Payday loans have been a controversial topic in many states, including Pennsylvania. In some states, payday loans are a viable solution for those who need quick cash, while in others, they’re illegal. In Pennsylvania, payday loans fall under the category of prohibited loans, and the law explicitly states that lenders cannot offer loans with interest rates exceeding 24% per year.
What Are Payday Loans?
Payday loans are short term loans that are usually for a small amount of money that is meant to tide you over until your next paycheck. These types of loans typically have high-interest rates and can leave you in debt if you don’t pay them off quickly.
As mentioned earlier, payday loans in Pennsylvania are prohibited. Therefore, if you’re in Ashville and you need a loan, you cannot get a payday loan. It’s essential to find different options that don’t include payday loans. Let’s explore some of the options that are open to you.
Credit Unions
Credit unions are a great alternative to payday loans. They are nonprofit organizations that offer loans, savings accounts, and other financial services to their members. One of the best things about credit unions is that they offer lower interest rates than traditional banks. Credit unions are safe and trustworthy, and they can offer you the help you need without putting you in debt.
Personal Loans
Personal loans are another option to consider, especially if you have a good credit score. Personal loans typically have lower interest rates than credit cards and other types of loans. The interest rate you get on a personal loan will depend on your credit score and the amount you borrow. Personal loans also give you more time to pay back the loan, which can be helpful if you need more time to pay it back.
Credit Cards
Credit cards can be a good option if you need to borrow money quickly. Credit cards offer a line of credit that you can use to pay for expenses. One of the advantages of using a credit card is that you can pay it back over time. Some credit cards also offer cashback rewards and other perks, which can be helpful if you’re using your credit card frequently. However, you should be careful not to overspend on your credit card and to pay it off on time to avoid high-interest rates.
Family and Friends
If you need money quickly and don’t want to take out a loan, you can consider borrowing money from family and friends. If you do choose this option, it’s essential to create a repayment plan and stick to it. Additionally, you should ensure that borrowing money won’t harm your relationship with your loved ones. If you’re worried about this, it’s best to consider other options.
Interesting Facts and Statistics About Payday Loans
- The average payday borrower in the United States takes out eight loans per year.
- The payday loan industry is worth $9 billion in the United States alone.
- The interest rates on payday loans can be as high as 400%.
- In 2018, over 500,000 Americans filed complaints with the Consumer Financial Protection Bureau (CFPB) about payday loans.
- The CFPB has proposed new payday loan regulations that would require lenders to verify a borrower’s income, expenses, and debts before issuing a loan.
Apply Now
If you need a loan in Ashville, Pennsylvania, there are several options available to you. At TheGuaranteedLoans, we offer a loan connecting service, which can help you find the best loan options for your financial needs. Please note that we are not a direct lender, and we do not provide loans directly. Instead, we connect borrowers with lenders who can provide them with the cash they need. If you’re interested in learning more or would like to apply for a loan, visit our website today.