Fair to Bad Credit Loans in PAWe Find Lenders Who Lend To Bad Credit Borrowers ![]() Home > How To Apply > Pennsylvania Last updated January 17th 2021 Commentary is for informational purposes only. See legal disclaimers here.Money Trouble in Penn State?It's hard when your credit is bad right? We can help, and in about 10 seconds you're going to see how. Enter your zip and credit score to get started! PA Usury and RegulationsSummary 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
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 Pennsylvania Lenders By CityPhiladelphia 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 Lender Service Areas MapClick
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:
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 PALast 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. $6500 $14000 $60000 $6000 $25000 7.25% 7.44% 9.19% 7.97% 5.06% Debt Consolidation Providers In PALenders, banks, and credit unions: contact us for listing removal. Greater Pittsburgh Police Credit Union SSB Bank Philadelphia Federal Credit Union United Bank of Philadelphia Allentown Federal Credit Union Embassy Bank for the Lehigh Valley First Credit Union of Scranton Peoples Security Bank & Trust Company Pennsylvania Credit Union Association Mid Penn Bank PA Debt Consolidation FormAbout Debt Consolidation Loans In PAIf 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 MapClick
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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