Payday Loans in Lawrence, Pennsylvania

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

Company nameAddressZip codePhone number
Walmart Money Center 300 Walmart Dr, Ebensburg, PA 15931
Fulton Bank 3191 Cape Horn Rd, Red Lion, PA 17356 +1 (717) 771 - 4301
First Citizens Community Bank 15 S Main St, Mansfield, PA 16933 +1 (570) 662 - 2121
First Commonwealth Bank 436 Magee Ave, Patton, PA 16668 +1 (814) 948 - 0879
TruMark Financial Credit Union North Wales 1200 Welsh Rd, North Wales, PA 19454 +1 (877) 878 - 6275
Service 1st FCU 1185 N 4th St, Sunbury, PA 17801 +1 (570) 743 - 0881
First National Bank 747 Corporation St, Beaver, PA 15009 +1 (724) 775 - 6250
Pavlinich Accounting & Tax Service 701 3rd Ave, New Brighton, PA 15066 +1 (724) 846 - 5458
Mars Bank - Grove City PA Office 109 S Broad St, Grove City, PA 16127 +1 (724) 264 - 4145
Northwest Bank 80 W Columbus Ave, Corry, PA 16407 +1 (814) 664 - 4681

Payday Loan Companies in Nearby Cities

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

Beautiful sights of Lawrence, PA

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

15055

Are Payday Loans Legal In Lawrence, 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

Lawrence, PA payday loan calculator

Understanding Payday Loans in Lawrence, Pennsylvania

Payday loans, also known as cash advances, are short-term loans that come with high interest rates. While these loans can be appealing to those who need quick cash, they are often considered predatory and can lead to a cycle of debt.

In Lawrence, Pennsylvania, payday loans are prohibited. This means that lenders cannot offer payday loans to borrowers within the state. However, that does not mean that residents of Lawrence are not susceptible to predatory lending practices. In this article, we will explore the dangers of payday loans, why they are banned in Pennsylvania, and what alternatives exist for those in need of emergency funds.

Why are Payday Loans Banned in Pennsylvania?

In Pennsylvania, payday lending is prohibited by the state’s Short-Term Loan Act (STLA). This act sets a cap on the amount of interest that lenders can charge borrowers, making payday loans unviable in the state. Pennsylvania also has a Consumer Discount Company Act (CDCA) that requires lenders to obtain licensing to operate. This is designed to protect consumers from unscrupulous lending practices and ensure that borrowers are not taken advantage of.

The STLA and CDCA have been successful in reducing the prevalence of predatory lending in Pennsylvania. But this does not mean that borrowers are not tempted to seek out payday loans outside of the state. Some lenders may try to lure borrowers in with misleading advertising, high loan amounts, and quick approval times. It is important for borrowers to understand the risks associated with these loans and be aware of their legal rights.

The Dangers of Payday Loans

Payday loans are often advertised as a quick-fix solution for unexpected expenses. They can be enticing to those with poor credit who may not have access to traditional lending options. But payday loans come with several dangers that borrowers should be aware of:

  • High Interest Rates: Payday loans come with exorbitant interest rates, often ranging from 300-400 percent. This means that borrowers end up paying back much more than they originally borrowed.
  • Debt Cycle: As a result of the high interest rates, borrowers can quickly fall into a cycle of debt where they take out another loan to pay off the previous one. This can lead to a never-ending cycle of repayment and financial strain.
  • No Credit Check: Payday lenders do not typically require a credit check or collateral. This means that borrowers may not fully understand the terms of the loan they are signing up for, and may not have the means to repay it.
  • Deceptive Practices: Some lenders use deceptive practices such as hidden fees or automatic loan renewals, making it difficult for borrowers to fully understand the terms of their loan.

Alternatives to Payday Loans

For those in need of emergency funds, there are several alternatives to payday loans that should be explored:

  • Borrowing from Friends and Family: If possible, borrowing money from friends or family may be a better option than taking out a payday loan. It is important to establish clear repayment terms to avoid damaging relationships.
  • Credit Counseling: Credit counseling services can work with borrowers to create a budget and come up with a plan to pay off debts. These services can also negotiate with creditors on behalf of the borrower.
  • Personal Loans: Personal loans may be a viable option for those with good credit. These loans typically have lower interest rates and longer repayment terms than payday loans.
  • Cash Advance from Credit Card: While not an ideal solution, a cash advance from a credit card may be a better alternative than a payday loan. Cash advances typically come with high interest rates and fees, so it is important to pay them off quickly.

Interesting Facts and Statistics

  • The average payday loan in the US is $375, but can range up to $1,000 or more with high interest rates.
  • According to the Consumer Financial Protection Bureau, 80% of payday loans are rolled over or renewed within two weeks, leading to a cycle of debt.
  • In 2016, Pennsylvania’s Attorney General filed a lawsuit against a payday lender for violating the state’s usury laws. The lawsuit resulted in a $3.5 million settlement for Pennsylvania borrowers.

Apply Now

While TheGuaranteedLoans does not offer payday loans, we do connect borrowers with potential lenders. If you are in need of emergency funds, you can fill out an online application on our website to be connected with lenders who may be able to help. Remember, it is important to carefully read and understand the terms and conditions of any loan before accepting it.

Apply now and get the funds you need for unexpected expenses.

F.A.Q.

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

No, taking out an illegal payday loan in Lawrence, 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 Lawrence, Pennsylvania?

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