Payday Loans in Sumneytown, Pennsylvania

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

Company nameAddressZip codePhone number
Diamond Check Cashing 1320 Chester Pike, Sharon Hill, PA 19079 +1 (610) 237 - 1003
CSC Federal Credit Union 530 E Market St, Danville, PA 17821 +1 (570) 275 - 3308
C&N 102 E Main St, Knoxville, PA 16928 +1 (814) 326 - 4151
PFFCU - Police and Fire Federal Credit Union 1000 S Easton Rd, Wyncote, PA 19095 +1 (215) 931 - 0300
Kish Bank 12522 William Penn Hwy, Mill Creek, PA 17060 +1 (814) 643 - 4400
Holiday Financial Services Corporation 112 Hollidaysburg Plz, Duncansville, PA 16635 +1 (814) 695 - 4343
Wells Fargo Bank 301 E Main St, Macungie, PA 18062 +1 (610) 966 - 4768
Citizens Bank 1900 S Atherton St, State College, PA 16801 +1 (814) 234 - 6364
Huntingdon Savings Bank 423 Penn St, Huntingdon, PA 16652 +1 (814) 643 - 0544
PNC Bank 147 N Diamond St, Mercer, PA 16137 +1 (724) 662 - 3300

Payday Loan Companies in Nearby Cities

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

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

18054, 18084

Are Payday Loans Legal In Sumneytown, 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

Sumneytown, PA payday loan calculator

Understanding Payday Loans in Sumneytown, Pennsylvania

Payday loans are a type of short-term loan that is typically taken out by individuals to cover emergency expenses or unexpected bills. People might choose to take out payday loans because they offer quick cash with no credit check required. However, payday loans are prohibited in Pennsylvania, including Sumneytown. In this article, we will examine the payday loan laws in Sumneytown, Pennsylvania, and why they are prohibited.

The Prohibition of Payday Loans in Sumneytown, Pennsylvania

In Pennsylvania, payday loans are illegal under the Check Cashing Licensing Act of 1998. This law prohibits any lender from offering payday loans or cash advances, including online lenders. Additionally, the Consumer Discount Company Act of 1943 sets a maximum interest rate of 6% on loans of less than $50,000.

While payday loans are not available in Sumneytown, some companies may try to offer them illegally. It is essential to remember that these companies are breaking the law, and you should not take out a payday loan from them. Furthermore, taking out a payday loan from an illegal lender can lead to legal, financial, and personal consequences.

The Risks of Payday Loans

Despite their apparent convenience, payday loans come with significant risks. These loans typically have high-interest rates and fees, and borrowers are often required to repay the loan in full on their next payday. This can lead to a cycle of debt where borrowers are unable to repay the loan on time and are forced to take out additional loans to cover the initial amount, leading to more fees and interest.

Moreover, payday loans often have hidden fees, which borrowers may not be aware of before taking out the loan. Additionally, payday loans do not help borrowers build credit and can actually harm their credit score if they are unable to repay the loan on time.

Alternatives to Payday Loans

While payday loans are not available in Sumneytown, Pennsylvania, there are alternative options for individuals who need quick cash. These alternative options include:

  • Personal Loans: Personal loans are longer-term loans that typically have lower interest rates than payday loans. You may apply for a personal loan from a bank or credit union based on your credit score and income.
  • Credit Cards: If you have a credit card, you may use it to cover unexpected expenses. However, you should be careful not to use your credit card for unnecessary purchases that can lead to high balances and interest charges.
  • Friends and Family: You may borrow money from friends or family members who are willing to help you out. However, you should be upfront about your ability to pay them back and avoid any misunderstandings that may arise.
  • Government Assistance Programs: You may qualify for government assistance programs that can help cover emergency expenses. These programs include SNAP, TANF, and LIHEAP.

Interesting Facts and Statistics About Payday Loans

  • Approximately 12 million Americans use payday loans each year.
  • The average payday loan borrower takes out eight loans per year, spending an average of 199 days in debt.
  • In 2019, Pennsylvania Attorney General Josh Shapiro filed a lawsuit against Think Finance, a payday lender that allegedly charged customers interest rates as high as 448%.

Apply Now with TheGuaranteedLoans

Although payday loans are prohibited in Sumneytown, Pennsylvania, you may still need quick cash for an emergency expense. If you’re in a situation where you need to borrow money, consider applying for a personal loan through TheGuaranteedLoans. We aren’t a lender ourselves, but we connect you with potential lenders based on your financial needs. Our online application process is simple and easy, and you may receive a loan offer in just minutes.

It’s important to remember that taking out a loan, whether it’s a payday loan or personal loan, is a significant financial decision. Before committing to a loan, you should research your options carefully and ensure that you can repay the loan on time.

Conclusion

Payday loans are prohibited in Sumneytown, Pennsylvania, and for good reason. These loans come with significant risks that can lead to a cycle of debt and financial hardship. If you need to borrow money, it’s essential to consider alternative options like personal loans, credit cards, or government assistance programs. Remember to borrow responsibly and within your means, and always research your options carefully before committing to a loan.

F.A.Q.

Can I still be charged fees on a payday loan in Sumneytown, Pennsylvania?

No, you cannot be charged fees on a payday loan in Sumneytown, Pennsylvania because these loans are illegal in the state.

Can I be evicted from my home for taking out a payday loan in Sumneytown, Pennsylvania?

No, you cannot be evicted from your home for taking out a payday loan in Sumneytown, Pennsylvania because these loans are illegal in the state.