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Help in Pa with PAYDAY LOANS

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Posts: 45
Credits: 2082.7

I have several pay day loans taking money feom my checking account I need information on if it legal or not and now they say there goona garnish my wages these companies r
2.Quickest cash advance
3.Mount Oread Ventures
4.Little Loan Shop
6.BL Marketing
some of these have taken 1200.00 for a 200.00 loan some of them I have never heard of I need to know if there legal to do business in PA. Any and all help will be appreciated....tina

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Sub: #1 PLease someone assist her...I do not want to steer her in the wr
Tue, 05/15/2007 - 09:58

PLease someone assist her...I do not want to steer her in the wrong directions as I know that the laws in PA are kind of different!


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Sub: #2 Tina - PA law is tricky when it comes to payday loans. A lender
Tue, 05/15/2007 - 09:58

Tina - PA law is tricky when it comes to payday loans. A lender needs to be licensed in the state where they have a physical presence..but they can lend into PA as long as they don't have a physical presence there. This is very different than most state laws.

If you can find out where these lenders are physically located (many will be outside the country), you will be able to start working to get these marked paid in full based on the fact that they are not licensed to lend into your state.

I have to get back to work (on lunch), but I'm sure others will come along and help fill you in on the location of these companies. Hang in there!


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Sub: #3 As Suebee said PA laws are a bit different. Here's an excerpt f
Tue, 05/15/2007 - 10:21

As Suebee said PA laws are a bit different. Here's an excerpt from an email I recieved from James Keiser, the guy in charge of regulating pdl's in PA:


I have a question about payday loans in Pennsylvania. Does the small loan rate cap of $9.50 per $100 per year discount or 24% per year apply to these loans? I took out a few on the internet and am trying to figure out how much I legally need to pay. For instance on a $200 loan would I be legally responsible for paying back only $248? I'm totally confused, I understand that pdl's are prohibited here, but I was told that as long as they are legally licensed in another state they can still lend to PA consumers, and they can charge whatever the legal amount of interest is for the state they are licensed in. Is that correct? I also read that the 24% applies only to licensed lenders, and that unlicensed lenders could only charge 6%.


Dear Ms.

The 9.5 discount and the 24 % simple interest refer to calculations that can be used by companies that are operating in Pennsylvania and are licensed under Pennsylvania????????s Consumer Discount Company Act. With a number of exceptions, a lender that is located inside of Pennsylvania and who does not have any special lending authority (i.e., a special license or charter) who is making smaller loans not secured by real estate can only charge interest at a rate of 6% simple.

A lender that does not have a physical presence in Pennsylvania but who has lending authority from some other state can generally charge the interest rate and finance charges allowed by that other state.

James Keiser | Administrator Non-Depository Institutions

17 North Second Street, 13th Floor | Hbg PA 17101
Phone: 717.783.8242 | Fax: 717.787.8773
jkeiser(at) |

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