Fair to Bad Credit Loans in PA
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Last updated March 29th 2020
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PA Usury and Regulations
Summary of Pennsylvania Usury Law(s) / Quote: "Legal: 6% to $50,000 Contract: 6.5% / Judgment: 6% / Corporate: No specific rate"
(WeFindLenders.com endeavors to include the most up to date legal data for Pennsylvania, but no guarantee or warranty of any kind is expressed or implied as to the accuracy of said data. This data is not intended to be legal advice. For legal help speak with a lawyer in Pennsylvania, and/or contact the Pennsylvania State government's division of banking and finance - legal statutes researched by FindLaw.com & American Lawyers Quarterly - see credits)
Code § 201-202 (Pennsylvania Usury Law Snippets of Interest)
1.) § 201 of the Pennsylvania Usury Act states: Quote: "Maximum Lawful Interest Rate:
(a) Except as provided
in Article III of this act, the maximum lawful rate of interest for
the loan or use of money in an amount of fifty thousand dollars ($50,000)
or less in all cases where no express contract shall have been made
for a less rate shall be six per cent per annum
(b) The maximum lawful rate of interest set forth in this
section shall not apply to:
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an obligation to pay a sum of money in an original bonafide principal amount of more than fifty thousand dollars ($50,000);
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an unsecured, noncollateralized loan in excess of thirty-five thousand dollars $35,000); or
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business loans of any principal amount (§ 201 amended July 8, 2008, P.L.824, No.57)
2.) § 202 of the
Pennsylvania Usury Act states: Legal Rate of Interest.--Reference in any
law or document enacted or executed heretofore or hereafter to
"legal rate of interest" and reference in any document to an
obligation to pay a sum of money "with interest" without specification
of the applicable rate shall be construed to refer to the rate of interest
of six per cent per annum"
Pennsylvania Lenders By City
Philadelphia PA / Pittsburgh PA / Allentown PA / Scranton PA / Harrisburg PA / Erie PA / Williamsport PA / Reading PA / Upper Darby PA / Bethlehem PA / Lancaster PA / Altoona PA / York PA / State College PA / Wilkes-Barre PA / Norristown PA
Complaints
To:
Pennsylvania Department
of Banking and Securities / 17 N. 2nd Street Suite 1300 / Harrisburg
PA 17101 / Phone: 1.800.PA.BANKS or 1.800.600.0007 / 8:00AM -
5:00PM Mon - Fri / Fax: to 717.787.8773 / Complaint
Form
Pennsylvania Lender Service Areas Map
Click
or tap map image above for interactive version. Active
lenders in WFL pool serving Pennsylvania are based in Allentown, Pittsburgh,
Harrisburg, Philadelphia, Scranton, Williamsport, and Wilkes-Barre.
Mark in Harrisburg PA found himself behind on his bills for the first
time in his life and reached out to us. In his pre-app he requested
a $3000 loan over a 6 month term, and he wanted an interest rate of
7% or less. Sort of a tall order considering his FICO score was somewhere
in the 430 range, and if you know anything about credit scores, that's
very low. With
a credit score in that range the traditional lenders won't approve
you for any kind of credit. Furthermore, traditional banks and/or
credit unions don't approve loans for $3000. The principal has to
be more than that or it's just not worth it to them. So
you're getting a clear picture here right. What does that leave then? Some
would guess that leaves the predatory lenders (PDL and/or CA outlets).
Well that's wrong too. The "fast cash loan companies" don't
lend out $3000 either. They only approve loans as high as $1500 and
that's only in some States, and only if the borrower is a repeat customer.
OK.
So if anybody wants to borrow between $1000 and $10000 they're out
of luck. You would think a savvy lender would pounce on this opportunity.
And from what we've seen over the last 14 years of running consumer
small loan websites, there hasn't been a financial institution willing
to step up to the plate on this opportunity. But
that's just the conventional lenders. There's a new lender coming
on the scene these days. They're not what you might think either.
They're not PDL companies and they don't charge 450% APR. They charge
between 6%-15% APR and they DO approve loans from $1000 to $10000.
