New York payday loan new york - http://aisauto.ru/, Loan Laws

Are you considering applying for an New York online loan or payday loan? Here are some of the things you need to be aware of.

Payday loans are prohibited. The state prohibits payday loans that are made via the internet, telephone, or in person. A debt collector cannot attempt to recover a payday loan's debt. It is also illegal under the law. Payday loans are also illegal in New Jersey.

But, You can get a small mortgage in New York by a licensed lender. The rate do not exceed 25 percent.

The Department of Financial Services will be your regulator should you be concerned about payday loan loans in New York.
Payday lending is not legal in New York.

The short-term nature of the loan means that borrowers may not be able to repay the loan in due time. This could lead to the trap of debt.
The borrower is able to renew the loan term or extend it in the event that the loan isn't paid on the date of due. Each time a transaction is made the fees are due.
Payday Loans APR are extremely high. They can go up to 400%.
Additional charges could be assessed if the credit card of the borrower does not contain the required amount.

There are many other types of loans online available

While payday lending is illegal in New York City, there could be other loan options.

Apply online for personal credit cards, loans and a conventional loan at banks.

Above, you can compare the loans available online in New York.
The laws that govern Lending in New York

It is illegal to cash postdated checks. Before opening their doors, any lending business must be licensed.

The state law sets an amount for loans of 25%. The New York banking law has set a cap on civil usury that equates 16% per annum.

Be aware that all paperwork and fine print must be reviewed prior to applying to any type of credit. In the same breath, have a solid plan to pay off your loan in time so that you don't accumulate debt.

We seek out lenders that are open and honest, and have a track record of success in lending and satisfied customers. We are always seeking ways to enhance our comparisons and we are confident about the loans we can offer.

Utilize our free tool for loan comparisonto locate the perfect personal loan for you in New York and take the task of doing the legwork for yourself.