Payday Loans in Woodland, Pennsylvania

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

Company nameAddressZip codePhone number
Paramount Capital Group 300 Conshohocken State # 240, Conshohocken, PA 19428 +1 (610) 771 - 0990
Wells Fargo Dealer Services 930 Harvest Dr 200, Blue Bell, PA 19422 +1 (215) 986 - 8500
Woodforest National Bank 900 Commerce Blvd, Dickson City, PA 18519 +1 (570) 209 - 5545
S&T Bank 100 S 4th St, Youngwood, PA 15697 +1 (724) 925 - 6216
Steamtown Trading Post - WE BUY GOLD 115 Wyoming Ave, Scranton, PA 18503 +1 (570) 969 - 0555
Woodforest National Bank 1355 E Lehman St, Lebanon, PA 17046 +1 (717) 228 - 1612
Walmart Money Center 723A Old Willow Ave, Honesdale, PA 18431 +1 (570) 251 - 9543
VAntage Trust Federal Credit Union 158 S Market St, Nanticoke, PA 18634 +1 (570) 258 - 3200
Visionary Federal Credit Union 201 Beram Ave, Bridgeville, PA 15017 +1 (412) 221 - 6660
Marshall Street Check Cashing 421 W Marshall St, Norristown, PA 19401 +1 (610) 270 - 0904

Payday Loan Companies in Nearby Cities

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

Beautiful sights of Woodland, PA

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

16881

Are Payday Loans Legal In Woodland, 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

Woodland, PA payday loan calculator

Payday Loans in Woodland, Pennsylvania

There has been a common misconception surrounding payday loans and their legality in Pennsylvania. Unfortunately, the truth is that these types of loans have been prohibited in the state since 1998.

Understanding Payday Loans

Payday loans are small, short-term loans designed to be paid back quickly, typically with the borrower’s next paycheck. These loans often come with high interest rates and fees and can trap borrowers into a cycle of debt.

While payday loans are illegal in Pennsylvania, residents can still explore other loan options that can provide similar funds without the crushing fees and interest often seen with payday loans. These options include installment loans, personal loans, and lines of credit.

Why are Payday Loans Prohibited in Pennsylvania?

Pennsylvania’s restrictions on payday lending date back to the Check Casher Licensing Act of 1998, which banned the practice of payday lending in the state. The Act aimed to protect borrowers from the extremely high-interest rates and fees associated with payday loans, which could often exceed 600% APR and lead to a dangerous cycle of debt and financial instability.

Since then, many states across the country have adopted similar regulations to limit predatory payday lending practices and promote healthier financial habits for their residents.

Alternative Loan Options in Pennsylvania

  • Installment Loans: Installment loans provide borrowers with a lump sum of money that is then repaid, typically in monthly installments over a set period of time. These loans often come with more manageable interest rates and fees and can be a great alternative to payday loans.
  • Personal Loans: Personal loans are unsecured loans that can be used for a variety of purposes, such as home repairs, car purchases, or medical expenses. These loans often come with fixed interest rates and more flexible repayment terms that can make them a more attractive option for borrowers.
  • Lines of Credit: Lines of credit are a revolving credit option that allows borrowers to draw from a predetermined credit limit. Similar to credit cards, borrowers are only charged interest on the amount they withdraw and can make payments to their balance as needed.

Interesting Facts and Statistics about Payday Loans in Pennsylvania

  • According to the Pennsylvania Department of Banking and Securities, approximately 12 million payday loans were issued in the state in 2016.
  • Despite the state’s ban on payday loans, many unregulated lenders still operate in Pennsylvania and offer these loans illegally.
  • A study by Pew Charitable Trusts found that 69% of payday borrowers in Pennsylvania use the loans to cover recurring expenses, such as rent or utility bills.
  • The same study found that the average payday borrower in Pennsylvania takes 11 loans per year, with an average loan amount of $395 and an average APR of 339%.

Apply Now

While payday loans are not an option in Pennsylvania, there are still alternative loan options available to you. TheGuaranteedLoans can connect you with reputable lenders in your area who offer installment loans, personal loans, and lines of credit.

Apply now for a chance to connect with a lender who can help you get the funds you need without the dangerous fees and interest of a payday loan. Remember, TheGuaranteedLoans is a connector service and not a direct lender. We strive to connect you with the best potential lenders for your unique financial needs.

F.A.Q.

How do I know if a lender is offering illegal payday loans in Woodland, Pennsylvania?

Lenders offering illegal payday loans in Woodland, Pennsylvania may not be licensed by the state and may have high interest rates and fees that are not allowed under state law.

What can I do if I have taken out an illegal payday loan in Woodland, Pennsylvania?

If you have taken out an illegal payday loan in Woodland, Pennsylvania, you can contact the Pennsylvania State Department of Financial Services to report the lender and seek assistance in resolving the issue.