Payday is around the corner, and you’re bank account is looking pretty low, so you’ve been eyeing a payday loan in Philadelphia. Payday loans are illegal in Pennsylvania, but some lenders still offer them. Countless Philadelphia residents have fallen victim to payday lending schemes, paying 400–1,000% in interest on short-term loans.
Fortunately, you have legal options for borrowing money in Philadelphia. Learn more about your cash advance choices to understand why a Philadelphia payday loan is not recommended.
How to Get a Cash Advance in Philadelphia
While Philadelphia payday loans are illegal, you can stay within the law and avoid paying interest with an Instacash loan.
Instacash
Max Advance Amount: $250
APR: 0%
Credit Affects: None
Instead of paying more than 400% interest on an illegal payday loan, you can get an interest-free cash advance with Instacash.
MoneyLion deposits the money for free in your RoarMoney bank account or an external account. You can even get the money in an instant by paying a small fee. Either way, you only pay back the $250; nothing more. Because you don’t have to pay interest or fees, you won’t get stuck in a debt cycle.
How to Qualify:
Be 18 or older with a steady income or regular deposits.
Have a positive balance in an active bank account.
Have an account that’s been open for a minimum of 60 days.
In-Person Lender
Max Payday Loan Amount: 20% of the borrower’s gross monthly income
APR: 1,000% or higher
Credit Affects: Payday lenders don’t check your credit or report on-time payments. If you are late or miss payments, they can report you to the credit reporting agencies.
You cannot legally obtain an in-person payday loan in Philadelphia or the rest of the state. However, some lenders are willing to break the law to collect payments on high-interest loans. Do not obtain funding from an unlicensed lender. You should also never pay fees upfront for a loan or take out a loan that is due in one to two weeks.
Lenders that offer Philadelphia payday loans should be avoided. They are breaking the law, and you can report them to the Department of Banking and Securities.
Instant Online Loan Options in Philadelphia
You can legally take out an instant online loan and build your credit at the same time.
Credit Builder Loan
Loan Amount: You could qualify for up to $1,000.
Credit Affects: More than half our members raised their score by up to 27 points within 60 days!
Monthly Membership: $19.99/month
Unlike illegal payday loans that charge huge interest rates and put you in a cycle of debt, a Credit Builder Loan from MoneyLion is legal and affordable. You can borrow up to $1,000 and repay it with 12 affordable monthly payments. The interest rate is competitive, and there is no hard credit check.
You’ll immediately receive some of the funds, and the rest will go into a Credit Reserve Account, earning interest while you make your payments. Then, when you make the last payment, you can access the reserve account, proving the saving really does pay off.
How to Qualify:
Be 18 or older
Be a U.S. citizen or legal permanent resident
Have a valid United States social security number
Have a bank account to make payments on your loan
What’s Included?
A loan of up to $1,000 that you’ll pay off in 12 monthly payments
Access to a weekly credit monitoring reports
Credit Reserve Account that earns interest while you repay your loan
The ability to increase your credit score by 60 points in 60 days
Instacash benefits
Comparing Your Cash Advance Loan Options in Philadelphia
Compare your cash advance loan options in Philadelphia to determine which is the right choice for your financial needs.
Instacash | Credit Builder Loan | In-Person Payday Lender | |
|---|---|---|---|
How Much Can You Borrow? | $250 | $1,000 | Normally $350 |
Fees & Interest | Free0% APR | Competitive APR, $19.99/month fee | 400% APR or higher |
Impacts Your Credit? | No | Yes, it builds your credit score | Late payments are usually reported |
Availability | Mobile DeviceApply any time | – Mobile Device- Apply any time | Not legal in the state, but illegal options are available in-person and online |
Wait Time | Instantly* | Instantly | Instant access to a check or transfer, but availability depends on your bank |
Next Steps | Sign Up | Sign Up |
Get Cash Fast with a Legal Loan
Even though payday loans are illegal, some unscrupulous lenders still offer them. The high interest rates will put you in a bind, and you might not be able to repay the loan.
Avoid this problem with help from MoneyLion. You can choose Instacash or a Credit Builder Loan and even open a RoarMoney account to get more options.
