Payday Loans in Neelyton, Pennsylvania

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

Company nameAddressZip codePhone number
C&N 1467 Golden Mile Rd, Wysox, PA 18854 +1 (570) 265 - 9148
First National Bank 2204 Lebanon Church Rd, West Mifflin, PA 15122 +1 (412) 655 - 0900
Hidden River Credit Union 60 Westwood Rd, Pottsville, PA 17901 +1 (570) 622 - 3399
Raymond James Financial Services 501 School House Rd, Kennett Square, PA 19348 +1 (610) 444 - 5067
FNCB Bank 1743 N Keyser Ave, Scranton, PA 18508 +1 (570) 348 - 4880
The Bank of Landisburg 2784 Keystone Way, Newport, PA 17074 +1 (717) 204 - 5010
Wells Fargo Bank 2124 Memorial Hwy, Dallas, PA 18612 +1 (570) 675 - 0213
Members 1st Federal Credit Union 5211 Simpson Ferry Rd, Mechanicsburg, PA 17050 +1 (800) 237 - 7288
First National Bank 25 N Kennedy Dr, McAdoo, PA 18237 +1 (570) 929 - 2270
PFFCU - Police and Fire Federal Credit Union 3325 Street Rd, Bensalem, PA 19020 +1 (215) 931 - 0300

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Neelyton, PA, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Chester, PA, Payday Loan Companies in Erie, PA, Bad Credit Loans in Harrisburg, PA, Payday Loans in Haverford, PA, 24-Hour Loan in Lancaster, PA, Payday Loans in Levittown, PA, No Credit Check Loans in Norristown, PA and Payday Loan Without a Credit Check 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 Neelyton, PA.

Beautiful sights of Neelyton, PA

Are Payday Loans Legal In Neelyton, 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

Neelyton, PA payday loan calculator

Understanding Payday Loans in Neelyton, PA

Payday loans are small, short-term loans that are typically due on the borrower’s next payday. These loans are often marketed to individuals who are in need of quick cash and have few other options for borrowing money. However, it is important to understand that payday loans come with high interest rates and fees, which can make them an expensive form of borrowing.

The Legal Status of Payday Loans in Pennsylvania

In Pennsylvania, payday loans are prohibited. The state has strict laws in place to protect consumers from predatory lending practices. This means that lenders cannot legally offer payday loans to residents of Neelyton or any other city in Pennsylvania.

The Pennsylvania Department of Banking and Securities is responsible for enforcing the state’s lending laws. According to their website, “Payday loans, auto title loans, and other high-cost consumer loans are not available in Pennsylvania and are illegal under the state’s loan interest rate and licensing laws.”

Why Are Payday Loans Prohibited in Pennsylvania?

The state of Pennsylvania has taken a strong stance against payday lending due to the high interest rates and fees that are associated with these loans.

According to the Pennsylvania Attorney General’s website, “Payday loans are marketed as ‘quick-fix’ loans that are repaid when the borrower receives their next paycheck. But the reality is that these loans can be a debt trap that is difficult to escape from.”

Studies have shown that the average payday loan in Pennsylvania carries an annual percentage rate (APR) of 339%. This means that if you borrow $500, you could end up paying back over $1,000 in total fees and interest.

Alternatives to Payday Loans

If you are in need of quick cash, there are alternatives to payday loans that may be a better option. Here are a few options to consider:

  • Personal loans: Personal loans offer a longer repayment period and lower interest rates than payday loans. You can typically borrow larger amounts of money as well, which can be helpful if you need to cover a larger expense.
  • Credit cards: If you have a credit card, you may be able to use it to cover your expenses. While credit cards also come with interest rates and fees, they are usually lower than those associated with payday loans.
  • Community assistance programs: Many communities have programs in place to help residents who are in need of financial assistance. Contact your local government or charitable organization for more information.

The Risks of Payday Loans

While payday loans may seem like an easy way to get quick cash, they come with a number of risks. Here are a few risks to consider before taking out a payday loan:

  • High interest rates: As mentioned earlier, payday loans come with extremely high interest rates that can make borrowing very expensive.
  • Fees: In addition to interest rates, payday loans also come with a variety of fees, including origination fees, late payment fees, and prepayment penalties.
  • Debt cycle: Studies have shown that many borrowers who take out payday loans end up in a cycle of debt, where they are unable to pay back the loan and end up taking out additional loans to cover their expenses.

Interesting Facts and Statistics

While payday loans are illegal in Pennsylvania, they are still a prevalent form of borrowing in many other states. Here are a few interesting facts and statistics about payday loans:

  • According to a study by the Consumer Financial Protection Bureau (CFPB), the average payday loan borrower takes out 10 loans per year.
  • The same study found that 80% of payday loans are rolled over or renewed within two weeks of the initial loan.
  • Payday lenders collect around $8.7 billion in fees from Americans each year.

Apply Now

If you are in need of financial assistance, TheGuaranteedLoans can help connect you with potential lenders. We are a connector service, not a direct lender, which means that we can provide you with access to a network of lenders who may be able to offer you a loan that meets your needs.

When you fill out our online application, we will ask you a few basic questions about your financial situation and borrowing needs. Once you submit your application, we will analyze your information and connect you with potential lenders who may be able to help.

Remember, borrowing money is a serious decision that should be made carefully. Before you take out a loan, be sure to consider all of your options and understand the risks associated with borrowing.

F.A.Q.

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

Consumers in Neelyton, 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 Neelyton, Pennsylvania?

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