And
you're probably wondering what kind of lender this is. Do they live
in the mountains, or deep in the ocean? Do they dwell in caves? Do
they practice good personal hygiene? All
kidding aside, these lenders are known in the financial industry as
private lenders. They're individuals and/or small companies and use
that to their advantage so they can quickly find markets of opportunity,
test the market, and move on if it's not lucrative enough. These lenders
really started to make more headway when the peer-to-peer lending
model was launched by Prosper in 2005. A lot of light bulbs started
going off over a lot of heads in those days, and some of those heads
realized the potential of a lending model catering to consumers who
want to borrower between $1000 and $10000. But
what does that do for people like Mark? I mean just because there
are lenders willing to approval principal amounts in that range doesn't
mean they're more likely to approve him. His credit score makes him
pretty much untouchable. Or
does it? Something
else about this new breed of lender is they're willingness to approve
loans to people with bad credit scores. In some cases REALLY bad,
like in the 400-500 FICO range. And I know, I know...you're thinking
"yeah right". Well
yeah. Right. The fact is that the vast majority of people who have
been struggling with poor credit scores have had enough of being sanctioned
from access to credit. They've had enough of it and they don't want
to go there again. Therefore, their rate of default is only in the
8% range. So
let's get on with it shall we. Below is the calculation on Mark's
loan for $3000 he got approved for using our free service:
Lenders contact
us for listing removal or amendment.
Bad
Credit Loan Form for Pennsylvania
Pennsylvania
$3000 Loan With Bad Credit
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Loan Amount (principal) = $3000
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Interest Rate = 15.34%
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Term Length = 6 months
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Monthly Payment = $522.61
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Total Paid Back = $3135.65
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Total Interest = $135.65
So not bad right? The rate is quite high at over 15%. Not much lower than the starting rate on your average credit card, but over six months the total interest comes to $135 dollars and change. We have no idea how Mark handled his finances in the future. We have no idea if he even paid the lender back without missing a payment or defaulting at all.
If you've never visited us at WeFindLenders.com before, you should understand how our service works. Once your application for credit is submitted to our system it's up to the lenders to get in touch with you using email. All of us at WFL are then 100% out of the loop. Because of privacy and legal concerns we cannot take part in any communications between you the borrower and lenders.
If you live in the State of Pennsylvania and you're struggling with a bad credit rating we hope our website helps you in some way.
Sincerely,
Chris Somerset
Chris Somerset is the daughter of Lance Somerset who founded the We Find Lenders Pool. She contributes to WeFindLenders.com whenever she's not having fun with her three children and her husband Ron.
Debt Consolidation Loans In PA
Last 5 debt service loans approved in the State of Pennsylvania. Source: WFL Lender Pool. Updated Weekly. Principals rounded to the nearest $1000. Relative interest rates listed below in order left to right.
$25000 $30000 $75000 $100000 $14000
8.15% 11.31% 13.82% 13.67% 15.87%
Debt Consolidation Providers In PA
Lenders, banks, and credit unions: contact us for listing removal.
Greater Pittsburgh Police Credit Union
1338 Chartiers Ave, Pittsburgh, PA 15220
www.pittsburghpolicefcu.com
412.922.4800
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SSB Bank
2470 California Ave, Pittsburgh, PA 15212
www.ssbpgh.com
412.837.6955
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Philadelphia Federal Credit Union
5000 Baltimore Ave, Philadelphia, PA 19143
www.pfcu.com
215.934.3500
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United Bank of Philadelphia
1501 N Broad St #17, Philadelphia, PA 19122
www.ubphila.com
215.978.5300
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Allentown Federal Credit Union
1325 Oxford Dr, Allentown, PA 18103
www.allentownfcu.com
610.791.2376
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Embassy Bank for the Lehigh Valley
1142 S Cedar Crest Blvd, Allentown, PA 18103
www.embassybank.com
484.223.0018
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First Credit Union of Scranton
605 Davis St, Scranton, PA 18505
www.firstcu.org
570.961.8953
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Peoples Security Bank & Trust Company
968 Prescott Ave, Scranton, PA 18510
www.psbt.com
570.342.9101
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Pennsylvania Credit Union Association
4309 N Front St, Harrisburg, PA 17110
www.pcuacoop.com
717.234.3156
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Mid Penn Bank
17 N 2nd St, Harrisburg, PA 17101
midpennbank.com
717.920.1980
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PA Debt Consolidation Form
About Debt Consolidation Loans In PA
If you want to consolidate all your debt and only have one payment a month to worry about that's fine. However, you want to try and find a lender willing to approve your loan with a much lower interest rate than your current creditors. That's the main point of a consolidation loan.
