is payday loans legal in PA?

I got the payday loan from arrowhead investments and then was told that it is illegal for someone to give a payday loan in the state of PA.. is that true???

Payday loans are Prohibited in the state of PA. Please go to http://www.paydayloaninfo.org and look at the law for yourself. Complain Complain to the Attorney General in your state. Kyside38

Check arrowhead investments if they are licensed in their state. If they are licensed, they will be allowed to do business in PA also. PA laws are different from most of the states. In other states, the companies have to be licensed in the state of the borrower. But states like RI, PA are exceptional.

Weesie, Thanks for the correcting. LOL I had forgot about PA. They can do business if they are licensed. KYSIDE38

Was I correcting you?? Na..

Wessie, No offense taken. You give great advice and I appreciate it. KYSIDE38

1 and 1 totals how much - 2 ??

I say 11

Knowledge is power and that is what we are trying to spread. Kyside, you specialize in the payday loan area. I know about credit card debts and consolidation, settlement stuff. Ultimately, people get the help what they need. We all are doing good work

PENNSYLVANIA
Check cashers are specifically prohibited from making payday loans under Check Cashing Licensing Act of
1998, § 505(a). Otherwise, consumer discount company act applies. 7 Pa. Cons. Stat. Ann. § 6201 et seq. ($9.50
per $100 per year).

Ask Arrowhead for their EIN #, their State Id Number, and WHAT BANK do they deal with. They will not
give you this information. Therefore they are not a legal company and should be reported to the State Attorney General or report to FBI as since they have no EIN #, State ID Numbers or tell you what bank
it could just be an illegimate money laundering
company.

How do I found out if a PDL is licensed in their state? No one wants to answer me on the phone but that doens't always mean that they aren't licesned. They are just jerks..LOL

I am dealing with them to and am curious for this answer, I just filed a complaint with the attorney generals office on them, you should file one to, the more the merrier and maybe something could be done with these companies. Payday loans are forbidden in Pa, and the intrest they charge is outrageous.

Any have a website for Pa to see if a company is licensed in our state to lend?

They have no licensing dept in PA . . . . So no company can be licensed to give pdl's in PA.

At leat I know i Have a leg to stand on now. I've closed my account and noticed that it's going to save me 900 dollars a month not paying those loans. I can start paying regular bills on time and worry about the rest when I can breathe again. Now that I know they are forbidden in PA it gives me some arguing room...

I spoke with the PA dept of banking, and was told that since there are no laws specifically prohibiting out of state pdl places lending to PA consumers, that if the pdl place is licensed in any state there is no legal recourse.

One thing you will find though is that most of the pdl's that are breaking laws aren't licensed anywhere.

The banking dept told me to please tell everyone to complain! There is a link on their page to the complaint forms. The legislature in PA won't pass laws against this kind of thing unless enough people complain!

Do you have a website for the banking place? I'm ready to complain wherever I have to and I'm ready to receive any nasty calls or whatever that are necessary, but I just CAN'T go on paying those fees anymore...

Go to paydayloaninfo.org, click on your state, and it will have a link to the complaint forms and intstructions

They are legal, but they have to follow rules for
7 Pa. Cons. Stat. Ann. § 6201