Payday Loans in Auriesville, New York

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No payday loan companies in Auriesville, NY. Consider companies in other cities:

Company nameAddressZip codePhone number
Allegany Abstract Co 50 Schuyler St, Belmont, NY 14813 +1 (585) 268 - 7245
Stout Financial Network LLC 7824 NY-104, Oswego, NY 13126 +1 (315) 343 - 0177
People's United Bank 295 N Sea Rd, Southampton, NY 11968 +1 (631) 283 - 3800
Chase Bank 385 NY-25A Ste 5, Miller Place, NY 11764 +1 (631) 473 - 6482
Tioga State Investment Services 1430 Front St, Binghamton, NY 13901 +1 (607) 722 - 4140
Buffalo Jewelry & Loan 2196 Seneca St, Buffalo, NY 14210 +1 (716) 259 - 9150
Bank of America with Drive-thru ATM 6529 E Quaker St, Orchard Park, NY 14127 +1 (716) 662 - 4406
NBT Bank 270 Genesee St, Utica, NY 13502 +1 (315) 738 - 8701
Resolute Commercial Capital 140 Metro Park, Rochester, NY 14623 +1 (585) 371 - 6499
Cayuga Lake National Bank 165 Cayuga St, Union Springs, NY 13160 +1 (315) 889 - 7358

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Auriesville, NY, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Warwick, NY, Online Loans in Webster, NY, Emergency Loan in West Babylon, NY, Payday Loans in White Plains, NY, Payday Loans in Yonkers, NY, Payday Loans in Albany, NY, Online Loans in Babylon, NY and Guaranteed Loans in Bay Shore, NY. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Auriesville, NY.

Beautiful sights of Auriesville, NY

Are Payday Loans Legal In Auriesville, New York?

Payday Lending is Prohibited in New York

New York Loan Regulations

Legal StatusProhibited
Interest Rate (APR, %)Prohibited
Maximum Loan AmountProhibited
Minimum Loan TermProhibited
Maximum Loan TermProhibited
Number of Rollovers AllowedProhibited
Finance ChargesProhibited

Auriesville, NY payday loan calculator

Understanding Payday Loans in Auriesville, New York

If you reside in Auriesville, New York, and you’re in need of quick cash, you might be tempted to turn to a payday loan. After all, payday loans are short-term loans designed to help people deal with unforeseen expenses or emergencies like car repairs, medical bills, or utility expenses.

However, it’s important to note that payday loans are prohibited in New York state. In 2006, the New York State Assembly prohibited payday loans via the Banking Department’s Small Loan Lending Program.

Note: While this article discusses payday loans, we would like to clarify that TheGuaranteedLoans is a connector service, not a direct lender. We connect potential borrowers with our network of lenders to best serve their needs.

Understanding Payday Loans

Payday loans are small, short-term loans with high-interest rates designed to provide quick cash. The borrower must write a post-dated check to the lender for the amount of the loan, plus interest and fees. The lender will then advance the borrower the amount specified in the check, minus their fees.

The issue with payday loans is that the annual percentage rate (APR) can be incredibly high. In fact, APRs for payday loans can reach upwards of 400%. For comparison, credit card APRs typically range from 12% to 30% depending on creditworthiness.

Moreover, many payday lenders require borrowers to pay back the loan, interest, and fees in a lump sum within a few weeks. This can make it challenging for millions of Americans living paycheck to paycheck.

The Reality of Payday Loans

Despite the ease of access to quick cash, payday loans often put borrowers in a debt trap. According to The Pew Charitable Trusts, around 80% of payday loans aren’t paid on time, leading to rollovers and renewals of the initial loans.

What this means is that many borrowers take out additional loans to cover the previous one, putting them in a cycle of debt they can’t escape. In the end, they can end up paying hundreds or thousands of dollars more in interest and fees than the initial loan amount.

Payday Loans in Auriesville, New York

New York State’s Banking Department’s Small Loan Lending Program prohibits payday loans, hence making it illegal for cash advance companies to offer these loans. This law applies to both physical and online lenders.

Instead, New York has three primary alternatives to payday loans: credit unions, community banks, and low-interest-rate financial assistance programs. These alternatives often have better rates and repayment terms, making them a better solution for those who require fast cash.

Interesting Facts about Payday Loans

– In New York, only 37% of payday loan borrowers manage to pay the loan within the given two-week period.
– California, Texas, and Ohio have the largest number of payday lending storefronts.
– The average payday loan borrower takes out eight loans per year and spends more than 90 days in debt.
– Payday loans result in more than $9 billion in loan fees per year, according to a report by the Center for Responsible Lending (CRL).

Apply Now

If you’re in need of quick cash and you live in New York, TheGuaranteedLoans can help you find a lender that meets your needs. While we do not offer payday loans, we connect borrowers with lenders who offer a range of loan products, including personal loans, title loans, and more.

Fill out our online application today to get started. Remember, we are a connector service, and we aren’t a direct lender. As such, we’ll match your application with the lender that best fits your needs.

Conclusion

Payday loans are illegal in New York State, including Auriesville. Though there might be a limited number of lenders offering payday loans, it’s important to avoid them and consider alternative options, as they can end up costing one significantly more in the long run. If you need cash fast, consider seeking out consumer credit counseling or financial assistance organizations, or explore some of the loan products available on TheGuaranteedLoans website.

F.A.Q.

Can a payday loan company file a lawsuit against me in Auriesville, New York?

No, a payday loan company cannot file a lawsuit against you in Auriesville, New York because these loans are illegal in the state.

Are there any federal laws that apply to payday loans in Auriesville, New York?

Yes, there are federal laws that apply to payday loans in Auriesville, New York, including the Military Lending Act and the Truth in Lending Act. These laws provide protections for consumers and regulate the practices of payday lenders.