Alternatives To Payday Loans In Pennsylvania

4 Alternatives to Payday Loans in Pennsylvania

Payday loans are illegal in the state of Pennsylvania. Here are four alternatives to get cash fast. 

The Check Casher Licensing Act of 1998 made payday loans illegal in the state of Pennsylvania. Despite many attempts to change the act, it still remains illegal today. 

Payday loans are usually small, short-term loans that must be repaid by your next paycheck along with any interest rates or fees associated with the lender. Payday loans are usually ill-advised because of the high fees and interest rates associated with them, however, knowing the loan options available to you can help you make the best decision for your financial situation. 

When considering an alternative to payday loans in Pennsylvania, it’s important to know your rights as a consumer. In Pennsylvania, any lending businesses offering short-term cash advances or loans are forbidden to charge more than 6% per annum as APR. Even online vendors must abide by PA state law, as was decided by the Pennsylvania Supreme Court in 2008. 

So, you’re looking to get cash fast, here are four payday loan alternatives for residents of Pennsylvania: 

Mobile Apps to Make it to Payday 

Applications like Earnin, Dave, Brigit, Chime, MoneyLion, and Current are just a few of the many available to you. These applications make it possible to secure a small amount of money just like a payday loan. Some of these apps, like Earnin, allow you to take between $100 and $500 without any fees or interest because it acts as a paycheck advance. 

You simply connect to your bank account and the amount is deducted when your next payday comes. This is great for anyone who only needs a small amount and cannot use a credit card. It’s also a great option for anyone who struggles with bad credit, poor credit history or doesn’t want to deal with the high-interest rates or fees associated with other loans. 

See if Your Employer Partners with Kashable 

Kashable could be a great payday loan alternative for you if your employer partners with them. They offer loan amounts anywhere from $250 to $20,000 with loan terms ranging from six to 24 months. Kashable boasts that money will be in your account in just three business days. 

They also auto-deduct your repayment from your checking account upon every paycheck deposit, so it’s a great option for anyone who struggles to repay their loans or who has problems making due dates. However, if you struggle with your personal finance and do not manage your money correctly this could prove problematic. 

Mariner Finance if You’re Unsure

Mariner Finance is a great option for you if you may need the money, but your circumstances could change quickly. Mariner offers a “15 Day Satisfaction Guarantee” to its customers, giving them the ability to return the money within 15 days without incurring fees or interest rates. Mariner also allows co-signers, making it a great option for people with low credit scores or poor credit history. 

They offer personal loan amounts ranging from $1,000 to $25,000 and only takes two business days to reach your account. Mariner also offers its customers the ability to put up collateral if they have difficulty qualifying otherwise. Just be wary of this in case you default, you could lose your collateral. 

Borrow From A Credit Union

The last option you may consider is a payday alternative loan from a credit union in Pennsylvania. This is a very common way to borrow money and should not be overlooked. Credit Unions offering payday alternative loans act very similar to payday lenders in that they are still short-term loans for small amounts, however, they cannot charge you more than $20 for the application and there are caps on the usually high-interest rates.

Conclusion

All in all, it is very simple to get a small personal loan even if you are a resident of Pennsylvania. For the mobile apps, all you need are A copy of your driver’s license or state-issued photo ID, your Social Security number, your routing and checking account number, and your phone number, email address, and physical address. You’re in luck if your employer partners with Kashable, as it’s a great resource to take advantage of when needed because of their competitive APR and quick funding. Mariner Finance should be considered for those who are riding the fence or want to test the waters before making a commitment. Finally, borrowing from a credit union is always a tried and true option available to those needing small personal loans, and should be considered when making your decision.

Are you looking to set up a bank account with little to no credit? At Cambio Money, we’ve got your back.

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