New York Payday Lender Laws

Do you wish to take an New York payday loan? Here's what you need to know.

Payday loans are prohibited in New York State. The state prohibits payday loans being made online, by telephone, or in-person. A debt collector is not able to recover a payday loan's debt. It is also prohibited by law. New Jersey makes payday lending illegal.

However, you are able to get small loans in New York through a registered lender. The rates are set at 25 percent APR.

The Department of Financial Services will be your supervisory body in case you have concerns regarding payday loans in New York.
Why Is Payday lending illegal in New York?

The borrower is often unable to pay back the loan on time due to its short-term nature. This can result in them being trapped in debt;
Borrowers are able to extend or renew loans if the loan isn't repaid within the agreed term. These transactions are subject to fees.
The rate of interest of payday loans is extremely high at about 400%.
Insufficient funds fees may be added to the account of the borrower if it does not have the necessary balance.

You can still get other kinds of loans online

Although payday loan new york (atomintersoft.com) loans are not legal in New York City, there could be other loan options.

Apply online for personal credit, loans and a conventional loan at the bank.

Here, you'll find all the online loan options accessible in New York.
New York's Lending Laws

Cashing postdated checks is not allowed in the state. Every lending institution must obtain an approval prior to starting operations.

The state law sets a 25% loan limit. The New York banking law has imposed an annual limit on civil usury.

When you are applying for any credit, it is recommended to take the time to go through all the documentation. In the same breath make sure you have a plan to repay your loan on time so that you don't accumulate debt.

We are looking for lenders who are completely transparent and have a proven track record of success in lending, and that have happy customers. We're constantly improving our comparisons, but are confident about what we can bring to market, and believe that you will be as well.

We offer a no-cost loan comparison tool to find the right personal loan in New York.