Payday Loans in Smithmill, Pennsylvania

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

Company nameAddressZip codePhone number
First National Bank 3167 Main St, West Middlesex, PA 16159 +1 (724) 528 - 9893
Western Union Cash A Check, 162 E King St, Lancaster, PA 17602 +1 (717) 291 - 2274
Citizens Bank 36 Glendale Rd, Upper Darby, PA 19082 +1 (610) 352 - 6700
Lendmark Financial Services LLC 55 Sugar Run Rd Suite 109, Waynesburg, PA 15370 +1 (724) 719 - 3510
Diversified Advisor Group LLC 10 N Mill St, New Castle, PA 16101 +1 (724) 654 - 5559
The Dime Bank 309 Main Ave, Hawley, PA 18428 +1 (570) 226 - 3506
ESSA Bank and Trust 1881 US-209, Brodheadsville, PA 18322 +1 (570) 992 - 5756
WSFS Bank 20 Woodside Rd, Ardmore, PA 19003 +1 (484) 420 - 2800
GNB Financial Services Inc 32 W Market St, Gratz, PA 17030 +1 (717) 365 - 3181
Farmers & Merchants Bank 1001 Main St, Honesdale, PA 18431 +1 (570) 253 - 1096

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Smithmill, 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 Loans in Erie, PA, Same Day Loans in Harrisburg, PA, Payday Loans in Haverford, PA, 24-Hour Loan in Lancaster, PA, Short-term Loans in Levittown, PA, Payday Loans in Norristown, PA and 24-Hour Loan 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 Smithmill, PA.

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

16680

Are Payday Loans Legal In Smithmill, 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

Smithmill, PA payday loan calculator

Understanding Payday Loans in Smithmill, Pennsylvania

Payday loans, also known as cash advances, have become popular options for individuals looking to secure quick cash. However, if you’re based in Smithmill, Pennsylvania, it’s important to know that payday loans are prohibited by state law. In this article, we’ll dive into the specifics of what payday loans are, why they’re prohibited in Pennsylvania and some alternatives to consider when you need quick cash.

What Are Payday Loans?

Payday loans are short-term loans designed to help individuals bridge the gap between paychecks. These loans usually range from $100 to $1000 and typically have a two-week term. The borrower writes a postdated check to the lender for the total amount plus fees, and the lender provides cash to the borrower. Once the two-week period expires, the lender either cashes the check or debits the borrower’s account for the amount owed. While these loans can seem like a quick fix to a financial emergency, many payday loan borrowers end up in a cycle of debt with high fees and interest rates.

Why Are Payday Loans Prohibited in Pennsylvania?

In Pennsylvania, payday lending is prohibited under the Check Cashing Licensing Act of 1998. This act makes it illegal for lenders to cash or advance money on a postdated check. The purpose of this law is to protect consumers from predatory lending practices that often target low-income individuals and people with poor credit.

In addition to the Check Cashing Licensing Act, Pennsylvania also has a Consumer Discount Company Act, which regulates small loans. This act caps the annual percentage rate (APR) on loans at 24%, making payday loans economically unviable for lenders. All in all, Pennsylvania has some of the strictest lending laws in the United States.

Alternatives to Payday Loans in Smithmill, Pennsylvania

If you’re in need of cash and payday loans are not an option, there are alternatives available:

  • Credit cards: If you have a credit card, you can use it to make purchases or take out a cash advance. Cash advances are usually more expensive than regular credit card purchases, but they’re still a cheaper option than payday loans.
  • Personal loans: Many banks and credit unions offer personal loans with lower interest rates than payday loans. If you have good credit, you may be able to secure a personal loan with favorable terms.
  • Credit counseling: If you’re struggling with debt, credit counseling can be a helpful resource. Credit counselors can help you develop a budget and create a plan to pay off your debt.
  • Emergency assistance programs: There may be local programs in Smithmill that offer assistance with utility bills, food, and other necessities. Contact your local government office or non-profits to see if you’re eligible.

Interesting Facts and Statistics About Payday Loans in Smithmill, Pennsylvania

  • In Pennsylvania, the average payday loan is for $375 and has an APR of 339%.
  • In 2020, the Pennsylvania Senate passed a bill that would have legalized payday lending. However, the bill was met with strong opposition from consumer advocates and ultimately did not pass the House of Representatives.
  • Despite payday lending being illegal in Pennsylvania, some lenders continue to offer payday loans online. These lenders often operate outside of Pennsylvania and target vulnerable consumers with high fees and interest rates.

Apply Now

While TheGuaranteedLoans does not provide payday loans, we are here to help you find a lender that fits your needs. Our free online application takes just a few minutes to complete, and we’ll help connect you to a network of potential lenders. Remember to only borrow what you can afford to repay, and always read the terms and conditions of any loan before signing a contract.

F.A.Q.

What are the penalties for offering or taking out a payday loan in Smithmill, Pennsylvania?

Offering or taking out a payday loan in Smithmill, Pennsylvania is considered a criminal offense and can result in fines and imprisonment.

Are there any exceptions to the payday loan prohibition in Smithmill, Pennsylvania?

No, there are no exceptions to the payday loan prohibition in Smithmill, Pennsylvania.