Payday Loans in Mount Union, Pennsylvania

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

Company nameAddressZip codePhone number
White Rose Credit Union 160 E Main St, Dallastown, PA 17313
Keith Hering - Raymond James 5426 York Rd., Holicong, PA 18928 +1 (215) 794 - 9416
First National Bank 229 Main St, Meyersdale, PA 15552 +1 (814) 634 - 8337
PNC Bank 1340 Freedom Rd, Cranberry Twp, PA 16066 +1 (724) 776 - 5077
Community Bank 100 Miller Ln, Waynesburg, PA 15370 +1 (724) 627 - 3134
Derry Area FCU 160 E 1st Ave, Derry, PA 15627 +1 (724) 694 - 5479
S&T Bank 30 Towne Center Dr, Leechburg, PA 15656 +1 (724) 845 - 3445
Geo W Wright Students Aid Fund PO Box 187, Mercer, PA 16137 +1 (724) 662 - 3140
Heritage Valley Federal Credit Union 2420 Cape Horn Rd, York, PA 17402
Diamond Check Cashing 411 W Trenton Ave, Morrisville, PA 19067 +1 (215) 295 - 9100

Payday Loan Companies in Nearby Cities

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

Beautiful sights of Mount Union, PA

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

17066

Are Payday Loans Legal In Mount Union, 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

Mount Union, PA payday loan calculator

Understanding Payday Loans in Mount Union, Pennsylvania

Payday loans are a type of lending that has become increasingly popular in recent years. They are typically small, short-term loans that are designed to help people cover immediate expenses until their next paycheck arrives. While payday loans can be useful in certain circumstances, they often come with high interest rates and fees that can put borrowers at risk of falling into a debt trap. In Pennsylvania, payday loans are prohibited under state law. This article will explore why payday loans are banned in Mount Union, Pennsylvania and what alternatives are available for those in need of emergency funds.

The Basics of Payday Loans

Before we dive into the specifics of payday lending in Mount Union, let’s take a look at how these loans work and why they can be problematic. Payday loans are typically offered by storefront lenders or online companies that specialize in short-term lending. To qualify for a payday loan, borrowers usually need to provide proof of income, a bank account, and some form of identification.

Once a borrower is approved for a payday loan, the lender will typically give them cash or deposit the loan amount into their bank account. The loan amount is usually a percentage of the borrower’s upcoming paycheck, and the loan term is typically only a few weeks.

On its face, a payday loan seems like a convenient way to get quick cash when you need it. However, payday loans can come with exorbitant fees and interest rates that make them incredibly expensive. In some cases, borrowers can end up paying back many times the amount they borrowed, putting them in a cycle of debt that can be difficult to escape.

Why Are Payday Loans Prohibited in Mount Union, Pennsylvania?

In Pennsylvania, payday lending is considered a predatory practice that harms consumers. The state has enacted strong consumer protection laws to prevent payday lenders from exploiting vulnerable borrowers.

Under Pennsylvania law, the interest rate on a loan cannot exceed 6% per year plus the Federal Reserve Bank of Philadelphia’s discount rate at the time the loan is made. This means that the maximum interest rate lenders can charge on a payday loan is around 24%, which is much lower than the rates charged by many payday lenders in other states.

In addition to capping interest rates, Pennsylvania law also prohibits payday lenders from using certain predatory practices, such as rollovers and balloon payments. Rollovers, where a borrower takes out a new loan to pay off an existing one, can lead to a cycle of debt that can be difficult to break. Balloon payments, where the borrower is required to pay off the entire loan balance at once, can also be incredibly burdensome for borrowers.

Alternatives to Payday Loans in Mount Union, Pennsylvania

While payday loans are illegal in Pennsylvania, there are still many options available for those in need of emergency funds. Here are a few possible alternatives to consider:

  • Credit Card Cash Advance: If you have a credit card, you may be able to take out a cash advance. Note that the interest rates on these advances can be high, so be sure to read the fine print before you borrow.
  • Personal Loan: A personal loan from a bank or credit union may be a good option if you need a larger amount of money and have a good credit score.
  • Community Resources: Many communities have charities and non-profits that offer emergency financial assistance to those in need. Check with your local government or religious organization to see if you qualify for this type of aid.

Interesting Facts About Payday Loans in Mount Union, Pennsylvania

  • The Pennsylvania Supreme Court ruled in 2018 that Think Finance, a Texas-based company, was operating an illegal payday lending scheme by partnering with Native American tribes to offer loans with higher interest rates than allowed by state law.
  • Pennsylvania law prohibits payday lenders from using automatic electronic payments to repay loans. Lenders must obtain written authorization before initiating electronic payments.
  • While payday loans are prohibited in Pennsylvania, many residents still fall prey to illegal lenders who operate outside of the law. These lenders often charge exorbitant interest rates, which can trap borrowers in cycles of debt.

Apply Now

If you are in need of emergency funds, TheGuaranteedLoans can help connect you with potential lenders. Please note that we are a connector service, not a direct lender, and make no guarantees regarding loan approval or terms. To get started, fill out our online application today.

F.A.Q.

Can I be charged with a crime for taking out a payday loan in Mount Union, Pennsylvania?

It is illegal for lenders to offer payday loans in Mount Union, Pennsylvania, so borrowers cannot be charged with a crime for taking out a payday loan. However, lenders may face criminal charges for engaging in illegal lending practices.

What should I do if I have already taken out a payday loan in Mount Union, Pennsylvania?

If you have already taken out a payday loan in Mount Union, Pennsylvania, you should contact the lender to try to negotiate a repayment plan. If the lender is unwilling to work with you, you may want to seek out alternative forms of financing or seek legal advice.