New York payday loan new york Loan Laws

Are you considering an New York City payday loan or another type of online loan? Here's how to get one.

New York State's payday loans are banned. Payday loans aren't allowed to be taken in person, online or via telephone. The law also bans debt collectors from trying to collect payday loan debts. New Jersey is also against the law.

But, you are able to obtain small amount of money in New York through a licensed lender. The interest rate will be cap at 25 percent APR.

The Department of Financial Services is the regulatory body you can turn to when you think payday loans are offered in New York.
Payday lending is not legal in New York.

The loan's short-term nature implies that borrowers may not be able to pay back the loan in due time. This may result in being stuck in debt.
Borrowers are required to renew or extend their loan terms if they cannot pay the loan back by the due date. Charges are imposed for each of these transactions.
The APR on payday loans is extremely high, around 400% or higher;
The fee for insufficient funds is an additional fee in the event that the account does not have enough funds.

Other Online Loan Types Still available

The law in New York against payday lending does not apply to New York. But, it is possible to obtain other loan types.

Personal loans on the internet can be used to obtain, as well as credit cards or a traditional loan from a bank.

Above, you can compare the loans available online in New York.
New York law governing lending

It is against the law in the state of Delaware to cash post-dated checks. Before opening their doors to the public, all lending businesses is required to be licensed.

The state laws set the limit for loans at 25 percent. New York banking law has set a ceiling for civil usury of 16% per year.

Always read the entire paperwork before you apply for credit. To avoid accumulating debt You should also establish a plan to repay your loan on time.

We're looking for lenders who are completely transparent, have a track record of lending success, and that have happy customers. We're constantly improving our analysis, but we are confident about what we can bring to the market.

Use our free loan comparison toolto locate the perfect personal loan in New York and take the guesswork out of doing all the work yourself.