New York payday loan new york Loan Laws

Are you planning to apply for an New York online loan or payday loan? Here's how you can get one.

Payday loans are prohibited in New York State. Payday loans are not allowed to be obtained in person, via the internet, or by phone. It's also in illegal act for debt collectors to try to collect debts for a payday loan. New Jersey also prohibits payday lending.

But, you can take out an small loan in New York from a registered lender with rates that are set at 25% APR.

To provide information on payday loans made within New York City, you should contact the Department of Financial Services.
Payday loans in New York: Why is it illegal?

The loan's short-term nature means that borrowers might not be able pay back the loan in due time. The result is that borrowers end up in financial debt.
The borrower can extend or renew loans if the loan is not repayable within the timeframe agreed upon. Charges are imposed for each of these transactions.
Payday loans have an extremely high APR of about 400%.
Additional charges may be assessed if the credit card of the borrower doesn't have the necessary amount.

Other Online Loan Types Still available

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

You can apply online for personal loans, apply for credit card or even take out a conventional loan from a bank.

This page provides a list of all online loans in New York.
New York's Lending Laws

Check cashing for postdated check is not allowed in the state. Before they can begin their business any lending company requires an authorization.

State laws provide the 25 percent limit on loans. New York banking law imposes an amount for loans that is small, which is 25% that is equal to 16% per year.

Keep in mind that it's advised to go through all the documents including fine print prior to you make an application for any credit. A plan of action should be created to repay the loan in order to avoid accruing debt.

We look for lenders who are honest and transparent and have a track record that has proven to be effective in lending. We continually improve our analysis, but we are confident in what can be made available for sale.

Our free loan comparison will assist you in finding the perfect personal loan to suit your needs in New York.