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Pennsylvania payday loan laws

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Hi,

Does anybody know what the law is in PA regarding payday loan companies? I have tried to research it on my own and can't come up with anything.

~Thanks




In Pennsylvania, there is no limit on the amount of loan taken by the borrower. The maximum fees that can be charged on every $100 is $9.50 that will be calculated on the discounted interest. There is also an additional service charge of $1.50 per $50 not to exceed $150. You can roll over the principal amount as per your situation and you can have multiple outstanding loans at one period of time. In the state of Pennsylvania, the state does not offer any borrower protection. You will have to pay the full amount at the end of the period.

You can get a copy of the laws from the attorney general's office in your state. Or you can visit their website at http://www.attorneygeneral.gov/

Sub: #1 posted on Tue, 05/09/2006 - 11:12

curlycarl curlycarl

(Posts: 615 | Credits: 188.28)

Does anyone know if the PA laws have changed since this 2006 posting? I found an article saying they were cracking down on internet PDL companies lending in PA with new laws in summer of 2008, but I could not find details. Any assistance would be greatly appreciated. Thanks!

Sub: #2 posted on Tue, 05/26/2009 - 11:41

Unregistered


There were no "new laws". The PA Department of Banking issued a new interpretation of the old law that was supposed to go into effect on 2/1/09. CashNetUSA sued on the basis that only the legislature has the power to change the law and the executive branch overstepped it s authority. To make it worse, the Department didn't even go through the administrative process to enact regulations. They just sent out a letter and posted a copy on their website. Now the case is in court, the new policy isn't being enforced and out-of-state lenders can still legally make loans to PA residents under their home-state laws.

I hope the court decides against the pdl's but that will probably get appealed too.

Sub: #3 posted on Tue, 05/26/2009 - 14:08

Unregistered


What is Pa laws on payday loans?

Sub: #4 posted on Sat, 08/22/2009 - 11:39

Unregistered


That info is good to know. I'm sure just about everyone, on this Forum, has had PDL's at one time or another. The 'nightmare' of getting out of them is horrible. So...our own state (PA, where I live) can't even protect us? Wow!!

Sub: #5 posted on Sat, 08/22/2009 - 12:04

sdchargers_63 sdchargers_63

(Posts: 1798 | Credits: 179.17)

So What do we do than? I closed my bank accounts. Should I proceed with notifying the PDL's????

Sub: #6 posted on Mon, 09/14/2009 - 13:29

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Quote:
Originally Posted byAnonymous
So What do we do than? I closed my bank accounts. Should I proceed with notifying the PDL's????

Sub: #7 posted on Mon, 09/14/2009 - 13:35

Shazzers Shazzers
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(Posts: 17342 | Credits: 1592.8)

You do not have to pay them!!!!!!!!!!!!!!!!!!!! Close your account and walk away.

Sub: #8 posted on Tue, 03/09/2010 - 06:59

Unregistered


I have taken a few of those loans an am unable to pay them back. they have done everything from threating my child to calling my mother to contacting my internet provider. they have told me they will take my drivers licen for up to three years. they will charge with felonys. these amount I want to apy back I CAN NOT [PAY THEM BACK THE KIND OF MONEY THEY WANT AT ONE TIME. THE AMOUNT they want is sometimes 400 or 500 dollars. i am on a very tight budget an these people will not be nice. i am aperson who wants to pay my debt just in small amounts since i am not working an living on unemplyment with two kids.

Sub: #9 posted on Fri, 03/19/2010 - 16:05

Unregistered


Quote:
Originally Posted byAnonymous
You do not have to pay them!!!!!!!!!!!!!!!!!!!! Close your account and walk away.

Anyone who borrows money should ALWAYS pay back the principal amount!

Sub: #10 posted on Fri, 03/19/2010 - 18:56

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.8)

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