New York Payday Loan Laws

Are you considering applying for an New York online loan or payday loan? Here are some tips you must be aware of.

New York State is prohibited by law from making payday loans. The state prohibits the making of payday loans in-person, via telephone or via the internet. It also prohibits debt collectors from trying to collect payday loan new york (atomintersoft.com) loan debts. New Jersey is also against the law.

However, You can get a small loan in New York by a authorized lender. The rates will not exceed 25 percent.

The Department of Financial Services is your supervisor should you be concerned about payday loan loans in New York.
What's the reason? Payday Lending Illegal in New York?

Since the loan is a short-term one, many borrowers cannot pay it back in time. This can result in them being stuck in debt.
The borrower could be asked to extend or renew the loan's terms in the event that the loan is not able to be repaid in full at the end. There are fees for each of these transactions;
The APR on payday loans are exceptionally high, at least 400% or more.
Insufficient funds charges can be added to the account of the borrower if it does not have the required balance.

You can still get different types of online loans

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

Apply online to get personal credit, loans, and conventional loans at banks.

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

It is against the law in the state of Delaware to cash postdated cash checks. Every lending business must obtain an approval prior to starting business.

The state law places a limit on loans of 25%. New York banking law imposes a small loan limit of 25%, which is equivalent to 16% per annum.

It is recommended to go through all documents, including small print prior to applying for any kind of credit. A well-thought out plan must be devised to pay back the loan on time in order to avoid accruing debt.

We seek out lenders who offer full transparency and have a long track record of lending that has been successful and with satisfied customers. We are constantly improving our comparisons but are confident about what we can bring the market.

To find the most suitable personal loan available in New York, use our tool for comparing loans.