New York Payday Loan Laws

Do you wish to take an New York payday loan? Here's some information.

Payday loans are not legal in New York State. The state prohibits the making of payday loans in-person, via telephone or online. A debt collector cannot attempt to take a payday loan debt. This is also illegal under the law. New Jersey also prohibits payday lending.

However, you are able to get small amount of money in New York through a registered lender. The interest rates are set at 25 percent APR.

Contact the Department of Financial Services if payday loans are being granted in New York.
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Since the loan is short-term the majority of borrowers are unable to repay it on time. This could result in them being in the position of being in.
The borrower is able to extend the loan's term or extend it if the loan is not repaid before the date of due. In each transaction there are fees to be assessed.
Payday Loans APR are extremely large. They can go up to 400%.
Insufficient funds fees are charged to any account that is not able to access sufficient funds.

Other Type of Online Loans Are Available

New York law prohibits payday lending, but other types of loans may be offered.

It is possible to apply online for personal loans, establish credit scores, or get a conventional loan from your bank.

This page lists all online loans that are available in New York.
New York Laws that Regulate Lending

It is against the law in the state of Washington to cash postdated checks. Before any lending company is able to begin operations they need to first acquire a license.

The laws of the state impose an upper limit on loans of 25% and no more than the amount. The banking law in New York has imposed an annual limit on civil usury.

Be aware that it's recommended to study all paperwork including the fine print prior to deciding to make an application for any credit. A well-thought out plan must be devised to pay back the loan on time to avoid accruing debt.

We are looking for lenders who offer full transparency and have many years of successful lending and satisfied customers. We are always looking to improve our comparisons and are confident in the loans we can offer.

Use our free loan comparison tool to find the right personal loan for New York.