New York Payday Loans

If you’ve found yourself short on cash and need to borrow a small amount of money, you may be considering a payday loan. Our guide to New York paydayd loans will give you the other options you need to make a good decision.

Are Payday Loans legal in NY?

No. Payday loans are not legal in the state of New York. This is mainly because of the high APR and fees borrowers have to pay make many people feel that payday loans are predatory.

Even though you can’t get a payday loan in New York, you should still familiarize yourself with the laws and read all the paperwork of a loan before signing. It’s important that you can repay what you borrow so you can avoid having more debt in the future.

What are the laws and regulations for New York?

Licensed lender law applies but the interest rate is that agreed to by contract. N.Y. Banking Law 340 et seq. A check casher licensee cannot make loans nor cash or advance any amounts of money on a post-dated check unless it is a payroll check. N.Y. Banking Law 373. Criminal law sets the usury cap at 25%. N.Y. Penal Code 190.40.

What are the alternatives to Payday Loans?

While you can’t get a payday loan in New York, you do have other options to consider.

  • Saving up. Rule #1 is always to save up as much as possible when in a financial emergency before turning to anything else.
  • Make extra cash. Think about selling old or unused items that you have in your home that you think could be worth quite a bit.
  • Cash advance. You could always ask your boss or employer for a slight raise or for a few extra working hours a day to bring in more money.
  • Side job. Getting a second job or part-time job on top of your main job can bring in a huge sense of income.

Will I be able to get a Payday Loan in another state?

No. New York law applies to all residents, even if they aren’t present in the state. If you visit a state where payday lending is legal, you still won’t be able to take out a payday loan.

Note: Residents of Arkansas, New York, Vermont and West Virginia are not eligible to use this website or service. The states serviced by this website may change from time to time, without notice. If you are curious about the laws and regulations in your state, see here.