Pennsylvania Consumer Protections: Pennsylvania effectively bans payday lending through its strict usury laws. Licensed consumer discount companies can charge higher rates but remain well below payday loan levels. Consumers can file complaints with the Department of Banking and Securities or the Attorney General's Bureau of Consumer Protection.
Interest Rate Cap: Pennsylvania usury cap: 6% for non-licensed lenders (24% for licensed small loan companies); payday lending banned.
Payday lending is banned in this state.
Key Regulations: - Payday lending is banned; the state's usury cap of 6% (24% for licensed lenders) prevents it.
- Licensed consumer discount companies regulated under the Consumer Discount Company Act.
- The Pennsylvania Unfair Trade Practices and Consumer Protection Law prohibits deceptive lending.
- Title lending is also restricted under state law.
Federal protections: The FCRA gives you the right to dispute inaccurate credit report information for free. Credit repair companies cannot charge before performing services (Credit Repair Organizations Act).
Free resources: Get a free credit report annually at AnnualCreditReport.com.
File complaints with Pennsylvania Attorney General Bureau of Consumer Protection.