Personal and Installment Loans in Pennsylvania: Payday Loan Alternatives
One short form for consumer installment loans with fixed monthly payments, offers from licensed lenders, and money sent to your bank account if you are approved. Larger personal loan requests up to $35,000 are also accepted.
Estimate uses 24% APR, the Pennsylvania cap for this loan size, repaid over 12 months. Your lender must disclose the exact APR and total cost. Your offer may differ.
Check my offers- Pennsylvania lenders must be licensed by the state
- Full cost and APR shown before you sign
- All credit types can apply; lenders may check credit
Personal Loans in Pennsylvania, requested online
Pennsylvania residents can request consumer installment loans of $500 to $5,000 online from any of the 1,802 Pennsylvania cities we cover. Payday loans are not allowed in Pennsylvania; lenders without a license are limited to 6% a year, and licensed consumer discount companies to 24% a year on loans of $25,000 or less. At 24% APR, a $1,000 loan repaid over 12 months costs about $94.56 a month, or $134.72 in interest in total.
What Pennsylvania law says
- Payday loans are not allowed in Pennsylvania; lenders without a license are limited to 6% a year, and licensed consumer discount companies to 24% a year on loans of $25,000 or less.
- Consumer installment loans under this law: up to $25,000.
- Rate limit: On loans of $25,000 or less, a lender licensed under the Consumer Discount Company Act may charge up to 24% a year. A lender without that license is limited to 6% a year.
- Fees: A licensed lender may charge only the interest and fees the Act lists (such as limited service, default and recording charges). Disguised fees that act as extra interest are not allowed.
- Lenders must be licensed by the Pennsylvania Department of Banking and Securities and must disclose the APR and total cost before you sign.
Good to know
- Payday loans are effectively banned in Pennsylvania because their rates far exceed the legal limits.
- A lender without a Pennsylvania license may not charge more than 6% a year on a loan of $25,000 or less.
- A licensed consumer discount company may charge up to 24% a year on loans of $25,000 or less.
- Online lenders serving Pennsylvania residents need a Pennsylvania license.
- The state Supreme Court has ruled that a fixed monthly fee that works like interest counts toward the rate limit.
- You can check a lender's license or file a complaint with the Department of Banking and Securities.
Why request online
How it works
Small-Loan Rules in Pennsylvania
| Maximum amount | No payday loans |
|---|---|
| Loan term | No payday loans |
| Rate / fee rule | State lending/usury framework makes classic payday pricing unavailable |
| Regulatory basis | Pennsylvania consumer lending / usury statutes |
Key Rules
- Online lenders must comply with Pennsylvania licensing/rate rules
Alternative Loan Options in Pennsylvania
- Licensed installment/consumer-discount loan
- credit-union PAL
- bank small-dollar loan
- EWA
Regulatory reference: the statutes listed in this table and the state regulator. State rules can change; confirm current terms before borrowing.
Largest Pennsylvania cities
Questions people ask
Can I get a loan in Pennsylvania with bad credit?
Yes, you can apply with any credit history. Lenders look at your income and banking history, not only your credit score, but they may still check your credit and approval is not guaranteed. Compare the APR and total cost before you accept.
Are payday loans legal in Pennsylvania?
Payday loans are not allowed in Pennsylvania; lenders without a license are limited to 6% a year, and licensed consumer discount companies to 24% a year on loans of $25,000 or less. You can request consumer installment loans from licensed lenders instead.
What can I borrow instead of a payday loan in Pennsylvania?
Consumer installment loans of $500 to $5,000, repaid in fixed monthly payments. On loans of $25,000 or less, a lender licensed under the Consumer Discount Company Act may charge up to 24% a year. A lender without that license is limited to 6% a year.
How much does a $1,000 loan cost in Pennsylvania?
At 24% APR, a $1,000 loan repaid over 12 months costs about $94.56 a month, or $134.72 in interest in total. Your lender must show the APR and total cost before you sign.
Where can I complain about a lender in Pennsylvania?
Contact the Pennsylvania Department of Banking and Securities at 1-800-722-2657 or the CFPB at consumerfinance.gov/complaint.
It takes a few minutes and costs nothing to ask. You decide after you see the full cost.
Check my offersWe pass your request to participating lenders. A request does not guarantee an offer; approval, amount and funding time depend on the provider.
Resources
Loans near me in Pennsylvania: find your city
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