and up to $15,000 for Personal loans. But it may vary depending on the lender and his requirements.
The minimal percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.
Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.
It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000 for Payday Loans, $1000 - $5000 for Installment loans, and up to $15,000 for Personal loans. But it may vary depending on the lender and his requirements.
The percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.
Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.
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Are Payday Loans Legal in Pennsylvania?
Loan Rates and Fees, Laws and Regulations in Pennsylvania.
Payday lending is restricted but available in Pennsylvania. Besides you can apply for $1000 - $5000 Installment and $5000 - $35000 Personal loans. 63 Penn Stat. Ann. § 2325, Consumer Discount Company Act, 7 Pa. Stat. Ann. §§ 6201 et seq.1 cap the interest rate to $9.50 per $100.
| Law status | available |
| MIN Loan Amount | $100 |
| MAX Loan Amount | $1000 |
| MIN. Loan Term | 7 days |
| MAX. Loan Term | 31 days |
| MAX APR | $9.50 for $100 borrowed |
| Additional fees | $1.50 service charge |
| NSF fee | None |
| Collateral or guarantor | None, unsecured |
| Number of simultaneous loans | Not stated |
| Cooling off period | None |
| Rollover | Not stated |
| Extension, repayment plan | Not stated |
| Default penalties | Not stated |
| Credit score requirements | Available for Bad Credit |
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Compare top online companies offering fast cash advance with no faxing, no paperwork, possibly no hard credit check and no teletrack. Filling out a free application form guarantees you instant decision and high approval chances even if you have a bad credit score.
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It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.
The minimal percentage allowed that actually represents the cost of your loan borrowed for a month. It's more significant criterion than APR as mostly Payday loans are borrowed for 14-30 days until the next paycheck.
Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.
It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000 for Payday Loans, $1000 - $5000 for Installment loans, and up to $35,000 for Personal loans. But it may vary depending on the lender and his requirements.
The minimal percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.
Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.
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Before you apply for a short-term cash advance consider other Payday Loan Alternatives
A warning about short-term payday loans
Applying for a short-term Payday Loan you should be very careful and responsible. Plan your budget carefully not to default the loan. Though an overpay may be only $1 a day for 100 dollar cash advance you must remember that not paying off the money on time may lead to additional penalty or NSF fees and high total cost.
So, before you make a final decision to apply for a Payday Loan consider other alternatives that may be helpful when you need urgent funds:
- Think of other more affordable types of loans with lower rates and fees and longer repayment terms such as Installment Loans and Personal Loans,;
- Consider Debt Consolidation Loans, Credit Builder Loans, Credit Cards;
- Try social services and local assistance programs;
- Look for additional part-time jobs or some side gigs and freelance opportunities;
- Start recycling for money;
- Address a person able to help you – employer, creditors, family and friends;
- Use traditional banks or credit unions to get cash.
And keep in mind that the most important thing about any loan, especially Payday Loan is to pay it off on time. It helps you avoid rollovers, renewals or extensions and increases your chances to get out of debt fats and easy.
Table of Contents:
Top Payday Loan Companies in Pennsylvania
Are Payday Loans Legal in Pennsylvania?
Payday Loan Interest Rates in Pennsylvania
Online Payday Loans in Pennsylvania
Payday Loan Calculator in Pennsylvania
Payday Loans near me in Pennsylvania
Payday Loan Requirements in Pennsylvania
How to Avoid a Payday Loan in Pennsylvania?
Why are Payday Loans illegal in Pennsylvania?
Installment Loans in Pennsylvania
What Are the Typical Costs of a Loan In Pennsylvania?
Other options to get instant cash advance in Pennsylvania - not Payday Loans
What are Pennsylvania Payday Loans?
How do Payday Loans Work in Pennsylvania?
Bad Credit Payday Loans in Pennsylvania
No Credit Check Payday Loans in Pennsylvania
Payday Loans from Direct Lenders in Pennsylvania
Are Payday Loans legal in Pennsylvania?
Pennsylvania's Loan Interest and Protection Law (LIPL)1 prohibits lenders who are not licensed under the Consumer Discount Company Act (CDCA)2 from charging an interest rate exceeding 6% per year on a loan amount less than $50,000.
A payday loan is a short- term, high-interest loan which may trap consumers into a cycle of debt. The lenders claim to provide the borrowers with:
- Temporary cash needs
- Financial emergencies
- Short-term borrowing needs
How to Avoid a Payday Loan in Pennsylvania:
- Try not to be late on paying your bills. Discuss any problems with your creditor.
- If you've already got into debt try a debt management services (“DMS”) at first.
- Apply at a nonprofit credit counseling agency.
- Take part in some assistance programs available to help families make ends meet in a crisis.
