New York Payday Loan Laws

Are you looking to get a New York City payday loan, or any other type of loan online? Here's some information.

New York State has made payday loans illegal. The state bans payday loans online, over-the-phone or in the person. It is also a crime for a debt collector to make any attempts to collect the debt on a payday loan. New Jersey is also against the law.

But, you may obtain a small loan from a registered lender in New York. Rates will be limited to 25 percent APR.

You can contact the Department of Financial Services if payday loans are being made in New York.
Payday loan in New York is Illegal

The loan's short-term nature means that borrowers may not be able to repay the loan on time. This could result in debt-trapping.
The borrower is able to renew the loan term or extend it if the loan is not repaid on the date of due. Charges are imposed for every one of these transactions.
The APR on payday loan new york - https://elite-file.com/author/cpadmin/page/116/?id&, loans are very high, ranging from 400% or higher;
Insufficient funds fees may be added to the bank account of a lender when the account does not have the balance required.

You still have options for other online loans

New York's law that prohibits payday lending does not apply to New York. But, it is possible to get other types of loans.

It is possible to apply online for personal loans, apply for credit cards, or take out a traditional loan from banks.

Compare available online loan options for New York above on this page.
New York law governing lending

The state prohibits check cashing for postdated check. Before any lending firm can begin its operations they need to first acquire an authorization.

State laws provide an annual limit of 25 percent for loans. The New York banking law has implemented a civil usury limit which is 16% per year.

Be aware that all documents and fine print needs to be read before you apply to any kind of credit. It is important to have a strategy to pay back the loan on time to avoid getting into debt.

We are looking for lenders who are transparent and have many years of successful lending and satisfied customers. We are constantly improving our comparisons but are confident that we have the ability to change the market.

Find a personal loan in New York by using our -free loan comparison tool.