Payday loans are today one of the fastest way to borrow money whether to resolve a cash emergency occurring before the payday takes place, or simply to have some cash in the pocket before the paycheck comes in. You would probably have heard about quick loans, feeling lured to apply for one more than once, but unsure on how to proceed.
However, when it comes to fast cash loans Pennsylvania, the state law prohibits this type of loans, and so while you can still borrow money; it is not exactly through a fast cash loan that you could obtain it. This limitation is not exclusive to Pennsylvania, but shared with a few other states.
Since fast cash loans are prohibited in Pennsylvania, it is illegal buy a payday loan if you are resident of this state. Either way, you will find many unscrupulous lending services offering the opportunity to apply for a cash advance loan with ease. In addition they will mention that you can borrow up to $1,500 when it is either a scheme or an undercover practice to offer regular loans for small amounts, which is permitted, so there would not be need to disguise small loan lending.
Applying for a small loan rather than a fast cash loan is the solution to resolve your money problems, although this solution lacks of the speedy answer that the regular fast cash loans Pennsylvania services would provide if fast cash loans would be allowed by law.
The main limitation that you will find when trying to apply for fast cash loans Pennsylvania services is precisely that law in the state of Pennsylvania expressly prohibits fast cash loans. Nonetheless, the state has stipulation for payday loan lenders in the figure of small loan lenders or small loan lending services, requiring that they comply with Pennsylvania’s criminal law, and also with the state’s small loan usury law as a measure to protect borrowers to be victims of irregular practices.
By law, small loan lenders are restricted severally, so they cannot charge finance fees and interest rates at the level that fast cash loan lenders do, making of small loans a more affordable solution if compared with fees and interest rates that payday loan lenders in other states charge.
Naturally, as there are not fast cash loans Pennsylvania services, there are not maximum loan amounts or loan terms either. Similarly no rollovers or extensions are stipulated by law, and fees and interest rates in Pennsylvania are capped by law at 24% regardless the amount borrowed.
Although you can apply for fast cash loans Pennsylvania online, be aware of what the lender is saying about the service for Pennsylvania residents so you can know if they abide by the state regulations. A fast cash loan lender physically located in a state other than Pennsylvania cannot lend you fast cash money, nor offer you a workaround other than a small loan as it is.
Whether the lenders are located within the boundaries of the state or anywhere else, they have to provide you with the opportunity to apply for a small loan, which amount can be considered within the limits of a regular payday loan. This means that you could be borrowing between $100 and up to $1,500 or $2000, but in the terms of a small loan, which requires of further requirement as opposite to cash advance loans.
First off, small loans are not approved immediately, no matter if you can still fill out the application online to speed up the process, and you must be aware that the small loan lender may perform a credit check to know what your credit history is. However, this is the only alternative to fast cash loans that you have in the Pennsylvania state.