Payday Loans in Madera, Pennsylvania

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

Company nameAddressZip codePhone number
Woodforest National Bank 2901 Market St, Warren, PA 16365 +1 (814) 723 - 5942
Univest Bank and Trust Co. 545 Constitution Ave, Perkasie, PA 18944 +1 (215) 257 - 6607
Thrivent Financial 1693 PA-56, Spring Church, PA 15686 +1 (724) 978 - 2805
FBCS Inc 330 S Warminster Rd 353, Hatboro, PA 19040 +1 (866) 594 - 8640
Members 1st Federal Credit Union 1166 Walnut Bottom Rd, Carlisle, PA 17015 +1 (800) 237 - 7288
Ackerman's Check Writer Exchange 944 W 26th St, Erie, PA 16508
Cambria Thrift Consumer Disc 112 Market St, Johnstown, PA 15901 +1 (814) 539 - 2800
PNC Bank 143 W 7th St, Hazleton, PA 18201 +1 (570) 450 - 7820
Lincoln Financial Group 850 Cassatt Rd, Berwyn, PA 19312 +1 (610) 727 - 4891
Oakes Financial 789 Park Ave, Meadville, PA 16335 +1 (814) 333 - 4224

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Madera, PA, you can try to find different companies in big cities near by. Check out the following pages here: Emergency Loan in Abington, PA, Payday Loans in Allentown, PA, Payday Loans in Altoona, PA, Payday Loans in Bensalem, PA, Payday Loans in Bethel Park, PA, Payday Loan Companies 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 Madera, PA.

Are Payday Loans Legal In Madera, 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

Madera, PA payday loan calculator

Payday Loans in Madera, Pennsylvania: What You Need to Know

When you’re short on cash and facing unexpected bills or expenses, a payday loan may seem like a tempting solution. However, in Madera, Pennsylvania, payday loans are prohibited by law. Before you consider other options, it’s essential to understand the pros and cons of payday loans and the legal landscape surrounding them in this state.

How Payday Loans Work

A payday loan is a type of short-term loan designed to help you cover unexpected expenses. You typically borrow a small amount, such as $500 or less, and pay it back with interest on your next payday. These loans are also known as cash advances, paycheck advances, or check loans.

When you apply for a payday loan, the lender will usually require proof of income and a valid ID. They may also require a post-dated check or access to your bank account to ensure they can withdraw the loan amount and fees on your next payday.

The Pros and Cons

  • Pros: Payday loans can be a quick and easy way to get cash when you’re in a pinch. If you have bad credit or no credit history, you may still be able to qualify for a payday loan.
  • Cons: Payday loans come with high interest rates and fees. In some cases, the interest rates can exceed 400%. If you’re unable to repay the loan on your next payday, you may be trapped in a cycle of debt, taking out more loans to pay off the previous ones.

The Legal Landscape in Madera, Pennsylvania

Payday loans are prohibited in Pennsylvania. In 2018, the state legislature passed a law that caps the interest rate on loans at 36%. While this law doesn’t specifically address payday loans, it effectively makes them illegal in the state.

It’s important to note that some online lenders may try to circumvent these laws by operating outside of Pennsylvania. However, it’s risky to work with these lenders, as they aren’t subject to the same regulations and protections as lenders that operate within the state.

Alternatives to Payday Loans

  • Personal loans: If you have good credit, a personal loan from a bank or credit union may be a better option than a payday loan. Personal loans typically have lower interest rates and longer repayment terms.
  • Credit cards: If you have a credit card with available credit, you can use it to cover unexpected expenses. While credit card interest rates can be high, they’re generally lower than payday loan rates.
  • Negotiate with creditors: If you’re struggling to pay bills or debts, contact your creditors to see if you can negotiate a repayment plan or a lower interest rate.

Interesting Facts and Statistics

  • The average payday loan borrower in the United States takes out eight loans per year.
  • The average payday loan amount is $375.
  • Payday loans are illegal in 18 states and the District of Columbia.

Apply Now

While payday loans are illegal in Madera, Pennsylvania, TheGuaranteedLoans can help you connect with potential lenders who offer other types of loans. Fill out our online application today to get started. Remember, TheGuaranteedLoans is a connector service, not a direct lender, and we will facilitate your connection with potential lenders without charging you any fees.

F.A.Q.

Can I be sued or have my wages garnished if I default on a payday loan in Madera, Pennsylvania?

No, because payday loans are illegal in Madera, Pennsylvania, lenders cannot sue borrowers or garnish their wages for non-payment.

Are there any protections for borrowers who take out illegal payday loans in Madera, Pennsylvania?

Yes, the state of Pennsylvania has established several protections for borrowers who may be misled or exploited by illegal payday lenders. These include the right to cancel a loan within five days, the right to dispute any charges or fees, and the right to seek legal assistance.