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One of the options to avail in such a scenario is a payday loan. Before diving deep into payday loans you must understand that these loans are illegal in your state of Pennsylvania. However, you must have knowledge of all possible options so let’s understand what payday loans are. Payday loans are small loans given out by special lenders for a small duration of time. There are three components to a payday loan, the loan amount, the interest rate and the term. The loan amount and the term for payday loans are generally very small. The interest and other finance charges associated with them are very high.
We all have been in the situation of a sudden financial crunch and these times can be very difficult. If you are living in Pennsylvania and you suddenly feel the need to borrow some money then you must know all the options that you have. You can be the most financially well-planned individual and still at some point feel the need for instant cash. While for the financially well planned this may be an unexpected situation some of us live on the edge and maybe looking for a loan without the usual hassles of credit checks and long waits.
Pennsylvania is a state in the north-eastern region of the United States. The state came into existence in 1681 and is one of the original 13 of the country. Harrisburg is the capital of the state. It has a huge agricultural base with some of the highest ranks in the production of mushrooms, apples, Christmas trees, and layered chicken etc. Other industries contributing to the economy of the state are manufacturing, mining, and services. The state has the sixth biggest economy in the country.
The state also has some very famous tourist destinations. Pennsylvania houses the famous Liberty Bell inside the Independence mall and is also known for the famous Hershey’s chocolate world. Apart from these, the state has attractions like falling water, Pennsylvania Grand Canyon and many more.
- Do an online search of “payday loans near me” or ask around from local stores or people who have taken such loans for good lenders.
- Select a lender that suits your need of the loan.
- Fill out an application form and submit the documentation asked by the company. The lenders usually need an identification and employment proof. Consumers with bad credit can also apply for payday loans with most lenders.
- The lender will verify your details and approve your loan within few hours.
- If approved you will receive the cash within a day. How you receive your cash depends on the lender, though most of the lenders will deposit it directly in your account.
- Payback the loan amount and the finance charges as soon as your salary is credited, or as agreed upon with the lender. Some companies also have a provision where they can withdraw the money from your account as an automated process.
The best feature of these loans is the quick approval and turnaround and no past credit check. The lenders are interested only in your current capability to pay back what you have borrowed. Once you have the amount you can use it as you see fit and pay it back as soon as you get your salary or as agreed with the lender. The catch with these loans is the high-interest rate involved. The APR on a payday loan can go higher than 700%. Considering this high cost involved some of the states in the country that allow these loans have rules and regulations to protect consumers.
That being said the as stated earlier payday loans are illegal in Pennsylvania. The state is one of the states that never legalized high amount payday lending. However, you may find many illegal lenders trying to trap you in a loan which may not prove very good for you and you may find yourself in a situation much worse than the financial problem you had to begin with so stay away. If any consumer comes across any such lenders they can report the same to Pennsylvania Department of Banking.
Now that you know that payday loans are not your saviour in the emergency that you are in, let’s explore some other options that can help you.
- Traditional loan – A traditional loan is a loan from the bank. The downside of these loans is that that they do not have instant approvals, instead, they have long processing time which is because they do extensive credit checks. So if you are in need of fast cash or you have bad credit history these may not help you. However, if you can wait for few days and have a good financial past these loans are easy on the pocket as their interest rates are much lower than payday loans and they usually come with an installment repayment plan. Traditional loans can be applied by going directly to the bank, filling a form and providing them with all the required documentation. The bank processes your payday loans no credit check application and once approved the amount is credited to your account. Once the loan is credited a monthly payment needs to be made to the bank till the loan is cleared out. The advantage with these loans is that depending on your financial status you can also apply for a loan amount higher than what payday loans usually offer.
