New York Payday Loan Laws

Do you want to get an New York payday loan? Here's how you can get one.

New York State's payday loans are banned. The state bans payday loans via the internet, over the phone, or in person. It is also illegal for debt collectors to try to collect from payday loans. New Jersey is also against the law.

However, a registered New York lender is able to provide a loan in a very small amount. Rates are restricted to 25% APR.

The Department of Financial Services is the regulatory body you can turn to in the event that you suspect payday loan new york - patriot-paradox.com - loans are being issued in New York.
Payday loans are not legal in New York.

Because it is a short-term loan many borrowers are unable to repay the loan in time. This could result in them being in debt.
Borrowers are able to extend or renew their loans if the loan isn't repayable within the timeframe agreed upon. In each transaction there are fees to be charged.
Payday APR for loans is extremely high. It can be as high as 400%.
Insufficient funds charges can be added to the bank account of a borrower if it does not have the balance required.

There are still other types of online loans that are available

Payday loans are not legal in New York. However, there are different types of loans that might be available.

You can apply online for personal loans, a credit card and the traditional loan from banks.

Above, you will be able to compare the available online loan options for New York.
New York law governing lending

It is illegal to cash postdated checks. Before launching their business any lending company requires an authorization.

The state law sets a 25% loan limit. New York banking law has established a civil usury ceiling of 16 percent per year.

It is advised to read every document, including the fine print before applying for any type of credit. At the same time be sure to have a strategy to repay your loan on time so that you don't accumulate debt.

We're looking for lenders who offer complete transparency, have a track record of loan success and have satisfied customers. We constantly improve our benchmarks, however we're confident that what we find can be brought to market.

Our free loan comparison can help you find the best personal loan that is right to suit your needs in New York.