Payday loan laws for Pa residents

You will find the Payday loan laws for Pennsylvania here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

I have no idea what any of that means. :cry: It says that they are prohibited. But then it goes on to say something about check cashing licensing act of 1998" Don't worry someone will be along shortly that has more knowledge than I do :) . The person to ask is Goudah she is more knowledgable then I am. Hang tight someone will be along shortly to assist you.

ladybug

DO you have PDLs and if so who are they through? If you are thinking about getting one, please don't.

Ladybug I read that as saying that is the act that made them prohibited.

That is what I thought too but then it says something about the checking cashing licensing act of 1998. wth does that mean? :roll: I think I am going to do a little more investigative work on this one.

ladybug

PA has a loophole regarding internet loans.

The act made having any physical location in PA illegal, but when the wrote out the laws they used the term "In this Commonwealth". So they interpret the laws to mean only applying to businesses located inside PA.

Here is some information from the guy in charge of regulating pdl's in PA:


What this means is that as long as the company is licensed in another state they are legal to lend in PA. And they would follow the laws of the state they are licensed in.

Thanks Goudah for clarifying.

I assumed that meant as far as physical locations in the state of PA that they can have check cashing places but they could not extend an actual loan advance on your paycheck. Does it also mean that?

Yes, physcial locations for any payday lenders are prohibited in PA. No business is PA can legally do payday loans.

Oh, ok. I just wanted to be sure of my information. If I'm going to be giving out advice I want to make sure it's right. Thanks a lot. You have helped me quite a bit on here.

No problem - Most people that have payday loans and are in PA have all internet loans. They are legal as long as the company is licensed in another state, and they should be following the laws of the state in which they are licensed.

Some help please. Are these companies licensed/legal anywhere? United cash loans, payday one, and magnum cash? Trying to help someone else.

Payday One is licensed in all the states it lends in - BUT - It is related to Payday OK and Payday Select. So even though the company is licensed and lending legally you could try for a PIF.

The other two companies are not licensed anywhere that I know of.

Isn't payday Select licensed in at least one state?

I beleive it is licensed in DE . . .

Thanks Goudah. Once again you came to the rescue! :lol:

Goudah you are the perfect person for this job. I'm glad that you're here to help all of us get straightened out. What would I have ever done if I never found this site?

:D Thanks! It's not just me though . . . . Each person contributing what they have to this site is what makes it so great!

I know, but since the first day I joined you have given me the most advice out of everyone. You have posted on every single problem that I've had and I really appreciate it. Debt can be an overwhelming thing and with you and everyone else here I feel like I'm am very strong and I can take on the world!

:D Thank you!