New York Payday Loan Laws

Are you thinking about taking a New York payday loan or another kind of online loan? Here's some information.

Payday loans are not legal in New York State. The state prohibits the making payday loans in person through a phone line or via the internet. It is illegal to be an individual to collect debt or attempt to collect any payday loan debt. payday loan new york (aisauto.ru) lending is also illegal in New Jersey.

However, you can take out an small amount of money in New York from a licensed lender with rates that are set at 25% APR.

The Department of Financial Services will be your supervisory body if you are concerned about payday loans in New York.
Payday lending is not legal in New York.

Borrowers may find it difficult to pay back the loan due to its short term nature. This may result in being trapped in debt;
Borrowers are able to extend or renew loans if the loan cannot be paid back within the stipulated time. These transactions are subject to charges.
Payday APR on loans is extremely high. It can be up to 400 percent..
If the loanee's account does not have the required amount, the borrower will be charged extra charges as a result of an fees for insufficient funds.

You still have options for additional online loans

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

You can apply online to get personal credit cards, loans, and a conventional loan at a bank.

On this page, you'll discover all the online loan options accessible in New York.
New York law governing lending

The state bans the cashing of checks older than 60 days. Every lending business must obtain an approval prior to starting operations.

The state law sets an amount of 25% 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 before you apply to any type of credit. A well-thought out plan must be created to repay the loan in order to avoid accruing debt.

We look for lenders who are transparent and have a solid track record of loan success and happy customers. We're always working to improve our comparisons, but believe in the products we can provide to the market, and we know you'll be just as confident.

Get a personal loan in New York by using our -free loan comparison tool.