Payday Loans in Kennerdell, Pennsylvania

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

Company nameAddressZip codePhone number
Bryn Mawr Trust 849 Paoli Pike, West Chester, PA 19380 +1 (484) 356 - 9413
Riverview Bank 55 S Main St, Duncannon, PA 17020 +1 (717) 834 - 5161
Northwest Bank 104 Winfield Dr, Centre Hall, PA 16828 +1 (814) 364 - 2116
BB&T 126 W Cypress St, Kennett Square, PA 19348 +1 (484) 881 - 4570
Somerset Trust Company 3966 Lincoln Hwy 101, Schellsburg, PA 15559 +1 (814) 733 - 2152
TD Bank 3821 W Lincoln Highway, Downingtown, PA 19335 +1 (610) 873 - 0879
Janney Montgomery Scott LLC 162 S 2nd Ave A, Clarion, PA 16214 +1 (814) 223 - 9990
Money Mart 930 Market St, Philadelphia, PA 19107 +1 (215) 928 - 1351
Jim Thorpe National Bank 301 W Catawissa St, Nesquehoning, PA 18240 +1 (570) 669 - 6741
Northwest Bank 101 W Spring St, Titusville, PA 16354 +1 (814) 827 - 3671

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Kennerdell, PA, you can try to find different companies in big cities near by. Check out the following pages here: Bad Credit Loans in Chester, PA, Payday Loans in Erie, PA, Payday Loans in Harrisburg, PA, Online Loans in Haverford, PA, 24-Hour Loan in Lancaster, PA, Guaranteed Loans in Levittown, PA, 24-Hour Loan in Norristown, PA and Payday 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 Kennerdell, PA.

Beautiful sights of Kennerdell, PA

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

16374

Are Payday Loans Legal In Kennerdell, 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

Kennerdell, PA payday loan calculator

Understanding Payday Loans in Kennerdell, Pennsylvania

When you need money for an emergency expense or to cover your bills, one option that might come to mind are payday loans. However, if you live in Kennerdell, Pennsylvania, it’s important to know that payday loans are prohibited in the state. This article will take a closer look at payday loans, why they are illegal in Pennsylvania, and alternative options you can turn to if you need money fast.

What are Payday Loans?

Payday loans are short-term loans that are typically due on your next payday, hence the name. They are often advertised as a way to bridge the gap between paychecks or to cover unexpected expenses. However, payday loans come with very high interest rates and fees, which can make it difficult for borrowers to pay them back on time.

The typical payday loan comes with an average interest rate of 400%, which can trap borrowers in a cycle of debt. In fact, the Consumer Financial Protection Bureau (CFPB) found that nearly 80% of payday loans are rolled over or renewed within two weeks, which means borrowers are paying more and more in fees without ever paying off the loan.

Why are Payday Loans Prohibited in Pennsylvania?

In 2008, Pennsylvania passed the Check Cashers Act, which prohibited payday lenders from operating in the state. The law set a cap on the interest rate that lenders could charge on small loans at 25%, which effectively made payday lending illegal.

The Check Cashers Act was enacted to protect Pennsylvania consumers from predatory lending practices that can cause them to fall into debt traps. Payday loans have been shown to lead to financial hardship and bankruptcy for many borrowers, and the state felt it was necessary to take action to prevent these negative consequences.

Alternative Options for Borrowers in Kennerdell, Pennsylvania

If you live in Kennerdell, Pennsylvania, and need money fast, there are alternative options available to you. Here are a few to consider:

  • Personal Loans: Personal loans are available through banks, credit unions, and online lenders. They typically have lower interest rates and longer repayment terms than payday loans, making them a more affordable option for borrowers.
  • Credit Cards: Using a credit card for your emergency expenses can be a good option if you can pay off the balance before the due date. Many credit cards offer a 0% introductory APR, which can give you time to pay off your balance without accruing interest.
  • Extensions and Payment Plans: If you need more time to pay your bills, you can try calling your creditors to ask for an extension or a payment plan. Many companies are willing to work with you if you communicate with them.

Interesting Facts and Statistics

– The average payday loan borrower takes out eight loans per year, spending an average of $520 in interest.
– In 2019, the Pennsylvania Attorney General’s office received 99 complaints about payday loans, with the average complaint being for $503.
– According to a Pew Charitable Trusts report, the average payday loan borrower spends five months of the year in debt from payday loans.

Apply Now

At TheGuaranteedLoans, we specialize in connecting borrowers with potential lenders who can meet their financing needs. If you are in need of fast cash, we encourage you to fill out our online application today. Please note that we are not a lender, but a connector service that can help you find a loan option that works for you.

In Conclusion

Payday loans may seem like a quick and easy solution when you need money fast, but they come with high interest rates and fees that can trap you in a cycle of debt. If you live in Kennerdell, Pennsylvania, it’s important to know that payday loans are prohibited in the state. There are alternative options available, such as personal loans and credit cards, that can help you get the funds you need without putting you in financial jeopardy.

F.A.Q.

Are there any alternatives to payday loans in Kennerdell, Pennsylvania?

Yes, there are several alternatives to payday loans in Kennerdell, Pennsylvania, including credit unions, community development financial institutions, and small-dollar loan programs offered by banks and credit unions.

Can I still take out a payday loan if I live in Kennerdell, Pennsylvania but the lender is based in another state?

No, it is illegal for payday lenders to offer loans to residents of Pennsylvania, regardless of where the lender is located.