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Rates and rules

Pennsylvania Loan Rates and Rules

Who regulates consumer lending in Pennsylvania, how rates are set, and how to check a lender and its rate before you borrow. For new requests SET Financial is not the lender: it connects Pennsylvania residents with third-party lenders who set all rates and terms.

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This page is general information, not a rate quote. Not everyone who applies will be matched or approved.

Who regulates consumer lending in Pennsylvania

Pennsylvania is a relatively strict lending environment. Consumer lending is regulated by the Pennsylvania Department of Banking and Securities, and companies making consumer loans of $25,000 or less generally must be licensed under the Consumer Discount Company Act (CDCA). Licensed consumer discount companies may charge higher rates than the general 6% limit that the Loan Interest and Protection Law sets for unlicensed lenders, with the CDCA framework allowing licensed lenders to charge up to roughly 24% per year on qualifying loans. SET Financial does not lend or set rates in Pennsylvania. Your actual APR, fees, and terms are determined solely by the lender you are matched with.

Regulator: Pennsylvania Department of Banking and Securities.

How to check a lender before you borrow

You can confirm a lender is licensed by checking the Pennsylvania Department of Banking and Securities (including its NMLS Consumer Access listings), and you should always review the exact APR, fees, and repayment terms disclosed in your loan agreement before you sign.

Many consumer lenders are also listed on NMLS Consumer Access, a national database you can search for free to confirm a company's license status and history.

Search NMLS Consumer Access

The four numbers to compare on any offer

A regulator's rules tell you about the lender. These tell you about the loan. Whoever you borrow from, and whether or not you use this site, compare offers on the same four things:

  • APR. The annualized cost including most fees. It is the only number that lets you compare two different loans honestly.
  • Total repayment amount. Principal plus every finance charge over the full term. A lower monthly payment stretched longer often costs more overall.
  • Term and payment schedule. How many payments, how often, and the exact due dates measured against when you actually get paid.
  • Fees and prepayment terms. Origination, late, and returned-payment fees, and whether paying the loan off early saves you interest.

Your loan agreement is the number that governs

Federal Truth in Lending rules require the lender to disclose the APR, finance charge, amount financed, and total of payments on the loan agreement before you sign. Any rate you see in marketing, including on this site, is general information. The figures on your own signed agreement are what actually apply to your loan.

Common questions about Pennsylvania rates

Who sets the rate and terms on my loan?

The third-party lender you are matched with sets your APR, fees, loan amount, and repayment schedule. SET Financial does not set or control any loan terms. Always review your loan agreement before signing.

What are the interest rate rules for consumer loans in Pennsylvania?

Pennsylvania caps interest at 6% per year for unlicensed lenders under the Loan Interest and Protection Law, while lenders licensed under the Consumer Discount Company Act may charge up to about 24% per year on loans of $25,000 or less. The exact rate on any offer is set by the lender and disclosed in your agreement.

This page is general information about Pennsylvania lending rules, not legal or financial advice, and it is not a rate quote. Rules change; confirm anything that matters to your situation with the Pennsylvania Department of Banking and Securities or a qualified advisor. SET Financial is not the lender on new requests and does not set the rates, fees, terms, or approval decisions of the third-party lenders in its network.

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