Getting to Know Payday Loans in Saylorsburg, Pennsylvania
Payday loans are a type of short-term loan that is usually used to cover unexpected expenses or bills until your next paycheck arrives. People who have low credit scores or no credit at all can easily access these loans because the requirements for approval are minimal. However, in Saylorsburg, Pennsylvania, payday loans are prohibited by state law.
Why are Payday Loans Prohibited in Pennsylvania?
In Pennsylvania, payday lending is not permitted under the Check Cashing Licensing Act. The state’s law prohibits payday lenders from operating in the state and offering loans to residents. The law was passed in 1998 as the state recognized that payday lenders charged high-interest rates, leading to the borrower’s debt cycle. Protecting people from harmful lending practices, the state prohibits payday loans to adhere to responsible lending standards.
What are the Alternatives to Payday Loans in Saylorsburg, Pennsylvania?
Without the availability of payday loans, it is important for residents of Saylorsburg, Pennsylvania, to consider other alternatives that can help them with their financial needs. Here are some of the options you may consider:
- Credit union loans: Credit unions may offer short-term loans with lower interest rates and fees than payday loans.
- Bad credit personal loans: Some lenders offer personal loans for people with bad credit, but they may come with high-interest rates, so it’s important to shop around for the best offer.
- Traditional bank loans: If you have a good credit score, you may qualify for a traditional bank loan with lower interest rates than payday loans.
- Working with creditors: If you are struggling to pay bills, talk to your creditors about setting up a payment plan or negotiating a reduced payment.
Interesting Facts and Statistics
- Payday loans are prohibited by law in Pennsylvania, including Saylorsburg.
- The typical payday loan borrower is in debt for nearly 200 days a year, spending more than $500 in fees to repeatedly borrow the same $375, according to the Pew Charitable Trusts.
- 12 million Americans use payday loans each year, says the Center for Responsible Lending
Apply Now
At TheGuaranteedLoans, we understand that life can throw unexpected expenses your way and that it can be hard to get by without financial help. Although payday loans are prohibited by law in Saylorsburg, you can still get the financial assistance you need by applying for other types of loans available online through our network of lenders. Fill out our online application today, and we will connect you with potential lenders who can help you with your financial needs. Remember, we are a connector service and not a direct lender.