PA Payday Loan Lenders: What You Should Know About Getting a Pennsylvania Payday Loan

Pennsylvania Payday Loans

A Pennsylvania payday loan is something that consumers can secure to cover their emergency expenses when they happen to be low on funds.  There are a number of restrictions that have been placed upon this type of lending by the state of Pennsylvania.  These laws have been enacted to protect consumers from excessively high loan fees and other related charges.  They also ensure that lenders are not approving larger sums than applicants have the ability to repay.  Overall, measures like these help people to avoid astronomical amounts of debt, even as they allow for the continued availability of short-term funding solutions that are very accessible, even for bad credit borrowers.

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Pennsylvania Payday Loan Overview

A payday loan in most cases is applied for and approved on the very same day.  Borrowers simply need to submit proof that they are of legal age, proof of regular income, banking account information and personal contact information.  The lender will then calculate a maximum amount that can be offered, which will not exceed the limits that have been set forth by the state of Pennsylvania.

Governing State Payday Loan Law Overview

Laws pertaining to the Pennsylvania payday loan offers that exist cover a number of important aspects of these funding solutions.  They determine whether or not consumers can borrow from multiple lenders at any one time and whether lenders are able to charge excessive fees for their products.  Following are a few of the most essential points to consider:

Maximum Loan

The maximum loan amount in this state is $500.  This is slightly higher than the maximum loan limits for neighboring states.  Consumers do have the ability to cancel their loans in order to sidestep the associated fees by voiding the loan agreement by 5:00 pm of the following business day after the application was submitted.

Loan Terms

Lenders are required to post all terms in a publicly accessible area in 10 point type or higher.  By law, lenders in this state may not issue a new loan to consumers if there is existing debt of this type with any other lending business.  Having paid off all prior cash advances is one of the first and foremost prerequisites for approval.


Consumers can apply for loan extensions, however, each Pennsylvania payday loan that is issued must be in compliance with the state regulations in terms of the total fees that are charged even after the loan has been extended.  This is true for both physical lending institutions and those that operate solely online.  As per a Supreme Court ruling, lending institutions that provide loans of this type to Pennsylvania residents must adhere to state laws even when they have neither offices nor employees in this region.

Fees and APR

Lenders in the state of Pennsylvania are prohibited by state law from charging more than 30% for any sum that is issued below the amount of $300.  For any loan exceeding this amount they are disallowed from charging more than 7.5% in interest.  Lenders are also not able to charge more than $75 for any single loan that is disbursed to any one consumer.


The state of Pennsylvania has fought very hard to ensure that the individual consumer is well-protected when taking on Pennsylvania payday loan offers.  This is true whether borrowers will be using physical offices to secure these products or using a fully online service.  There is still a very high level of accessibility, however, which ensures that people who need rapid funding solutions can continue to pursue them.

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