Payday Loans in Mehoopany, Pennsylvania

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

Company nameAddressZip codePhone number
ATM M&t Bank 219 Corporate Blvd, Claysburg, PA 16625
FNCB Bank 3 Old Boston Rd, Pittston, PA 18640 +1 (570) 602 - 3622
Principal Financial Group 202 S Manor St, Marion Center, PA 15759 +1 (724) 856 - 4023
Jolley's Money Loan 6214 Woodland Ave, Philadelphia, PA 19142 +1 (215) 727 - 2340
First National Bank 74 E Tioga St, Tunkhannock, PA 18657 +1 (570) 836 - 5555
Walmart Money Center 723A Old Willow Ave, Honesdale, PA 18431 +1 (570) 251 - 9543
Jersey Shore State Bank 503 E Plank Rd, Altoona, PA 16602 +1 (814) 626 - 7268
FNCB 1150 PA-315, Wilkes-Barre, PA 18702 +1 (570) 846 - 3652
First Heritage Federal Credit Union 17 East Ave, Wellsboro, PA 16901 +1 (607) 936 - 4667
Fulton Bank 200 W Lincoln Ave, Myerstown, PA 17067 +1 (717) 866 - 6571

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Mehoopany, PA, you can try to find different companies in big cities near by. Check out the following pages here: Short-term Loans in Pittsburgh, PA, Payday Loan Companies in Reading, PA, Payday Loans in Scranton, PA, Payday Loan Without a Credit Check in State College, PA, Payday Loans in Upper Darby, PA, Payday Loan for Warminster, PA, Payday Loans in Wilkes-Barre, PA and No Credit Check 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 Mehoopany, PA.

Beautiful sights of Mehoopany, PA

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

18629

Are Payday Loans Legal In Mehoopany, 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

Mehoopany, PA payday loan calculator

Payday Loans in Mehoopany, Pennsylvania: Understanding the Prohibition

Payday loans offer quick access to small amounts of cash, but in Mehoopany, Pennsylvania, they are not an option. Pennsylvania law prohibits payday lending, stemming from the 2008 Pennsylvania Check Cashing Licensing Act, which imposes an interest rate cap of 24%. Payday lenders require significantly higher interest rates than allowed by this law, making payday lending illegal in the state.

While payday loans are not available in Mehoopany, residents still have alternative lending options available.

Alternative Lending Options in Mehoopany

  • Personal Loans: Personal loans offer larger amounts of money and long-term repayment plans through banks and credit unions. They usually require good credit scores and take longer to approve.
  • Credit Cards: Credit cards are excellent options for short-term borrowing needs. The interest rates tend to be higher than personal loans, but they can be suitable for emergencies.
  • Credit Counseling: Non-profit credit counseling agencies offer financial education, budgeting advice, and debt management tools to help financially stressed individuals gain control of their finances.

It is essential to consider the pros and cons of any loan before borrowing. Here are some of the advantages and disadvantages of alternative lending options:

Advantages

  • Personal Loans: Personal loans offer flexible repayment terms and lower interest rates than payday loans. With good credit scores, borrowers can access large amounts of money.
  • Credit Cards: Credit cards offer fast access to cash, flexible repayment terms, and rewards for incentivizing use.
  • Credit Counseling: Credit counseling helps individuals manage their debt, build budgets, and set financial goals. It teaches financial literacy, which benefits individuals in the long-term.

Disadvantages

  • Personal Loans: Personal loans may require good credit scores and lengthy application processes. They may also charge fees and penalties for early repayment.
  • Credit Cards: Credit cards have high-interest rates when balances are not paid off each month. They also have fees for cash advances and balance transfers.
  • Credit Counseling: Credit counseling may require higher monthly payments than anticipated. It also may not negotiate with all creditors on an individual’s behalf.

Facts about Payday Loans in Mehoopany, Pennsylvania

  • The average payday loan in Pennsylvania has an interest rate of 339%.
  • In 2016, Pennsylvania residents took out over 1.5 million payday loans, leading to an estimated $488 million in fees.
  • The payday loan industry has a disproportionately negative impact on low-income communities

Looking Beyond Payday Loans in Mehoopany

While payday loans are not an option in Mehoopany, alternative lending options provide consumers with fairer terms and fewer risks. At TheGuaranteedLoans, we can connect borrowers to potential lenders and help them find the right loan at the right terms. Borrowers can fill out our online application, which is safe, secure, and available 24/7.

While it is essential to carefully consider borrowing any money, carefully reading the terms of service and knowing that payday lending is not an option in Mehoopany, Pennsylvania, is a good place to start.

If you need further assistance, please don’t hesitate to contact us. We are always available to help our clients make financial decisions that are right for them.

F.A.Q.

What are the alternatives to payday loans in Mehoopany, Pennsylvania?

Consumers in Mehoopany, Pennsylvania can seek out small, short-term loans from credit unions or banks, or can consider using a credit card or personal loan for financial emergencies.

Why are payday loans prohibited in Mehoopany, Pennsylvania?

Payday loans are prohibited in Mehoopany, Pennsylvania due to their high interest rates and fees, which can trap consumers in a cycle of debt.