With your RoarMoney Mobile Bank account, you can get paid a full two days early and access weekly spend reports. Download the MoneyLion app today.
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Disclosures
This material is for informational purposes only and should not be construed as financial, legal, or tax advice. You should consult your own financial, legal, and tax advisors before engaging in any transaction. Information, including hypothetical projections of finances, may not take into account taxes, commissions, or other factors which may significantly affect potential outcomes. This material should not be considered an offer or recommendation to buy or sell a security. While information and sources are believed to be accurate, MoneyLion does not guarantee the accuracy or completeness of any information or source provided herein and is under no obligation to update this information. For more information about MoneyLion, please visit https://www.moneylion.com/terms-and-conditions/.
Credit Builder Plus membership ($19.99/mo) unlocks eligibility for Credit Builder Plus loans and other exclusive services. This optional offer is not a Pathward product or service. A soft credit pull will be conducted which has no impact to your credit score. Credit Builder Plus loans have an annual percentage rate (APR) ranging from 5.99% APR to 29.99% APR, are made by either exempt or state-licensed subsidiaries of MoneyLion Inc., and require a loan payment in addition to the membership payment. The Credit Builder Plus loan may, at lender’s discretion, require a portion of the loan proceeds to be deposited into a reserve account maintained by ML Wealth LLC and held by Drivewealth LLC, member SIPC and FINRA. The funds in this account will be placed into money market and/or cash sweep vehicles, and may generate interest at prevailing market rates. You will not be able to access the portion of your loan proceeds held in the credit reserve account until you have paid off your loan. If you default on your loan, your credit reserve account may be liquidated by the lender to partially or fully satisfy your outstanding indebtedness. May not be available in all states. Credit Reserve Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclaimers relating to the MoneyLion Credit Reserve Account, see Investment Account FAQs and FORM ADV.
Credit score improvement is not guaranteed. Credit scores are independently determined by credit bureaus, and on-time payment history is only one of many factors that such bureaus consider. Your credit score may be negatively impacted by other financial decisions you make, or by activities or services you engage in with other financial services organizations. MoneyLion is not a Credit Services Organization.
Credit score improvement is not guaranteed. A soft credit pull will be conducted that has no impact to your credit score. Credit scores are independently determined by credit bureaus. Data was sourced from credit score data from over 147,500 Credit Builder Plus members with an active loan between January 1, 2020, and March 15, 2023. Credit score improvement is not guaranteed. Credit scores are independently determined by credit bureaus. MoneyLion is not a Credit Services Organization. Credit Builder Plus is an optional service offered by MoneyLion.
Credit score improvement is not guaranteed. A soft credit pull will be conducted which has no impact to your credit score. Credit scores are independently determined by credit bureaus, and on-time payment history is only one of many factors that such bureaus consider. Your credit score may be negatively impacted by other financial decisions you make, or by activities or services you engage in with other financial services organizations. MoneyLion is not a Credit Services Organization.
With direct deposit. Faster and easier access to funds is based on comparison of traditional banking policies and deposit of paper checks versus deposits made electronically and the additional methods available to access funds via a card as opposed to a paper check.
Instacash® is an optional service offered by MoneyLion. Your available Instacash Advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors, as determined by MoneyLion. Expedited delivery requires Turbo Fee. See Instacash Terms and Conditions for more information and eligibility requirements.
MoneyLion is a financial technology company, not a bank. RoarMoney℠ demand deposit account provided by, and MoneyLion Debit Mastercard® issued by, Pathward®, National Association, Member FDIC. RoarMoney is a service mark of MoneyLion. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International. Funds are FDIC insured, subject to applicable limitations and restrictions, when we receive the funds deposited to your account.
Instacash is a 0% APR cash advance service provided by MoneyLion. Your available Instacash advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors as determined by MoneyLion. This service has no mandatory fees. You may leave an optional tip and pay an optional Turbo Fee for expedited funds delivery. For a $40 Instacash advance with a Turbo Fee of $4.99, your repayment amount will be $44.99. Generally, your scheduled repayment date will be your next direct deposit date. An Instacash advance is a non-recourse product; you will not be eligible to request a new advance until your outstanding balance is paid. See Membership Agreement and help.moneylion.com for additional terms, conditions and eligibility requirements.