New York Payday loans laws

Are you thinking about taking a New York payday loan or other online loans? Here's how to get one.

Payday loans are illegal in New York State. The payday loans can only be obtained in person, online, or via telephone. The debt collector can't attempt to take a payday loan debt. This is also against the law. Payday lending is also illegal in New Jersey.

However, You can get a small loan in New York by a registered lender. The rates are not more than 25%.

The Department of Financial Services is the regulatory authority that you should consult in the event that you suspect payday loans are being offered in New York.
What is the reason payday loan new york lending illegal in New York?

The borrower may have difficulty to pay off the loan due to its short term nature. This could result in the trap of debt.
A borrower can extend the loan's duration or extend it in the event that the loan is not repaid on the due date. These transactions can incur charges.
Payday loans APR are quite high. They can increase to 400 percent..
The fee for insufficient funds is an additional cost when the account doesn't have enough funds.

There are still other types of online loans that are available

Payday loans are not legal in New York. However, there are other types of loans readily available.

Online loans are accessible, as is a credit-card application or conventional loan.

This page will enable you to evaluate the available loan options in New York.
Laws that govern Lending in New York

The check cashing of postdated check is not allowed in any state. Before opening their doors to the public, all lending businesses must be licensed.

State laws provide an annual limit of 25 percent for loans. The New York banking law has established a 16% annual limit on civil usury.

Be aware that all paperwork and fine print needs to be read prior to submitting to any kind of credit. A well-thought out plan must be devised to pay back the loan on time so that you don't accumulate debt.

We are looking for lenders who provide full transparency and have a a long track record of successful lending and satisfied customers. We are constantly improving our comparability, but we feel confident in what we can offer the market.

Use our no-cost loan comparison tool to determine the most suitable personal loans for New York.