Payday Loans in Newton Hamilton, Pennsylvania

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

Company nameAddressZip codePhone number
ATM Goga's Service Station 104 Sunshine Ave, Central City, PA 15926
FNCB Bank 1919 S Memorial Highway, Shavertown, PA 18708 +1 (570) 674 - 3622
Northwest Bank 50 S Main St, Mansfield, PA 16933 +1 (570) 662 - 2131
FNCB Bank 340 W Broad St, Hazleton, PA 18201 +1 (570) 501 - 3622
Fran Brolley - Raymond James 3813 West Chester Pike, Newtown Square, PA 19073 +1 (877) 958 - 6937
Customers Bank 2A Summit Square Shopping Center, Langhorne, PA 19047 +1 (267) 352 - 3012
Thrivent Financial 4100 Main St 401, Philadelphia, PA 19127 +1 (267) 886 - 9170
Harper & Hodge 1221 3rd St, Beaver, PA 15009 +1 (724) 775 - 4222
P&G Mehoopany Employees Federal Credit Union 2859 Tunkhannock Hwy 70, Dallas, PA 18612 +1 (570) 675 - 3370
PNC Bank 201 Chestnut St, Meadville, PA 16335 +1 (814) 337 - 1900

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Newton Hamilton, 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, Short-term Loans in Scranton, PA, Short-term Loans in State College, PA, Guaranteed Loans in Upper Darby, PA, Payday Loans in Warminster, PA, Emergency Loan in Wilkes-Barre, PA and Payday Loan for 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 Newton Hamilton, PA.

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

17075

Are Payday Loans Legal In Newton Hamilton, 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

Newton Hamilton, PA payday loan calculator

Payday Loans in Newton Hamilton, Pennsylvania: Understanding the Law

Payday loans, also known as cash advance loans, are meant to provide financial assistance to individuals between paychecks. Such loans provide borrowers with a small amount of cash, and the loan is repaid when the borrower receives their next paycheck. The idea behind payday loans is to help people meet urgent financial needs without long waiting periods or excessive paperwork.

However, in Pennsylvania, payday loans are prohibited by law. While payday loans remain legal in other states in the United States, Pennsylvania has taken a strong stand against payday lending. The state has implemented laws and regulations to protect its residents from predatory lending practices.

How payday loans work

Payday loans work by providing borrowers with a loan of up to $1,000 or more, depending on the lender. Borrowers must provide proof of income and personal identification before being approved for a payday loan. Once approved, borrowers receive their cash advance to cover immediate financial needs.

Typically, the borrower must repay the loan amount, plus interest and fees, when they receive their next paycheck. The loan is usually repaid in a single payment, and the process can carry on indefinitely, as long as the borrower keeps taking out new loans to pay off the old ones, which creates a debt cycle that can be hard to break.

Why are payday loans illegal in Pennsylvania?

The Pennsylvania Department of Banking and Securities regulates all financial products and services in Pennsylvania. In 2008, the department issued a bulletin declaring that payday lending was not legal in the state. The bulletin cited specific statutes of the Pennsylvania Consolidated Statutes, which state that a lender may not charge an interest rate greater than 6% for loans under $50,000.

The state also has strict laws surrounding the loan amount and repayment terms that lenders can offer to borrowers. Such regulations are meant to protect consumers from predatory lending practices that can put them in debt cycles that are hard to break.

Interesting Statistics About Payday Loans in Newton Hamilton, Pennsylvania

  • The average payday loan borrower takes out eight payday loans per year in Pennsylvania.
  • The average payday loan in Pennsylvania carries an interest rate of 500% or more.
  • A typical payday loan amount in Pennsylvania is $350, and the fees for a payday loan can range from $15 to $50 or more per $100 borrowed.
  • According to data from the Pew Charitable Trusts, most borrowers who take out payday loans in Pennsylvania end up paying more in fees and interest than they originally borrowed.

Alternatives to Payday Loans

While payday loans can be a quick solution to immediate financial needs, they come with high interest rates and fees and can easily lead to a debt cycle that can be difficult to break. In Pennsylvania, there are several alternatives to payday loans that borrowers can explore:

  • Credit Union Loans: Credit unions offer short-term loans with low interest rates and fees for their members.
  • Credit Card Advances: Many credit card companies offer cash advances with lower interest rates than payday loans.
  • Borrowing from Friends and Family: While not always ideal, borrowing from friends and family can be a good alternative to high-interest payday loans.
  • Saving for Emergencies: Building an emergency savings fund can help avoid the need for payday loans altogether.

Apply Now

While TheGuaranteedLoans does not offer payday loans or any other direct lending services, we are a connector service that can help you find a lender that meets your short-term financing needs. To apply, visit our website and fill out our online application. We will connect you with one of our partner lenders who can provide you with more details on their loan products and terms.

Remember, payday loans are prohibited in Pennsylvania, but knowing your options and alternatives can help you make a better financial decision when you are in need of cash.

F.A.Q.

Can a payday loan company file a lawsuit against me in Newton Hamilton, Pennsylvania?

No, a payday loan company cannot file a lawsuit against you in Newton Hamilton, Pennsylvania because these loans are illegal in the state.

Are there any federal laws that apply to payday loans in Newton Hamilton, Pennsylvania?

Yes, there are federal laws that apply to payday loans in Newton Hamilton, Pennsylvania, including the Military Lending Act and the Truth in Lending Act. These laws provide protections for consumers and regulate the practices of payday lenders.