Payday Loans in Sylvania, Pennsylvania

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

Company nameAddressZip codePhone number
APS Financial Inc 261 Old York Rd, Jenkintown, PA 19046
Fidelity Bank 247 Wyoming Ave, Kingston, PA 18704 +1 (570) 338 - 0119
Northwest Bank 431 Washington Pike, Bridgeville, PA 15017 +1 (412) 221 - 4000
Ephrata National Bank 361 W Main St, Leola, PA 17540 +1 (717) 656 - 4320
Innovative Financing Solutions 3150 Township Line Rd, Drexel Hill, PA 19026 +1 (610) 228 - 4654
Fulton Bank 866 North, N U.S. 15, Dillsburg, PA 17019 +1 (717) 432 - 9771
First National Bank 124 S Juliana St, Bedford, PA 15522 +1 (814) 623 - 2101
WSFS Bank 7 E Baltimore Ave, Media, PA 19063 +1 (484) 234 - 0568
T & S Fusco Inc 2207 Farragut Ave, Bristol, PA 19007 +1 (215) 788 - 2177
Enterprise Commercial Financing 100 S Broad St 22501, Philadelphia, PA 19110 +1 (855) 577 - 2500

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Sylvania, PA, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Chester, PA, Guaranteed Loans in Erie, PA, 24-Hour Loan in Harrisburg, PA, 24-Hour Loan in Haverford, PA, Short-term Loans in Lancaster, PA, Payday Loans in Levittown, PA, Payday Loan Without a Credit Check in Norristown, PA and Bad Credit 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 Sylvania, PA.

Beautiful sights of Sylvania, PA

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

16945

Are Payday Loans Legal In Sylvania, 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

Sylvania, PA payday loan calculator

Understanding Payday Loans: What They Are And Why They Are Prohibited In Sylvania, Pennsylvania

Payday loans are short-term loans that are designed to help borrowers make ends meet until their next paycheck. These loans typically have high interest rates, fees, and very short repayment terms, often within a few weeks. Borrowers usually provide lenders with a postdated check or access to their bank account to withdraw the loan amount plus fees and interest on the due date.

While payday loans are legal in many states, they are prohibited in Pennsylvania. In 2010, the State Legislature passed the Check Cashing Licensing Act, which capped the annual percentage rate (APR) on small loans at 24% and prohibited lenders from offering payday loans in Pennsylvania.

Why Are Payday Loans Prohibited In Sylvania, Pennsylvania?

Payday loans have been criticized for their high interest rates, fees, and predatory lending practices that often trap borrowers in debt cycles. In Pennsylvania, payday lenders were taking advantage of legal loopholes to offer loans with triple-digit APRs. These loans often resulted in borrowers paying back much more than they initially borrowed, causing financial distress for many families.

The Check Cashing Licensing Act of 2010 aimed to protect consumers from predatory lending practices by reducing the cost of short-term loans and prohibiting payday loans. The Act also established licensing requirements for check cashers and other non-bank lenders in Pennsylvania to ensure compliance with state laws.

Alternatives To Payday Loans

If you live in Sylvania, Pennsylvania, and find yourself in need of emergency funds, there are alternatives to payday loans that you can consider. Some options to consider include:

  • A personal loan from a credit union or bank with lower interest rates and longer repayment terms.
  • A credit card with a lower APR than payday loans.
  • Help from family or friends who may be willing to provide a short-term loan without fees or interest.
  • Community programs that offer emergency financial assistance, such as food pantries or rent assistance programs.

It is essential to explore these alternatives before considering payday loans, as they can help you avoid falling into a debt trap and further financial distress.

Facts And Statistics About Payday Loans In Sylvania, Pennsylvania

Fact: Payday loans are prohibited in Pennsylvania, including Sylvania, due to the Check Cashing Licensing Act of 2010.

Fact: According to the Center for Responsible Lending, the average APR on payday loans in Pennsylvania before the Act was passed was 372%. In contrast, credit union loans have an average APR of 9.37%.

Fact: Since the Check Cashing Licensing Act passed, the number of payday lenders in Pennsylvania has decreased by 90%.

Source: Center for Responsible Lending

Apply Now: Connect with Potential Lenders

At TheGuaranteedLoans, we may be able to help you connect with potential lenders who offer personal loans that fit your needs. We are a connector service, not a direct lender, and our online application process is fast and easy. You can apply online from the comfort of your home and receive a decision within minutes.

Our lenders offer personal loans with flexible repayment terms, competitive interest rates, and no hidden fees. If approved, the funds are usually deposited into your bank account within one business day.

Apply now and let us help you find a loan that fits your needs. Remember to choose an option that works best for your financial situation and be cautious of lenders that promise quick cash and high fees.

F.A.Q.

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

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

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

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