Payday Loans Online in Philadelphia, PA

Short-term loans are helpful when you need fast cash and cannot find it elsewhere. Receiving a bank or other financial institution loan can be difficult, especially if you do not have strong credit. With short-term loans, you may be able to obtain the money within a couple of days. The application process is not extensive and requires only a few personal details on your behalf. If you are approved for the loan, you will need to provide the loan company with your bank account information so they can electronically transfer the money to you.

Advantages of Taking Out a Short-term Loan in Philadelphia

Payday lending is illegal in Pennsylvania, as are cash advance and title loans, as per the Check Cashing Licensing Act of 1998. However, Philadelphia residents do have the option of installment loans.

Borrowers turn to payday lenders in many situations. Because they are small-dollar amounts, they are not a sustainable method of funding. Rather, they are best for emergency situations. Unlike traditional loans that take longer to fund, this type of funding is more suitable for emergency expenses.

Costs and Regulations of Payday Loans in Philadelphia, PA

Pennsylvania's Loan Interest and Protection Law does not allow lenders without the CDCA license to charge greater than a 6% APR on loans less than $50,000. In 2008, the Pennsylvania Supreme Court ruled that all lenders willing to give loans to Pennsylvania borrowers – in state and out of state – must follow the state laws. Online lenders must have been licensed by the CDCA by February 1, 2009.

More information about payday loan laws and regulations in Pennsylvania can be found on the Pennsylvania Department of Banking's official website.

How to Get an Installment Loan in Philadelphia

While short-duration funding is prohibited in Pennsylvania, other options are available to some consumers, such as installment loans. Installment loans are paid back in small monthly amounts rather than in a large one-time sum. Installment loans can sometimes come with a repayment plan of up to one year.

Residents of Pennsylvania can instantly apply for an installment loan online. In order to apply, you may need to meet the following requirements:

• Be 18 years or older
• Have a stable source of income
• Have a phone number and email address.
• Have a Social Security number
• Have proof of residency in Philadelphia, Pennsylvania

Requirements can vary by lender. Before taking out an installment loan, it is best to do some research and look over the pros and cons to understand the possible repercussions fully.

Favorite Philadelphia, PA, Installment Loan Companies

Due to the State’s heavy regulations, there aren’t many small-amount loan companies based in Philadelphia. The easiest way for Philadelphia residents to obtain an installment loan is online. To do this, simply search for installment loans in your area.

No matter which lender you borrow from, make sure you take the time to check the Nationwide Multistate Licensing System’s website to ensure they are licensed to operate in Pennsylvania.