Why are Payday Loans illegal in Pennsylvania?
- The interest rates they charge (APR over 400%) greatly exceed New Jersey's usury laws which limit the rates to 30%. 3
- New Jersey banking laws don't allow to cash a postdated check.
Installment Loans in Pennsylvania
Installment Loans offer:
- Longer repayment terms up to 60 months.
- Higher amounts up to $5000.
- Lower interest rates.
What Are the Typical Costs of a Loan In Pennsylvania?
- The total cost of any loan consists of the principal plus interest and fees;
- The interest is set by the state and varies from lender to lender, besides it depends on the type of credit, loan amount, loan term;
- You may be charged some additional fees such as application fees, verification fees, non-sufficient funds fees, etc. depending on the lender;
Other options to get instant cash in Pennsylvania - not Payday Loans
As Payday Loans are restricted in Pennsylvania, it is still possible to get credit or cash in other ways.
- Installment Loans. They are available in the amounts of $1,000 - $5,000. The terms vary between 36 – 60 months. The repayment is in fixed monthly installments.
- Personal Loans. Get up to $35,000 for any personal needs without a guarantor or collateral for up to 7 years term.
- Title loans, or Pawn shops. There may be also some restrictions. So, before applying check the terms and conditions.
-
Native American Indian Tribes offer consumer loans in Pennsylvania. There are those who refer to this business model as the Native American tribe "rent-a-bank" and "rent-a-tribe" schemes.
-
Credit card cash advance. If you have a credit card, consider a cash advance. Although expensive, this usually has a lower interest than payday loans and can help you get through a rough financial period.
- Tribal loans. These are money from tribal lenders that operate on Native American sovereign land and aren’t regulated under state law. Make sure you’ve checked the lender’s reviews and reliability.
- Get out a conventional loan from a bank or credit union. They are sometimes cheaper but take longer to get. Moreover, this option doesn’t suit borrowers with bad credit and those who don’t have a bank account or are not a member of a credit union.
- Speak with your creditors to settle your debt. If you are going to apply for a Payday Loan because of some large bill you can’t pay, consider regulating this debt in another way. Discuss it with your creditor. He may reduce the payments. You may ask a debt relief company for help in these negotiations.
- Try to apply through a loan connection service. They may find a suitable lender willing to offer you a small-dollar loan. Keep in mind that the lender you’re ultimately connected with must have interest rates and fees that abide by Pennsylvania’s law.
- Ask family and friends for help. It may sound a bit embarrassing but it will definitely be the cheapest solution. Just don’t forget to pay the money back if you don’t want to spoil the relationship.
- Apply for Government assistance programs. The variety of help can be great when you need a little bit extra to get by but don’t want to take out a new line of credit.
Requirements to qualify for a Payday Loan in Pennsylvania:
What do I need to qualify for a short-term cash advance?
Independent lenders have their own individual requirements that must be met, but typical minimum requirements include, but may not be limited to:
- Pennsylvania (US) residence
- Minimum regular income of $1,000 per month
- Valid checking or savings account with direct deposit
- Phone number and e-mail address (if applying online, you must be able to be contacted via phone if verification of application information is necessary)
- Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
- If applying Online, you must provide a valid Social Security Number
- If applying at Loan Store, you must bring a valid government issued photo ID. A Social Security Number might not be required
- If applying in-store, you must bring proof of income and proof of a bank checking account. Debit cards or pre-printed checks may be accepted in your state as proof of bank checking account; contact your local store for details. Acceptable documents may vary by state.
References
1. https://www.dobs.pa.gov/Pages/default.aspx
2. https://www.dobs.pa.gov/Documents/Statutes/Consumer%20Discount%20Company%20Act.pdf
3. Pennsylvania Department of Banking and Securities - http://www.dobs.pa.gov
Pennsylvania Payday Loans FAQ
Can i get a Payday Loan online if it's illegal?
No, you can't. Pennsylvania payday lending laws and regulations apply both to in-store and online lenders in the state as well as out-of-state.
What shall I do if I became a victim of illegal payday lenders?
You should contact the Pennsylvania Department of Banking and Securities: 1.800.PA.BANKS or (1.800.600.0007). Phones are staffed from 8:00 AM - 5:00 PM, Mon- Fri., Fax to 717.724.6869, 17 N. 2nd Street, Suite 1300, Harrisburg, PA 17101
Can i get a tribal loan in Pennsylvania?
Tribal lenders practice their own laws and can provide you with the necessary funds but be careful not to get into debt having to pay three-digit interest rates.
Can I apply for an Installment Loan in Pennsylvania?
In Pennsylvania, you can get up to $5,000 online Installment Loans even with bad credit.
What are Payday Loans in Pennsylvania?