- Credit Cards – Consumers should keep a credit card handy for such emergencies. One way to go with this option is to simply charge the expense as credit, that is purchase now pay later. The other way to go is to take out a cash advance the card. The process is as simple as walking to the ATM and withdrawing cash. The amount you can borrow depends on the type of credit card and the limit imposed by your card merchant. This is one of the easiest ways to get an instant cash loan if you hold a card. However, credit card companies also charge a hefty amount as interest on these cash loans. With both the options credit card companies charge a hefty amount of interest. You should understand the finance charges linked with your card before taking up this option as credit cards are also known to have some of the highest charges and are known to make people fall in a never ending trap.
Debt consolidation – This option may work for you if you are already under multiple loans and are facing difficulty in paying them all separately. As the name suggests, debt consolidation means taking all your loans and putting them together so instead of paying at multiple places, you can make a payment in one place. You may wonder how this will help you. It helps you because you may get a long-term to pay off your total loan amount which will, in turn, lead to lesser monthly payments.
There are many ways to go for debt consolidation such as:
a. Debt consolidation loan – pay off all loans with this one loan, and then payoff this loan as monthly instalments which can be increased or decreased as per your need.
b. Balance transfer credit card – convert all your loans to a credit card and pay off this debt. Some companies offer such credit cards with very low APR’s to new customers.
c. Debt relief – if you have tried all options and are left with nothing, these companies talk to your lenders and negotiate a reduction in APR. They may also ask your lender to let you pay an amount less than what you owe in one go to close the loan out.
- Salary loans from organizations – check inside your company if they offer a salary advance to employees. Many organizations these days offer salary advance at no interest. Companies also give their employees an option to payback as per their need. If small advances are taken they may simply be deducted from your next salary, in case of higher advances they may break the advance down into multiple instalments which will be deducted from salaries over the next few months. As most of the times this will cost you nothing extra, this is one of the best options available.
- Borrow from family or friends – This may be the easiest and quickest options to get fast cash with no credit check involved whatsoever. This option does not need any explanation, just walk up to your closest people in the world and explain to them the pickle you are in and they will surely help you out.
Whatever form of loan you decide to get, ensure that you go through all the details of the agreement and understand what details you are handing out to the lender. Most loans have the following parameters involved with them:
- Principal Amount: This is the amount you are looking to borrow. It may happen that the amount you are looking for is not completely approved for you, instead, the lender approves a partial amount. Any lender will be able to give a higher cap of the amount that you can borrow based on the information you provide them regarding your monthly or yearly income.
- The Rate of Interest: This is the interest rate that will be charged depending upon the loan amount and the duration of the loan. This is the most important part of a loan agreement, with loans such as bad credit payday loans instant approval if you are not careful you can end up paying a lot more than you actually borrowed due to the high ROI involved. Apart from interest there can be other financial costs involved, ask your lender about those too.
- Duration: This is the loan term for which you are borrowing the amount, and in which you will pay back the amount as a lump sum or in instalments.
- Documentation: Whatever the loan type may be, or from whomever you are borrowing, the lender will always do some type of credit check. Where payday lenders usually check your current employment status traditional lenders may do a detailed check of your past financial record. For this, they may dig deep into any past loans you may have taken and your payment history with them.
- Repayment plan: As a consumer, this is also one of the most important things to understand while borrowing money. Understand if the lender expects you to pay all the amount together, or they are offering EMI (easy monthly instalments) to help you pay off the loan. You must ask for the terms of delaying payments or missing a payment. Check how the charges will change if you change the duration of repayment, this means that if you pay off the same loan in three years it will probably cost you less than if you pay it off in five years.
- Closure: Closure of a loan is done when you have paid back everything. Ask the lender if there are any formalities involved during the closure.
After all the above options, the most important thing for you to do is to fix your finances. Whatever may be your reason, if you have landed in this situation it is best to understand how not to be here again. The best way to do that is by getting help from professionals who can help you understand your finances. These days there are many financial advisors who will assist you with such needs.
Though there are many options available in case of an emergency it is always better to plan your finances in a way to never end up in such situations. You should always have some rainy day fund saved for times like this so you do not need to look towards anyone else or any such options. If you do, you now have information on how to go about looking for that.