Pennsylvania banned lending that is payday 1998 whenever 6% APR limit, and also the situation has remained similar for a long time. There have been tries to replace the statutory legislation towards the good thing about the industry, nevertheless, to no avail.
Pennsylvania Payday Lending Statutes
Within the state of Pennsylvania, payday financing is considered unlawful based on the Check Cashing Licensing Act of 1998, 505(a).
“Section 505. Restrictions in the company regarding the licensee.
(a)Advancement of moneys. –No licensee shall whenever you want money or advance anything on a postdated check. No check-casher licensee shall participate in business of transmitting cash or getting money for transmission, unless certified underneath the work of September 2, 1965 (P.L. 490, No. 249), named the funds Transmission company Licensing Law. Continue reading