New York Payday law on loans

Are you considering getting a payday loan or any other online loan in New York? Here's how you can obtain one.

Payday loans are not legal in New York State. The state prohibits the taking payday loans in person via telephone or online. A debt collector cannot attempt to collect a payday loan debt. It is also illegal under the law. New Jersey has also made payday lending illegal.

However, a registered New York lender is able to provide an loan for a small amount. Rates are restricted to 25% APR.

The Department of Financial Services will be your supervisory body in case you have concerns regarding payday loans in New York.
Payday loans are not legal in New York.

The short-term nature of the loan means that borrowers may not be able to pay back the loan in due time. This can leave borrowers in financial debt.
The borrower may be forced to extend or renew the loan term if the loan cannot repay in full at the end. Every transaction is subject to fees.
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Insufficient funds fees are added to every account that does not have sufficient funds.

There are still options available for additional online loans

While payday lending is not legal in New York, other loan types may be available.

Personal loans on the internet can be used to obtain in addition to a credit card or a traditional loan from the bank.

Above, you will be able to compare the available online loan options in New York.
New York laws governing lending

It is illegal in the state of Delaware to cash post-dated checks. Before opening its doors to customers, any lending company must be licensed.

The state laws establish a loan limit of 25 percent. New York banking law enforces a civil useury cap of 16% per year.

Be aware that it is always advisable to study all paperwork including the fine print prior to deciding to make an application for any credit. A plan of action should be developed to repay the loan on time so that you don't accumulate debt.

We are looking for lenders who are honest and transparent with a track-record that has proven to be successful in lending. We're constantly improving our comparisons, but are confident in what we can bring to market, and believe that you'll be just as confident.

You can use our no-cost loan comparison tool to determine the most suitable personal loan in New York.