All you need to know about Payday Loans in Pennsylvania
Payday loans, or as they are also called “small dollar”, “bad credit”, “same day”, “short term”, “cash advance” are a kind of easy quick unsecured $100 - $1000 cash advance paid off with your next paycheck in 14 – 30 days. As soon as you are approved you are likely to get the money in your account in 24 hours or even the same day. Bad credit is not a problem to receive the necessary funds. Most direct lender Payday Loans are granted to any borrower with a steady income.
So, the main characteristics of Payday Loans are:
- $100 - $1000 average loan amount;
- 14-30 days repayment term;
- money in your account in 24 hours or even the same day;
- available even for bad credit;
More than 12 mln Americans use cash advance every year.
It’s legal in 36 states (with some restrictions in 9 of them) and prohibited in the other 14 and the District of Columbia.
You can take a Payday loan in storefronts, online and even in a few banks. It’s very simple to apply for it:
- just fill out a form with the state and e-mail address,
- if you are over 18, have a permanent job, income and a valid bank account, you have 98% chance to get instant approval from a direct lender;
- receive the money in your bank account less than 24 hours.
Payday loans are very attractive for the majority of borrowers because you don’t need any guarantor or collateral, and you can get it even with a bad or poor FICO score.
On the other hand, they are notorious for charging too high APR and leading to a continuous debt trap, but it’s a common myth. To debunk it we provide you with the cost of $100 Payday Loan at 400% APR for 14 days which is only $1 a day. You can calculate the cost of your loan free using our Payday Loan Calculator. Try Payday cash advance and make sure that it’s really as easy as ABC: Affordable, Beneficial, Convenient!
How do Payday Loans Work in Pennsylvania comparing to Installment Loans and Personal Loans?
Payday loans in Pennsylvania are small dollar ($100 - $1,000) short term (14-30 days, in some cases up to 3 month) cash advance which is characterized by its easiness, speed, availability, even for those with bad credit, or without a credit history.
Payday lending is strongly regulated. Some states restrict or prohibit short-term loans for high costs.
Installment loans in Pennsylvania are $1,000 - $5,000 credit borrowed for 6 – 36 months and paid back in equal repayments, usually unsecured and available for those with bad credit score.
Personal loans in Pennsylvania are $5,000 - $35,000 credit granted for personal use, usually unsecured, backed up only by your ability to pay it back, for 6 – 60 months and repaid in equal installments.
The process of getting a Payday Loan in Pennsylvania is quick and easy both online and in-store:
- Fill out a simple application form stating the amount you need, your name and e-mail address;
- Get instant decision and approval from one of the best direct lenders;
- Read the agreement and if you are satisfied with its terms and conditions sign it;
- Get the necessary funds in your account within 1-2 days if you apply online or same day if you go in a store.
Pennsylvania Payday Loans vs Installment Loans vs Personal loans.
The key differences between Payday, Installment and Personal loans lie in their amount, repayment terms and rates. It can be seen more vividly in the form of the table:
|
|
Payday loans |
Installment loans |
Personal loans |
|
Amount |
100$ - 1,000$ |
1,000$ - 5,000$ |
5,000$ - 35,000$ |
|
Term |
14 - 60 days |
60 days - 36 months |
Up to 60 months |
|
Repayment |
With the next paycheck |
In scheduled installments every fortnight, month, 2 months. |
Monthly, or in parts as it’s set in the agreement. |
|
Interest rates, APR |
APR – 300%-750%, plus 10-15% of 100$ borrowed |
5.99% to 225% APR plus 5% fee |
3.99% APR plus 450% origination fee |
|
Collateral or guarantor |
No |
No |
No |
The APR is the loan interest rate and is based upon the amount, cost and term of the loan, repayment amounts and timing of payments. Lenders are legally required to show the APR and other terms of your loan before customer executes a loan agreement. APR rates are subject to change.
Taking into account the enumerated peculiarities this or that cash advance is preferred by certain borrowers for their special needs.
Payday cash advances are mostly applied for by people with bad credit, with a low income, who need a little cash for a short period. While Installment and Personal loans better suit the borrowers with good or bad credit, who want to take out higher amounts of money and need more time to pay it back, and don’t want to do a lot of paperwork looking for a collateral or guarantor.
Benefits of different types of loans:
Payday loans
- Easy, quick way to get extra cash
- Short repayment term, possibility to pay it back with the next paycheck
- Suitable and convenient for emergency expenses
Installment loans
- Higher amount than a payday loan
- Smaller interest rates
- Easier to pay off in installments over a longer period of time
Personal loans
- Rather high amount of money
- Available without guarantor or collateral (in contrast to mortgages, auto loans, etc.)
- Easier to pay back having a precise scheduled plan.
