Payday Loans in Bristol, Pennsylvania
Payday loans are short-term, high-cost loans, typically due on your next payday. These loans are illegal in the state of Pennsylvania; however, some companies may still offer services that may appear to resemble payday loans, such as title loans, cash advances and other short-term, high-cost loans. The online loan-matching service provided by TheGuaranteedLoans, connects borrowers in Bristol, Pennsylvania with reputable lenders in their area.
What is a Payday Loan?
A payday loan is a type of short-term loan for people who are in need of quick, small amounts of money. The typical payday loan involves a borrower writing a check payable to the lender for the amount they borrow, plus a fee. The lender holds the check for a specified period of time, usually until the borrower’s next payday. Payday loans are an expensive form of credit, usually carrying annual percentage rates (APRs) in the triple digits. It is important to note that payday loans are illegal in Pennsylvania.
Why is Payday Loans Illegal in Pennsylvania?
The Pennsylvania legislature passed the Payday Lending Act of 1998, making it illegal for companies to offer payday loans to residents of the state. The Act bans lenders from charging fees in excess of 25% on a loan, prevents lenders from making successive loans to borrowers and requires lenders to give borrowers at least 30 days before repossessing collateral. The law also requires lenders to post a notice in their stores that they do not offer payday loans.
What are Alternatives to Payday Loans in Bristol, Pennsylvania?
In light of payday loans being illegal in the state of Pennsylvania, borrowers in Bristol can consider alternative options to obtain the money they need. Credit counseling services provide help for those who are struggling with debt. Borrowers may also qualify for a small loan from a credit union. Additionally, emergency funds are available for those who are in need of short-term financial assistance due to an unexpected expense. Other options include personal loans, home equity lines of credit and peer-to-peer loans.
F.A.Q
Q: Are payday loans illegal in Pennsylvania?
A: Yes, payday loans are illegal in Pennsylvania. The Pennsylvania legislature passed the Payday Lending Act of 1998, making it illegal for companies to offer payday loans to residents of the state.
Q: What are the alternatives to payday loans in Bristol, Pennsylvania?
A: Borrowers in Bristol, Pennsylvania can consider alternatives to payday loans, such as credit counseling services, small loans from a credit union, emergency funds, personal loans, home equity lines of credit and peer-to-peer loans.
Q: How can I find a lender in my area?
A: The online loan-matching service provided by TheGuaranteedLoans, connects borrowers in Bristol, Pennsylvania with reputable lenders in their area. The service is free and easy to use, and all information provided is secure and confidential.
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At TheGuaranteedLoans, we understand how difficult it can be to get the money you need. That’s why we offer a fast and easy way to connect with lenders who may be able to lend you the funds you need. All you need to do is fill out our secure online application and we will connect you with lenders in your area who are willing to work with you. Keep in mind that TheGuaranteedLoans is not a lender and does not offer loans; we simply connect borrowers with lenders.