New Video Explains Loan Interest Rates for PA Consumers

Harrisburg, PA – Secretary of Banking and Securities Robin L. Wiessmann today announced the release of a new series of videos that explains the amount of interest Pennsylvania consumers can be charged when borrowing money.

“Finding out how much interest you can be charged can be a complicated task, depending on who is lending you the money, what you are purchasing, or whether you are a member of the military,” said Wiessmann. “These new videos take a plain-English approach to answering the basic question ‘what interest rates and fees am I going to be charged?’”

The six-minute “Consumer Interest Rates in Pennsylvania” video can be found online: https://bit.ly/2GW7Ed3

A series of 13 shorter videos on specific lending types can be found on the department’s YouTube channel: https://bit.ly/2JKGB2n

“It is important to remember that – while borrowing money can be complex – Pennsylvania consumers have many options in a competitive marketplace from which to choose,” noted Wiessmann. “Consumers should still do their homework, making sure they understand their loan agreements and that the lender is licensed or chartered to do business in Pennsylvania.”

Consumers with questions about interest rates or other financial issues can contact the Department of Banking and Securities at 1-800-PA-BANKS or 1-800-600-0007.