New York Payday Loan Laws

Are you interested in the possibility of a New York City payday loan or another type of online loan? Here's what you need to know.

New York State's payday loan new york, dot-me.of-cour.se, loans are prohibited. The payday loans aren't permitted to be obtained in person, via the internet, or via telephone. The law also bans debt collectors from attempting to collect debts owed by payday loans. New Jersey makes payday lending illegal.

But, you may obtain the small loan from a licensed lender in New York. Rates are limited to 25% APR.

You can reach the Department of Financial Services for payday loans if they are made in New York.
Payday loans are illegal in New York.

Since the loan is a short-term one, many borrowers cannot pay it back in time. This can result in them being stuck in debt.
Borrowers are required to renew or extend the terms of their loan when they are not able to pay the loan back by the due date. These transactions can incur charges.
Payday loan APR is very high. It could be up to 400 percent..
Insufficient funds fees are added to every account that does not have sufficient funds.

You are still able to get other types of online loans

New York's law against payday loans does not apply to New York. But, it is possible to get other loan types.

You can apply online for personal loans, obtain credit cards or get a conventional loan from a bank.

Find the most competitive online loan options for New York above on this page.
New York Laws that Regulate Lending

The state bans cashing checks for postdated check. Before a lending company can start its operations they must be registered with a license.

The state law sets an upper limit on loans that is 25 percent. The New York banking law has implemented a civil usury limit which is 16% annually.

Before you apply for any credit, it is an excellent idea to go through all the documentation. A solid plan should be developed to repay the loan on time so that you don't accumulate debt.

We look for lenders that provide full transparency and have a many years of lending success and happy customers. We are constantly improving our comparative ability, but we're confident in what we have to offer the market.

Use our no-cost tool for loan comparison to locate the best personal loans in New York.