As we can deduce, there are credit types, with their advantages and disadvantages, to suit needs and wishes of any American. The only thing you must do – get information and compare the offers. That’s exactly what our service helps you with. COMPACOM – compare all and choose the best one!
Payday Loans for bad credit in Pennsylvania
Bad credit loan is the type of credit given to borrowers with a FICO score below 640. You usually need at least 600 to qualify for such a loan in Pennsylvania. To get money you may turn to credit unions, family, friends, peer-to-peer lending platforms or use online lending service. When choosing an online lender for a bad credit Payday loan, there are important features to take into account:
- Type of lending company
- Credit history and general qualifications
- Co-signer option
- Additional eligibility criteria
- Employment requirements
- Interest rates and fees
- Loan terms
- Additional fees and penalties
- Repayment options
Types of loans available for bad credit applicants in Pennsylvania are Bad Credit Payday Loans, Personal Loans and Installment Loans. They typically have higher interest rates and shorter terms than loans offered to people with good credit. Thus you are most likely to get up to $1000 Payday cash advance. Though its APR may exceed 400% it shouldn’t frighten you as due to short (14 - 30 days) term the overpay could be only $1 a day.
You’ll get up to $1000 cash deposited into your account within 24 hours. Just fill out a simple application form online and get instant approval if you meet the lenders’ basic requirements which typically are:
- Minimum FICO score of at least 600;
- Clean credit history; no judgments, liens, and bankruptcies on your credit report; and a history of making on-time payments;
- Stable employment;
- Proof of identification with a passport, driver’s license or voter’s ID. You’ll also need to provide proof of residence such as a utility bill.
Installment and personal loans are also available for Pennsylvania borrowers with a bad credit.
Keep in mind that your score can influence the amount you want to take and the interest rate the lender will offer you. The maximum sum for an installment cash advance is $5000, and for a personal loan - $35000. In any case you need no collateral, no guarantor, no paperwork. No matter whether your credit score is 400, 550, or 600, get the chance to learn more about all the opportunities you have and compare the best lending services you are offered on COMPACOM.com.
Pennsylvania Payday Loans Online No Credit Check
Any Pennsylvania borrower, especially the one with bad credit, wants to avoid Credit Check. A no credit check Payday loan is a type of loan in which a lender evaluates your creditworthiness without using a credit report, i.e. without doing an inquiry to any of the three major credit bureaus: Equifax, Experian and TransUnion. No formal review of your credit report allows to avoid affecting the credit history and score.
There do exist direct lenders in Pennsylvania ready to provide you with a Payday Loan without doing a hard inquiry. They compensate their risk by higher APR or other fees. If you fill out our compacom form online we’ll send it to more than 300 direct lenders and help you find the one with NO credit check option.
But usually credit check is necessary and useful both for the company and for the borrower. Thus the lender can decide whether to approve you or not and you can ensure that you are able to repay the loan.
Read more: No Credit Check Payday Loans
Payday Loans from Direct Lenders in Pennsylvania
A direct lender is any financial institution that can offer you any type of loan directly managing all the lending process themselves without middlemen. Borrowing from a direct lender in Pennsylvania has its own advantages and disadvantages:
- Pros
-
- Faster loan processing and approval;
- It’s easier to solve any issues that might come up;
- Your personal information won’t be shared or passed to third parties.
- Cons
-
- If you need to compare several companies you have to go to each site and fill out an application which takes a lot of time and may turn out not very effective;
- Applying with a broker or matching service gives you more flexibility and freedom to choose the most suitable loan;
- With a direct lender it’s harder to get approval for a loan if you have bad credit while a matching service will be able to find you the necessary funds even with the credit score below 600.When you apply for a Payday Loan from a direct lender in Pennsylvania you:
- Go to the lender’s website and read all the information on the necessary loan;
- Check the eligibility criteria;
- If you suit the criteria and are satisfied with the terms and fees you fill out an application form;
- You wait until the lender approves you;
- If you are approved, you get the money deposited into your account within 24 hours.
It’s an ideal scenario of borrowing money which happens quite rarely. Usually you need to spend hours surfing the net and choosing a suitable offer. We can make this process quicker and simpler.
We provide you with a network of Pennsylvania direct lenders with detailed description of each of them. You just fill out our free compacom form and get immediately matched with the best lenders. It doesn’t make your loan more expensive. Just on the contrary, you can find the cheapest rates and fees offered by direct lenders. Besides, we ensure that all of our partners are licensed companies who work legally and keep your personal information and financial data secure.
Read more: Payday Loans from Direct Lenders
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State Regulator
Complain or get more detailed information at Pennsylvania Department of Banking, 17 N. Second Street, Suite 1300 Harrisburg, PA 17101, (800) 600-0007, http://www.dobs.pa.gov/
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