Pennsylvania banned lending that is payday 1998 whenever 6% APR limit, and also the situation has remained similar for many years. There have been tries to replace the statutory legislation into the advantageous asset of the industry, nevertheless, to no avail.
Pennsylvania Payday Lending Statutes
When you look at the state of Pennsylvania, payday lending is considered illegal in accordance with the Check Cashing Licensing Act of 1998, 505(a).
“Section 505. Restrictions in the company associated with licensee.
(a)Advancement of moneys. –No licensee shall whenever you want money or advance hardly any money on a postdated check. No check-casher licensee shall participate in the business enterprise of transmitting cash or getting cash for transmission, unless certified under the act of September 2, 1965 (P.L. 490, No. 249), called the income Transmission company Licensing Law. ”