Payday Loans in Essington, Pennsylvania

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

Company nameAddressZip codePhone number
Centric Bank 4320 Linglestown Rd, Harrisburg, PA 17112 +1 (717) 657 - 7727
TD Bank 701 E Market St, West Chester, PA 19382 +1 (610) 429 - 0855
M&T Bank 13102 Monterey Ln, Blue Ridge Summit, PA 17214 +1 (717) 794 - 2181
Citizens Bank Supermarket Branch 1701 Lincoln Hwy, North Versailles, PA 15137 +1 (412) 816 - 2101
KeyBank 120 N West End Blvd, Quakertown, PA 18951 +1 (215) 538 - 2383
Victorian Finance 212 Washington Ave, Bridgeville, PA 15017 +1 (412) 854 - 4500
Juniata Valley Bank 4 N Market St, Millerstown, PA 17062 +1 (717) 589 - 3141
Kendall Swartz Izenson & Associates 277 Pittsburgh Rd, Butler, PA 16002
Bank of America with Drive-thru services 890 S Valley Forge Rd, Lansdale, PA 19446 +1 (215) 631 - 9180
Nittany Brokerage Services Inc 2125 E College Ave 101, State College, PA 16801 +1 (814) 237 - 7080

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Essington, PA, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Pittsburgh, PA, Payday Loans in Reading, PA, Payday Loans in Scranton, PA, Payday Loans in State College, PA, Bad Credit Loans in Upper Darby, PA, Payday Loans in Warminster, PA, Online Loans in Wilkes-Barre, PA and Short-term Loans in York, 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 Essington, PA.

Beautiful sights of Essington, PA

Payday Loans Available in Essington, PA By The Following ZIP Codes:

19029, 19113

Are Payday Loans Legal In Essington, 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

Essington, PA payday loan calculator

Understanding Payday Loans in Essington, Pennsylvania

Many people around the world, and in the United States, in particular, find themselves in need of financial assistance from time to time. In such cases, payday loans can be quite an attractive option for those facing emergencies and requiring quick funds. But if you’re in Essington, Pennsylvania, you might want to think again before turning to payday loans for help.

What are Payday Loans?

Payday loans are short-term loans that are typically due on the borrower’s next payday. They are often marketed as a convenient and easy way to get money quickly. People take out payday loans to cover emergency expenses such as rent, utility bills, and medical costs. The loan amounts are usually only several hundred dollars, and they have a short repayment period, usually one to two weeks.

Why are Payday Loans Prohibited in Pennsylvania?

Payday loans are prohibited in Pennsylvania under the Check Cashing Licensing Act of 1998. This law caps the annual interest rate for small loans at 12%. This interest rate limit applies to all types of lenders, including payday loan companies. Pennsylvania is one of the 15 states in the US that have laws prohibiting payday loans.

The main reason why payday loans are prohibited in Pennsylvania is that the high-interest rates that they charge can easily trap borrowers in a cycle of debt. Most payday loans have annual percentage rates (APRs) of 400% or more, which means that borrowers end up paying back much more than they initially borrow.

For example, if someone borrowed $500 with a 400% APR, they would have to pay back $575 in just two weeks. If they couldn’t pay back the loan by the due date, they would be charged additional fees and interest, and the debt could quickly spiral out of control.

Alternatives to Payday Loans

Fortunately, there are numerous alternatives to payday loans in Essington, Pennsylvania, for those who need financial support. Some alternatives include:

  • Credit unions: Credit unions offer small, short-term loans with lower interest rates than payday loans.
  • Personal loans: Personal loans can be a better option for people who have good credit. Banks and other financial institutions offer personal loans, and they often have lower interest rates than payday lenders.
  • Emergency assistance programs: Local charities and government organizations often provide emergency assistance to people in financial need.

Apply Now

At TheGuaranteedLoans, we offer an online application process that connects you with potential lenders in Essington, Pennsylvania, and beyond. Please note that we are a connector service, not a direct lender. By filling out our online application, you can quickly and easily get in touch with lenders that meet your specific needs.

Apply now on our website to connect with a payday loan alternative and receive financial assistance that suits you best.

Interesting Facts and Statistics

  • Payday loans charge an average of 391% interest in the US.
  • 12 million Americans use payday loans every year, spending around $9 billion in loan fees.
  • The average payday loan borrower takes out eight loans per year.
  • In 2019, the Pennsylvania Supreme Court ruled that lending institutions that charge over 6% APR are violating Pennsylvania’s racketeering laws.

Conclusion

Payday loans in Essington, Pennsylvania, are prohibited due to the high-interest rates they charge, which can trap borrowers in a cycle of debt. However, there are numerous alternatives available to those who need financial assistance, including credit unions, personal loans, and emergency assistance programs. At TheGuaranteedLoans, we are here to connect you with potential lenders quickly and easily. Apply now on our website to get started!

F.A.Q.

Can I still be charged fees on a payday loan in Essington, Pennsylvania?

No, you cannot be charged fees on a payday loan in Essington, Pennsylvania because these loans are illegal in the state.

Can I be evicted from my home for taking out a payday loan in Essington, Pennsylvania?

No, you cannot be evicted from your home for taking out a payday loan in Essington, Pennsylvania because these loans are illegal in the state.