Every state has its own specific laws and regulations covering pay day lending. The laws include topics such as the maximum amount a lender can offer as a pay day loan, the maximum rates and fees the lender can charge, and how long a borrower can have to pay off his loan. State laws also cover the annual percentage rate, and whether borrowers can have extensions if they need more time to repay their loans. Until recently, pay day loans were defacto prohibited in Pennsylvania. Borrowers needed to deal with lenders who were not authorized to provide pay day loans in this state, or take out traditional small loans. Legislation was finally enacted to help Pennsylvania residents obtain pay day loans, and to protect them from being overcharged.
Pennsylvania Pay Day Loan Laws
Maximum Loan Amount: $500.
Maximum Finance Fees: No more than 20% on loan up to $300. On loans between $300. and $500., no more than an additional 7.5% on the amount over $300.
Annual Percentage Rate: 500%
Maximum Loan Term: One month
Extensions Allowed: Not specified
Limit on Number of Loans: Borrowers cannot have more than one pay day loan at a time
Top 5 Pennsylvania Pay Day Loan Companies
13 American Pkwy
Allentown, PA
(610) 433-2350
moneymart.com
Dollar Financial Group, Inc., oversees Money Mart. They have over one thousand stores throughout the United States, Canada, and the UK. There are currently a dozen Money Mart stores in PA that offer payday loan services, check cashing services, Western Union and prepaid cards. In this state, you can qualify for up to $500 if you meet all the requirements and you can get up to one month to pay your loan back in full.
235 Pullman Sq
Butler, PA 16001
advanceamerica.net
Advance America Cash Advance has store locations throughout Pennsylvania. Your personal convenience is only one factor in deciding whether to apply in person or online. First, the maximum amount you can borrow in person is $500, whereas the maximum amount of an online loan can be quite a bit more. The reason for the difference is an online loan through Advance America Cash Advance is considered a consumer installment loan. This can help borrowers get exactly what they need.
453 North 7th Avenue
Scranton, PA
(570) 218-0316
scranton-pa.igpaydayloans.info
JP Finance is a payday loan company that gives you a couple options. You can visit the office in person to secure a short-term loan of up to $500 or you can visit their official website. The official website is part of the AmeriAdvance network that provides a couple different types of loan depending on your needs. This company follows all the rules and regulations imposed by the state of Pennsylvania.
632 East Ohio Street
Pittsburgh, PA
(412) 322-315
graceperiod.org
Grace Period is a relatively new payday loan company in Pittsburgh that does things a little differently. This company offers traditional payday loans but has a large focus in offering loans to those in the non-profit business sector. This is a rather unique feature that most companies don’t take part in. When you get a payday loan from here, you’ll know right away that you’re working with a company that really cares about the community.
3200 Paxton St # C
Harrisburg, PA
(717) 564-3383
usapaydaypro.com
United Check Cashing is based in PA but has offices in 20 different states as of 2011. This company is a full service check cashing and payday loan company that has been in business since 1977. This company takes pride in offering customers a comfortable setting in their physical offices as well as allowing them to handle most of their business through their websites. United Check Cashing realizes the need for payday loans especially in today’s economically difficult times. The money you borrow can be used for anything you like from paying bills to taking a short vacation.