Payday Loans in New Bloomfield, Pennsylvania

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

Company nameAddressZip codePhone number
New American Funding 160 N Pointe Blvd STE 201, Lancaster, PA 17601 +1 (717) 200 - 8147
The Closet Multiservice LLc 130 N Wyoming St, Hazleton, PA 18201 +1 (570) 497 - 5664
Family Financial Center - Check Cashing 323 E Gay St, West Chester, PA 19380 +1 (610) 719 - 0377
Citizens Bank 50 E Uwchlan Ave, Exton, PA 19341 +1 (610) 524 - 3370
PNC Bank 77 W High St, Waynesburg, PA 15370 +1 (724) 852 - 2401
Davis Acura 2051 Lincoln Hwy, Langhorne, PA 19047 +1 (215) 943 - 7000
ditech Home Loans 1100 Virginia Dr 100a, Fort Washington, PA 19034 +1 (800) 700 - 9212
Pennstar Bank 140 Brooklyn St, Carbondale, PA 18407 +1 (570) 282 - 6717
M&T Bank 115 J Campbell Collins Dr, Wilkes-Barre, PA 18702 +1 (570) 823 - 1067
HSBC Bank 1027 Arch St, Philadelphia, PA 19107 +1 (215) 592 - 7440

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in New Bloomfield, PA, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan Companies in Abington, PA, Payday Loans in Allentown, PA, Payday Loans in Altoona, PA, No Credit Check Loans in Bensalem, PA, Payday Loans in Bethel Park, PA, Payday Loan Companies in Bethlehem, PA, 24-Hour Loan in Bristol, PA and Short-term 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 New Bloomfield, PA.

Beautiful sights of New Bloomfield, PA

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

17068

Are Payday Loans Legal In New Bloomfield, 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

New Bloomfield, PA payday loan calculator

Introduction

In Pennsylvania, payday loans are prohibited. The state laws prohibit any lender from charging an interest rate more than 6% per year on a loan, making the payday lending business unsustainable. New Bloomfield, a borough in Perry County, Pennsylvania, follows the same rules regarding payday loans. While some may consider payday loans as a solution in times of financial stress, it is essential to understand the consequences of such loans and the alternatives available.

Why are payday loans in New Bloomfield, Pennsylvania, prohibited?

In 2010, the Pennsylvania legislature effectively banned payday loans. They did so to protect the citizens from the predatory lending practices that were rampant among payday lenders across the state. Prior to the law’s passage, payday lenders could charge interest rates to unsuspecting borrowers that could reach up to 500% per year. Such loans led to a vicious debt cycle, with borrowers unable to repay the principal amount.

To regulate payday lenders, the state passed the Consumer Discount Company Act, which caps the interest rate on loans at 6% per year. Any lender charging more than that is in violation of the law and can face penalties. Since payday loans typically carry interest rates much higher than 6%, the industry had to close down in Pennsylvania.

What are payday loans?

Payday loans are a short-term loan offered by lenders typically due on the borrower’s next payday. The loans are for small amounts, usually less than $500, and carry high interest rates. The interest rates can reach up to 400% per year or more, making it difficult or impossible for borrowers to pay off the loans.

Why are payday loans popular?

Payday loans are popular because they are easily accessible. Borrowers do not need an excellent credit score to be eligible for a payday loan. The lender requires the borrower to provide proof of income and a bank account. Upon approval, the loan is disbursed to the borrower’s account.

Additionally, payday lenders typically do not perform a hard credit check, which can negatively impact the borrower’s credit score. Borrowers can use the loans for any purpose, including emergency expenses.

However, the high interest rates make payday loans a risky proposition. Most borrowers cannot pay off the loans on time, leading to a cycle of debt that can be hard to break.

Alternatives to payday loans

Since payday loans are illegal in Pennsylvania, borrowers must look for other alternatives for short-term loans. Some alternatives include:

  • Credit unions: Credit unions offer short-term loans to their members with lower interest rates than payday loans.
  • Personal loans: Personal loans from banks or online lenders provide a better option for borrowers. The rates and terms of the loan are usually better than payday loans.
  • Credit cards: Borrowers can use credit cards for emergencies, but they must be careful not to accumulate high-interest debt.

Apply Now

If you are in urgent need of funds, we at TheGuaranteedLoans.com can help you connect with potential lenders. We provide a fast and secure platform to submit your loan application. Our network of lenders can offer a wide variety of loan options with competitive rates and acceptable terms. However, we are not a direct lender. Instead, we work as loan connectors, helping borrowers find lenders that meet their needs. Apply now to get connected.

Interesting Facts and statistics about payday loans

  • According to the Consumer Financial Protection Bureau, the average payday loan interest rate in the United States is over 300%.
  • A Pew Charitable Trusts study found that over 80% of payday loans are rolled over within two weeks of the initial loan, leading to a vicious cycle of debt.
  • Payday loans cost Americans over $9 billion in fees every year.
  • The Center for Responsible Lending reports that one in five payday loans end up in default, leading to wage garnishment, bank account seizure, and other financial problems.

Conclusion

Payday loans may seem like a quick fix for financial emergencies, but they can put borrowers in a worse financial situation. Pennsylvania has taken steps to protect its citizens from the predatory lending practices of payday lenders by banning such loans altogether. Borrowers may want to consider other alternatives like personal loans or credit unions to get the necessary funds. If you must get a short-term loan, it is essential to read the terms and conditions carefully and make sure you can afford to repay the loan on time.

F.A.Q.

What should I do if a payday loan lender is threatening me with legal action in New Bloomfield, Pennsylvania?

If a payday loan lender is threatening you with legal action in New Bloomfield, Pennsylvania, you should contact the Pennsylvania State Department of Financial Services to report the lender's actions. The department may be able to help you resolve the issue and protect your rights.

Is it possible to get a payday loan from a lender in another state and use it in New Bloomfield, Pennsylvania?

No, it is not possible to get a payday loan from a lender in another state and use it in New Bloomfield, Pennsylvania. Payday loans are illegal in New Bloomfield, Pennsylvania, regardless of where the lender is located.