Are you in need of emergency cash in Shawnee on Delaware, Pennsylvania? If so, you may be considering a payday loan. However, it’s important to understand that payday loans are prohibited in Pennsylvania. In this article, we’ll explain what payday loans are, why they’re illegal in the state, and what alternatives are available for those in need of quick cash.
What are payday loans?
Payday loans are short-term loans that are typically due on the borrower’s next payday. They are known for their high interest rates and fees, and can often trap borrowers in a cycle of debt. Lenders typically require proof of income and employment, as well as a post-dated check or electronic access to the borrower’s bank account.
Why are payday loans illegal in Pennsylvania?
Payday lending is regulated by the Pennsylvania Department of Banking and Securities. The state has strict laws that prohibit payday lenders from operating in the state, including online lenders. The laws are designed to protect consumers from high interest rates and fees, and to prevent lenders from taking advantage of those in need of emergency cash.
What are the alternatives to payday loans?
If you’re in need of emergency cash in Shawnee on Delaware, Pennsylvania, there are several alternatives to payday loans. The following options are available:
- Personal loans: Personal loans are unsecured loans that are typically offered by banks, credit unions, and online lenders. They have lower interest rates and fees than payday loans, and can be repaid over a longer period of time.
- Credit cards: If you have a credit card, you can use it to get a cash advance. This is usually more expensive than a personal loan, but still cheaper than a payday loan.
- Government assistance: If you’re in a financial crisis, you may be eligible for government assistance. This can include food stamps, Medicaid, and housing assistance.
Interesting facts about payday loans in Shawnee on Delaware, Pennsylvania
- The average payday loan borrower in Pennsylvania takes out eight loans per year.
- The average payday loan in Pennsylvania is $375, with an average annual interest rate of 391%.
- Payday lenders in Pennsylvania have been known to charge up to 800% interest on loans.
Apply Now
If you’re in need of emergency cash in Shawnee on Delaware, Pennsylvania, TheGuaranteedLoans can help. Our online application takes just minutes to complete, and we’ll connect you with potential lenders who can provide the funds you need. Keep in mind that we are a connector service, not a direct lender. This means that we’ll facilitate your connection with potential lenders, but we won’t be the ones lending you money. Click the button below to apply now!
Note: Payday loans are prohibited in Pennsylvania. The alternatives listed above are the best options for those in need of emergency cash.