New York Payday Loan Laws

Are you looking to obtain a New York payday loan? Here are some tips you must know.

payday loan new york loans are prohibited in New York State. The payday loans aren't permitted to be taken in person, online or over the telephone. A debt collector cannot attempt to collect a payday loan debt. It is also illegal under the law. New Jersey makes payday lending illegal.

However, You can get a small mortgage in New York by a authorized lender. The rates do not exceed 25 percent.

Contact the Department of Financial Services if payday loans are being granted in New York.
Payday loans are not legal in New York.

The borrower is often unable to repay the loan on date due to its short-term nature. This can lead to debt trapping.
If the loan is not repayable at the conclusion of the loan, the borrower is forced to extend or renew the loan's term. Each time a transaction is made, fees are due.
Payday APR on loans is very high. It can be up to 400 percent..
Insufficient funds charges are charged to any account that is not able to access sufficient funds.

Another form of online loan is readily available

New York's law that prohibits payday loans is not applicable to New York. But, it is possible to apply for other types of loans.

You can apply online to get personal credit cards, loans, and conventional loans at banks.

This page lists the complete list of online loans available in New York.
New York law governing lending

It is against the law in the state of Delaware to cash postdated cash checks. Before opening its doors to the public, all lending businesses must be licensed.

State laws have an annual limit of 25 percent for loans. The New York banking law has implemented a civil usury limit which is 16% annually.

Be aware that all documents and fine print needs to be read prior to submitting to any kind of credit. It is important to have a strategy in place to repay your loan in a timely manner to avoid becoming indebted.

We look for lenders who are honest and have a track record of lending success and satisfied customers. We continually improve our benchmarks, however we are confident in what is available to the market.

Use our free tool for loan comparisonto find the right personal loan in New York and take the task of doing all the legwork yourself.