New York Payday Loan Laws

Are you considering getting a payday loan new york (http://www.comparemusicdownloadsites.com/) loan or other type of online loan in New York? Here is what you should be aware of.

New York State is not in compliance with the law regarding payday loans. The state bans payday loans being offered online, over the telephone, or in person. The law also prohibits debt collectors from trying to collect payday loan debts. New Jersey also bans payday loans.

However, a registered New York lender may offer the loan in a very small amount. The rate is limited to 25 percent APR.

To report on payday loans issued within New York City, you are able to contact the Department of Financial Services.
Payday Loans are legal in New York: Why is it Illegal?

The loan's short-term nature means that borrowers might not be able to pay back the loan in time. The result is that borrowers end up in financial debt.
The borrower may be required to extend or renew the loan's term if the loan cannot repay in full at the end. The transactions are subject to fees.
Payday loan APR is very high. It can be up to 400 percent..
Insufficient funds fees may be added to the bank account of a lender when the account does not have the necessary balance.

You have choices for additional online loans

New York law prohibits payday loans, however other loan types may be offered.

You can apply for online personal loans, get credit card or get conventional loans from banks.

This page provides a list of the complete list of online loans that are available in New York.
New York's Lending Laws

It is against the law to cash postdated checks. Every lending company must get an approval prior to starting operations.

The laws of the state set an upper limit on loans of 25% and no greater than that. The New York banking law has imposed an annual civil usury limit.

Make sure that all forms and fine print should be read prior to submitting to any kind of credit. To prevent debt accumulation it is also important to have a plan to repay the loan in a timely manner.

We look for lenders who are open and transparent, with a track record that has proven to be efficient in lending. We are constantly improving our comparability, but we are confident about what we can offer the market.

You can use our free loan comparison tool to locate the best personal loans in New York.