Payday Loans in Derrick City, Pennsylvania

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No payday loan companies in Derrick City, PA. Consider companies in other cities:

Company nameAddressZip codePhone number
Bryn Mawr Trust 124 S Main St, Phoenixville, PA 19460 +1 (610) 933 - 1195
Fidelity Bank 111 Green Ridge St, Scranton, PA 18509 +1 (570) 342 - 5532
Grove City Borough 146 N Broad St, Grove City, PA 16127 +1 (724) 458 - 7925
BB&T 1201 Buck Rd, Feasterville-Trevose, PA 19053 +1 (215) 364 - 7096
Armstrong County Federal CU 201 N McKean St, Kittanning, PA 16201 +1 (724) 548 - 8722
Capitol Cash 4717 Rock Ledge Dr, Harrisburg, PA 17110 +1 (717) 213 - 9994
Univest Bank and Trust Co. 90 Willow Valley Lakes Dr, Willow Street, PA 17584 +1 (717) 947 - 7815
Univest Bank and Trust Co. 216 Hartman Bridge Rd, Ronks, PA 17572 +1 (717) 288 - 3911
BB&T 140 Carbon St, Weatherly, PA 18255 +1 (570) 427 - 8632
PNC Wealth Management 1660 Valley Center Pkwy, Bethlehem, PA 18017 +1 (844) 749 - 2854

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Derrick City, PA, you can try to find different companies in big cities near by. Check out the following pages here: Emergency Loan in Abington, PA, Short-term Loans in Allentown, PA, Payday Loans in Altoona, PA, Short-term Loans in Bensalem, PA, Payday Loans in Bethel Park, PA, Payday Loan Without a Credit Check in Bethlehem, PA, Payday Loans in Bristol, PA and Payday Loans in Cheltenham, PA. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Derrick City, PA.

Are Payday Loans Legal In Derrick City, Pennsylvania?

Payday Lending is Prohibited in Pennsylvania

Pennsylvania Loan Regulations

Legal StatusProhibited
Interest Rate (APR, %)Prohibited
Maximum Loan AmountProhibited
Minimum Loan TermProhibited
Maximum Loan TermProhibited
Number of Rollovers AllowedProhibited
Finance ChargesProhibited

Derrick City, PA payday loan calculator

Understanding Payday Loans in Derrick City, Pennsylvania

Payday loans are a type of short-term loan that is typically due on the borrower’s next payday. These loans are designed for individuals who need quick access to cash between paychecks to cover unexpected expenses or emergencies.

However, it is important to note that payday loans are illegal in Pennsylvania, including Derrick City. The state has enacted strict laws and regulations to protect consumers from the high costs and debt traps associated with payday loans.

Why are Payday Loans Prohibited in Pennsylvania?

Pennsylvania’s Attorney General’s Office has repeatedly warned consumers about the risks of payday lending. According to the state’s Department of Banking and Securities, payday loans carried APRs of up to 500%, trapping borrowers into a cycle of debt and fees.

Payday lenders frequently target vulnerable borrowers, including those with poor credit scores or those experiencing financial difficulties. These lenders often charge exorbitant fees, impose high interest rates, and require repayment within a very short time frame, leaving borrowers with little time to get back on their feet financially.

Furthermore, payday lenders often require access to borrowers’ bank accounts to deposit funds and withdraw payments. This can lead to additional fees and overdraft charges, putting borrowers at even greater financial risk.

Alternatives to Payday Loans

Fortunately, residents of Derrick City, Pennsylvania have other options for short-term financing. Some popular alternatives to payday loans include:

  • Credit Union Loans: Credit unions offer small personal loans with lower interest rates and flexible repayment terms. Many credit unions also offer financial counseling services.
  • Credit Card Cash Advances: While credit card cash advances can be costly, they are still often less expensive than payday loans. Additionally, credit card companies typically offer lower interest rates and longer repayment periods.
  • Loans from Family or Friends: Borrowing money from loved ones can be a more affordable and less risky alternative to payday loans.
  • Government Programs: Federal and state government agencies may offer emergency financial assistance and loan programs to eligible residents.

Interesting Facts and Statistics

While payday loans are illegal in Pennsylvania, it is still helpful to know some facts and statistics surrounding the issue:

  • According to the Pew Charitable Trusts, the average payday loan borrower takes out eight loans per year, and spends about $520 on interest for a $375 loan.
  • Payday loans are particularly popular among low-income households. According to the Consumer Financial Protection Bureau, over 80% of payday loans are taken out by borrowers who take out 7 or more loans per year, often paying more in fees than the amount borrowed.
  • In 2016, the Consumer Financial Protection Bureau issued a rule designed to protect borrowers from the long-term debt cycle caused by payday loans. However, the rule was ultimately overturned by the Trump administration in 2019.

Apply Now

While payday loans are illegal in Pennsylvania, TheGuaranteedLoans can still help connect you with lenders offering personal loans and other financial products that may be more appropriate for your needs. Simply complete our online application, providing information about your income and employment, and we will work to find a lender that fits your needs. Please note that TheGuaranteedLoans is a loan connector service, and not a direct lender.

Don’t fall victim to the high costs and debt traps of payday loans. Explore your options and make an informed decision to protect your financial future.

F.A.Q.

Are payday loans legal in Derrick City, Pennsylvania?

No, payday loans are prohibited in Derrick City, Pennsylvania.

What are the alternatives to payday loans in Derrick City, Pennsylvania?

Some options for short-term financial assistance in Derrick City, Pennsylvania include credit union loans, personal loans from banks or online lenders, or borrowing from friends or family.