Payday Loans Legal Again in Pennsylvania?

By | Sep 19, 2012

Since Internet payday loan lenders have been offering their product to residents of PA for years, Harrisburg is thinking of bringing payday lending back — with new protections. “It is already easy to take out a payday loan in Pennsylvania because all you have to do is pick up the telephone or go on the computer,” said Pa. Rep. Chris Ross, R-Chester Co., the bill’s sponsor. Ross’ Bill would allow payday loan lenders to charge whatever they want in interest, but finance charges would be capped at 12.5%. Also, if you can’t pay the loan back, payday loan lenders would have to offer a long-term re-payment plan. The bill also bans people from taking out one loan to pay off another, often called “rollover loans.”

Here’s a link to the Pennsylvania Payday Loan Bill: PA Payday Loans

1 Comment so far
  1. Payday Loan Industry September 19, 2012 6:11 pm

    Bad news for those of us lending to PA residents. Good for PA jobs, taxes, consumers…

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