Payday Loans in Pennsylvania
Posted on Sunday, July 12th, 2009 at 2:46 pm in Cash Loan Info by State
Pennsylvania is one of the other 19 other states of USA that has formulated restrictions against instant cash advances. This is a state which doesn’t approve of direct cash advance lending considering them to be illegal. As per the Check Cashing License act of 1998, lenders are prohibited from issuing cash advance loans. However, this doesn’t mean that there is no option for short term loans and payday loans in Pennsylvania at all. Other short term loans which fall under the jurisdiction of Consumer Discount Company Act are completely legal in Pennsylvania. That is, as a resident of Pennsylvania you can still hope to get some quick loans to repair a broken car or to pay your mortgage installment till you get your next salary but that has to be taken not as a direct cash advance but as a short term loan. Most Pennsylvania Payday loan companies subtly mask their instantly approved payday loans as short term loans rather than direct pay day loans. This is a round about way of helping people to get out of their financial trouble without breaking any law.
Thus, you might have some minor trouble finding proper and legal loan companies in Pennsylvania but you have to adhere to subtle legal nuances. Pennsylvania payday loan lenders find loopholes in the anti-payday loan legislation to extend short term cash loans to common people without landing them into legal hassles.
Usually short term payday loan in Pennsylvania is extended for a period of 15-30 days. However, in certain cases this period can be extended as per the norms and rules of every individual lender. This is because no rules on short term loan extension exist in Pennsylvania. The maximum amount that a borrower of these short term instant loans in Pennsylvania can apply is not specified by law. However, the usual amount for Christmas payday loans extend up to $200. The short term loan rate is specified at 26% by the law of Pennsylvania, though many Pennsylvanian lenders claim a higher rate. They claim to have partnership with federally chartered out of state banks. There are about 400 payday loan lenders operating in Pennsylvania now. It is for you to pick up from the lot. You need to decide from whom you are going to accept the loan depending on whoever provides you with the most reasonable rate. You should also be sure to choose a lender who has an impeccable legal reputation.
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Payday Lenders in Philadelphia, PA include:Market Street
Philadelphia, PA 19103
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