logo

Debtconsolidationcare.com - the USA consumer forum

Payday loan laws for Pa residents

Date: Fri, 09/07/2007 - 05:55

Submitted by jps559
on Fri, 09/07/2007 - 05:55

Posts: 14 Credits: [Donate]

Total Replies: 19


Can someone explain the laws regarding payday loans for the state of Pennsylvania


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


lrhall41

Submitted by ladybug on Fri, 09/07/2007 - 06:07

( Posts: 2753 | Credits: )


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.


lrhall41

Submitted by goudah2424 on Fri, 09/07/2007 - 07:03

( Posts: 7935 | Credits: )