Payday Loans in Fairchance, Pennsylvania

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

Company nameAddressZip codePhone number
Community Bank, N.A. 406 S Main St, Wilkes-Barre, PA 18701 +1 (570) 825 - 1373
Gail Ohl Bookkeeping & Tax 111 N 3rd St, Clearfield, PA 16830 +1 (814) 765 - 4200
Citizens Savings Bank 538 S State St, Clarks Summit, PA 18411 +1 (570) 587 - 1112
Walmart Money Center 495 Eisenhower Dr, Hanover, PA 17331 +1 (717) 632 - 8444
Bank of America Financial Center 616 Old York Rd, Jenkintown, PA 19046 +1 (215) 572 - 0800
First National Bank 534 Main St, Berlin, PA 15530 +1 (814) 267 - 4666
First National Bank 12095 Perry Hwy, Wexford, PA 15090 +1 (724) 933 - 7600
PNC Bank 1700 Union Ave, Natrona Heights, PA 15065 +1 (724) 224 - 3307
BB&T 1 S Main St, East Prospect, PA 17317 +1 (717) 252 - 1511
Stifel 416 S Center St 1, Ebensburg, PA 15931 +1 (814) 419 - 2000

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Fairchance, PA, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Chester, PA, Payday Loans in Erie, PA, Online Loans in Harrisburg, PA, Payday Loans in Haverford, PA, Payday Loans in Lancaster, PA, Emergency Loan in Levittown, PA, Quick Loan in Norristown, PA and Short-term Loans in Philadelphia, 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 Fairchance, PA.

Beautiful sights of Fairchance, PA

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

15436

Are Payday Loans Legal In Fairchance, 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

Fairchance, PA payday loan calculator

Payday Loans in Fairchance, Pennsylvania: Why They are Prohibited

Payday loans are a type of short-term loan that is typically due on the borrower’s next payday. In Fairchance, Pennsylvania, payday loans and other types of high-interest loans are illegal. This is because Pennsylvania has strong usury laws that protect consumers from predatory lending practices.

What are Usury Laws?

Usury laws are state regulations that govern the maximum amount of interest that can be charged on loans. The goal of these laws is to protect consumers from unfair and exploitative lending practices that can trap them in a cycle of debt.

In Pennsylvania, the usury cap is set at 6%, which means that lenders cannot charge more than 6% annual interest on loans. This covers payday loans, car title loans, and other types of short-term loans that often carry exorbitant interest rates and fees.

Why are Payday Loans Prohibited in Fairchance, Pennsylvania?

Payday loans are prohibited in Fairchance, Pennsylvania, because they are considered to be a form of predatory lending. This is because they often target low-income individuals who are in urgent need of cash and are therefore vulnerable to high-interest loans.

These loans often come with exorbitant interest rates and fees that can trap borrowers in a cycle of debt. For example, a typical payday loan of $500 could come with an interest rate of 400%, which means that the borrower could end up owing $2,000 or more over the course of a year.

It is important to note that while payday loans are prohibited in Fairchance, Pennsylvania, there are still many other options available for consumers who need quick cash. These include personal loans, credit cards, and even borrowing from friends or family members.

Interesting Facts and Statistics About Payday Loans

  • According to the Center for Responsible Lending, the average payday loan borrower takes out 10 loans per year and pays $458 in fees.
  • Payday loans are prohibited in 18 states and the District of Columbia.
  • In 2016, the Consumer Financial Protection Bureau (CFPB) released a report that found that more than 80% of payday loans are rolled over or followed by another loan within 14 days.
  • According to the same report, the average payday loan borrower is in debt for almost 200 days out of the year.

Apply Now for Other Loan Options

If you are in need of quick cash in Fairchance, Pennsylvania, there are other loan options available to you. The Guaranteed Loans is a connector service that can help you find the right lender to meet your needs.

By filling out our online application, you can connect with multiple lenders who will compete for your business. Our service is free and confidential, and we will never share your personal information with third parties.

It is important to note that The Guaranteed Loans is not a direct lender, and we do not make lending decisions. Instead, we work with a network of trusted lenders who can provide you with the loan you need.

Conclusion

Payday loans are prohibited in Fairchance, Pennsylvania, because they are considered to be a form of predatory lending. Usury laws put in place to protect consumers from excessive interest rates, leaving many Lenders offering alternative loans.

If you need quick cash, it is important to explore all of your options before turning to payday loans. By using The Guaranteed Loans, you can connect with multiple lenders who can provide you with the loan you need at a reasonable rate.

F.A.Q.

Can I be charged with a crime for taking out an illegal payday loan in Fairchance, Pennsylvania?

No, taking out an illegal payday loan in Fairchance, Pennsylvania is not a crime. However, the lender may face legal consequences for offering illegal loans.

Can I be sued for not paying back an illegal payday loan in Fairchance, Pennsylvania?

No, you cannot be sued for not paying back an illegal payday loan in Fairchance, Pennsylvania.