New York Payday Loan Laws

Are you considering the possibility of a New York City payday loan or another type of online loan? Here's some information.

New York State is prohibited by law from making payday loans. Payday loans are not permitted in New York State being offered online, over the telephone, or in-person. The debt collector can't attempt to collect a payday loan debt. It is also illegal under the law. New Jersey is also against the law.

However, you can take out an small loan in New York from a authorized lender, and rates are set at 25 percent APR.

You can reach the Department of Financial Services if payday loans are being made in New York.
payday loan new york (http://mainsource-it.ru/html/13_4_12.htm) Loans are legal in New York: Why is it Illegal?

The borrower is often unable to pay back the loan on time due to its short-term nature. This could result in debt trapping.
The borrower might be asked to extend or renew the loan's terms when the loan isn't able to be paid back at the time of its expiration. Each transaction is charged fees.
The rate of interest of payday loans is incredibly high, at about 400 percent..
Additional charges could be incurred if the account of the borrower doesn't contain the required amount.

You are still able to get other types of loans online

New York law prohibits payday lending, but other loan types may be available.

You can apply on the internet to get personal loans, get credit scores or take out a conventional loan through your bank.

This page provides a list of all online loans available in New York.
New York laws governing lending

It is against the law to cash check with postdated checks. Before opening their doors, any lending business must be licensed.

The state laws place the loan limit at 25. The New York banking law has enforced a civil usury cap that is equivalent to 16% annually.

Remember that it is always recommended to read all the paperwork including fine print before you apply for any kind of credit. It is important to have a strategy in place to repay your loan promptly to avoid getting into debt.

We are looking for lenders who are open and honest and have a track record which has proven effective in lending. We are always looking for ways to improve our analysis and we are confident about the options we offer.

Utilize our free loan comparison toolto locate the perfect personal loan for you in New York and take the task of doing all the legwork yourself.