Payday Loans in Pennsylvania, PA – Submit an Online Application Now
Pennsylvania, PA prohibited payday loans in 1998, and the situation has stayed unchanged for a while. There were attempts to change the law to the benefit of consumers, however, to no avail. Fortunately, consumers have a few solid alternatives, such as a short-term cash advance with no credit check. Those looking for a nearby loan solution should apply with Filld. Get an instant decision from multiple lending companies so that you can pick the most suitable one.
Payday Loans Regulations in Pennsylvania, PA
Payday loans have been illegal in Pennsylvania since the Check Cashier Licensing Act came into effect in February 1998. This was done to stop payday lenders from imposing high rates, exceeding 6% per annum as APR.
Small loans of up to $100 are allowed in Pennsylvania, but they come up with a maximum annual interest rate (APR) of $9.50 per $100 taken along with an annual service charge of $1.50 for every $50 taken. For example, you can be charged up to $112.50 for a $100 short-term loan with a repayment time shorter than 48 months.
In addition, the Loan Interest and Protection Law (LIPL) does not allow lenders without a CDCA license to charge above 6% annually on loans under $50,000. However, legislative gaps leave some space for different schemes.
4 Short-Term Loans to Get in Pennsylvania
While payday loans are illegal in the state, you have other options if you need a loan for an emergency or unexpected expense. We have selected four alternatives for consumers. Keep reading to see if one of them may be right for your financial situation.
Cash advance apps
You can borrow from $20 to $500 against your next paycheck, with no interest charges. No credit check is required. To qualify for advances, you must get into direct deposit activity from an employer or other legitimate source. Some cash advance apps charge a monthly fee between $1 and $10 while others offer their services for free. It usually takes a few business days to get the money.
You can get a small amount of money as soon as the same day by applying for a personal loan. But you will need to undergo a hard credit check to qualify. Your bad credit history may be a problem for successful verification. Ideally, you need a credit score of around 620, with some lenders accepting 300 and some having no credit score requirement at all. To enhance your approval chances, you can prove sufficient income coming to your account regularly.
Payday alternative loans (PAL)
Small, unsecured loans are issued by federal credit unions. Regardless of your credit score, you may be eligible for an amount between $200 and $1,000. PAL APRs are capped at 28% while repayment terms may reach up to six months. But they are not for people who need instant funding. You can qualify six months after joining a PAL credit union.
Employer paycheck advance
You can check if your employer offers a paycheck advance or not. Some lenders deliver short-term loans to employees, traditionally at lower rates than for bad credit personal loans. Make sure to discuss the details with an employer as well.
Requirements for Payday Loans in Pennsylvania, PA
FILLD partners with independent lenders that have their terms and conditions. The state regulations are also taken into account. The average loan requirements include but are not limited to:
- Having Pennsylvania (US) residence
- Having a minimum regular income of $1,000 per month
- Having an active checking or savings account in a US bank
- Having a phone number and email address
- Having a valid Social Security Number
- Having a government-issued photo ID or a Social Security Number
Lenders are not obliged to ensure that borrowers can pay back their loans on time. It is up to you to review your finances and determine how much you can borrow. The only reasonable use for Philadelphia, PA payday loans online is to use the money to pay off short-term expenses, and then cover the debt in full on the due date.
Philadelphia, PA Bad Credit Payday Loans
Those with bad credit looking for money with fast approval should start by requesting a payday loan online. While most creditors convey a credit check before extending a loan to a consumer, payday lenders are more likely to approve those applications with low credit scores. Even after suffering rejection from other lenders, borrowers may be able to find cash advance loans online in Philadelphia, PA.
Lenders used to rely on the applicant’s credit score and report alone to make a loan decision. With recent advances in risk assessment, providers can explore a potential borrower’s financial background, providing a credit decision that may be more favorable in some circumstances.
Apply for Pennsylvania Payday Loans with Filld
The amount a consumer can borrow usually depends on local regulations and lenders. The loan will need to be paid back on the pre-agreed deadline while lenders will not normally offer more than $500. Those who require up to $5,000 should consider requesting different types of loans.
When requesting an online loan at FILLD, it is crucial to remember that the funding will take at least 24 hours to arrive in the borrower’s account. Those looking for payday loans in Philadelphia, PA may need to consider alternative options to receive the necessary sum of cash.
When requesting cash you will be asked for personal information followed by employment and financial details. This data is used to connect the consumer with a loan option. Once a lending partner is connected, the consumer can submit an online application in Philadelphia, PA.