Payday Loans in Summerville, Pennsylvania

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

Company nameAddressZip codePhone number
Mariner Finance 1173 N 4th St, Sunbury, PA 17801 +1 (570) 988 - 1960
Hometown Bank of Pennsylvania 638 E Pitt St, Bedford, PA 15522 +1 (814) 623 - 6093
Provident Bank 4787 Freemansburg Ave, Easton, PA 18045 +1 (610) 297 - 4030
Jonestown Bank & Trust Co. JBT 101 Northside Commons, Palmyra, PA 17078 +1 (717) 838 - 2265
Cal Ed Federal Credit Union 100 Technology Dr, Coal Center, PA 15423 +1 (724) 938 - 3280
Raymond James Financial Services 509 Washington St, Huntingdon, PA 16652 +1 (814) 643 - 0320
FIRSTENERGY CHOICE Federal Credit Union 161 Old Rte 30 2, Greensburg, PA 15601 +1 (724) 830 - 5984
Superior Credit Union 100 Crosskeys Rd, Collegeville, PA 19426 +1 (610) 489 - 7239
BB&T 275 W Moreland Rd, Willow Grove, PA 19090 +1 (215) 659 - 2100
First National Bank 320 Water St, Conneaut Lake, PA 16316 +1 (814) 382 - 4507

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Summerville, PA, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan Companies in Chester, PA, Emergency Loan in Erie, PA, No Credit Check Loans in Harrisburg, PA, Quick Loan in Haverford, PA, Same Day Loans in Lancaster, PA, 24-Hour Loan in Levittown, PA, Payday Loans in Norristown, PA and Payday Loan Without a Credit Check 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 Summerville, PA.

Beautiful sights of Summerville, PA

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

15864

Are Payday Loans Legal In Summerville, 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

Summerville, PA payday loan calculator

Payday loans are short-term, high-interest loans that are designed to be paid back in full by the borrower’s next payday. In many states, payday loans are legal, although there are often regulations in place to protect consumers from abusive lending practices. In Pennsylvania, however, payday loans are prohibited, including in Summerville, a small borough in Jefferson County.

Understanding Payday Loans

Before we dive into the specifics of payday loans in Pennsylvania, it’s important to understand how these loans work. Payday loans are marketed as a convenient way for borrowers to access quick cash, often with no credit check required. However, the loans typically come with high interest rates, fees, and strict repayment terms.

For example, a borrower might take out a payday loan for $500, with a fee of $50, to be repaid in two weeks. That $50 fee might not sound like much, but on an annualized basis, it equates to an interest rate of 391%. If the borrower can’t repay the loan in full by the due date, they may be hit with additional fees and high interest rates, leading to a cycle of debt that can be difficult to escape.

Payday Loan Regulations in Pennsylvania

Payday loans are prohibited in Pennsylvania under the state’s Check Casher Licensing Act of 1998. This law caps interest rates on small loans at just over 24%, which effectively makes payday lending unprofitable for lenders. Additionally, the state’s Consumer Discount Company Act of 1968 requires lenders to be licensed and comply with certain regulations, including disclosure requirements and limitations on fees.

By effectively banning payday loans, Pennsylvania is protecting its residents from the predatory lending practices that are common in states where these types of loans are allowed. While some borrowers may find themselves in need of quick cash, there are other options available that won’t lead to a cycle of debt and financial hardship.

Alternatives to Payday Loans in Summerville, Pennsylvania

For residents of Summerville who need access to quick cash, there are several alternatives to payday loans that are both more affordable and less risky.

Credit Union Loans

Many credit unions offer small-dollar loans to their members at lower interest rates than payday lenders. These loans may have longer repayment terms and more flexible qualification requirements, making them a good option for borrowers who need a little more time to repay their loan.

Credit Counseling

For borrowers who are struggling to manage their debts, credit counseling may be a good option. A credit counselor can help you create a budget, negotiate with creditors, and find ways to pay off your debts without resorting to high-interest loans.

Emergency Assistance Programs

For low-income families and individuals, there may be emergency assistance programs available through local agencies or charities. These programs may provide financial assistance for rent, utilities, or other necessary expenses.

Interesting Facts and Statistics about Payday Loans in Summerville, Pennsylvania

  • Payday loans are prohibited in Pennsylvania under the Check Casher Licensing Act of 1998.
  • The maximum interest rate for small loans in Pennsylvania is just over 24%.
  • Pennsylvania is one of 17 states, plus the District of Columbia, that prohibit payday lending.
  • According to a study by The Pew Charitable Trusts, the average payday loan borrower takes out eight loans per year, with an average loan amount of $375.
  • Payday lending is a $40 billion industry in the United States.

Apply Now

While payday loans are prohibited in Pennsylvania, there are still financial solutions available for those in need of quick cash. If you need to connect with a lender in Summerville or the surrounding area, TheGuaranteedLoans can help. We are a connector service that works with a network of reputable lenders to help borrowers find the financing they need.

Simply fill out our online application, and we’ll match you with lenders who may be able to meet your needs. Remember, we are not a direct lender, and we do not make loan decisions. Instead, we facilitate connections between borrowers and potential lenders, so you can find the financing you need without the hassle.

F.A.Q.

Can I be sued for defaulting on a payday loan in Summerville, Pennsylvania?

No, you cannot be sued for defaulting on a payday loan in Summerville, Pennsylvania because these loans are illegal in the state.

Can a payday loan be included in a bankruptcy filing in Summerville, Pennsylvania?

No, a payday loan cannot be included in a bankruptcy filing in Summerville, Pennsylvania because these loans are illegal in the state.