In the list of 10 providers above we listed 5 credit unions, and 5 banks. With these lending institutions you will have to a have a credit rating that isn't too far tanked.
If you have a low credit score you may need to find a private lenders (still legal and legit of course) that caters to borrowers with bad credit. Even better, a lender that has loan products licensed for the State of PA. You can access our lender pool and get your application in front of local bad credit lenders, and you can do it right now. That's why the pre-app form above is called a "bad credit debt consolidation form" - it's only for people with bad credit.
PA Debt Consolidation Providers Map
Click
or tap map image above for interactive version. In Allentown PA Alexa found out she was
pregnant. Normally, that would be a great thing, and she should have been
excited. Her overall debt had piled up in a big
way over the last three years. Her work schedule was sporadic (to say
the least) and she had one two many wild weekends with her friends. They would travel to go to the lake in
the summer and she would let the credit card go wild. Alexa's friends
were all in a different financial situation than she was. They were are
all "rich kids" generally speaking, and she could never really
keep up with them in the "spend money like a millionaire" club. Because she always said yes to whatever
plans for fun their group had, her Visa and American Express balances
skyrocketed during the summer months. Then in the rest of the seasons
she would squirrel money away each month to pay down her debt. But this cycle didn't last and she went
to through a period where she couldn't work because of an injury. This
really threw a monkey wrench into her day to day life. She was no longer
able to make payments on her ever growing credit card balances. In an effort to get the collection
agency hounds off her back she got more credit cards. Taking money from Peter to pay
Paul is no answer to your debt problems. We have to eliminate as much
spending as possible first and foremost. Without a big change in your
spending habits you're just going to bury yourself even deeper in debt. Likewise, without a big positive change
in your monthly earnings you're bound to be sinking in debtor quicksand
(look it up - it's a thing). In Alexa's case she found a website that
uses the WFL lender pool network. She filled out her pre-app online and
had a couple of phone calls the next day. Both lenders were private lenders operating
in the Allentown area. Their interest rate offers were higher than her
local credit union or banks but lower than what she was paying to the
credit card companies. She chose the lender that had a mandatory
credit counseling course and she went forward with the loan agreement.
She completed her realistic budget and
stuck to it. She learned to stop spending so much money on "fun stuff"
and only spent money things she really needed (like paying the phone bill,
rent, and utility bills). Another thing she learned was to never
try and "keep up with the people who have a lot of extra spending
money". That's just a recipe for disaster. Below is the raw math on her consolidation
loan with the private lender: Principal = $12000 Now there is a happy ending to this story.
A few months after getting this loan granted, she got engaged to the young
man who is the father of her child. Her son was born and they were married
in her parent's backyard. Her husband Ralph has a very good job
working for a car dealership and he's been there for over a decade. He
also had really good credit (over 800 FICO). He owns a home too so he
used his HELOC (Home Equity Line of Credit) to pay off her loan completely. The interest rate he paid was only 3.21%
which is a third of what she was paying on her original loan. It's too bad we don't hear more happy
endings like this. There are many cases when no "prince charming"
comes by on his white horse to save the day. If you live in Penn State and you're trying
to get approved for a debt consolidation loan, we hope our website helps
you find a good lender and a low interest rate. Andy Somerset Andy
Somerset is the son of Lance Somerset who founded the We
Find Lenders Pool. He writes for WeFindLenders.com whenever he's not
working hard on his degree in finance. Credit Repair Pittsburgh My Philly Credit Advantage Credit Counseling Service Lehigh Valley Credit Restoration FAQ
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$12000
Consolidation Loan in PA
But there was a problem. She was single and broke.
Interest Rate = 9.74%
Term Length = 3 years
Monthly Payment = $385.74
Total Paid Back = $13886.75
Total Interest Paid = $1886.75
Sincerely,
Credit Counseling
Services In PA
400 Smithfield St, Pittsburgh, PA 15222
www.creditrepairpittsburgh.com
412.346.6875
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1528 Walnut St, Philadelphia, PA 19104
www.myphillycredit.com
215.938.1990
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One Northgate Square, Greensburg, PA 15601
www.advantageccs.org
866.699.2227
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1111 W Broad St, Bethlehem, PA 18018
www.lvcreditrestoration.com
610.865.1000
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