Payday Loans in Bloomington, New York

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

Company nameAddressZip codePhone number
Atn ATM Check Cashing Corporation 12211 Guy R Brewer Blvd # A, Jamaica, NY 11434 +1 (718) 712 - 2747
RJ Caruso Tax & Accounting 364 East Ave, Oswego, NY 13126 +1 (315) 342 - 4900
PAYOMATIC 30-31 Stratton St, Flushing, NY 11354 +1 (718) 445 - 3577
Capital One Bank 2303 Grand Ave, Baldwin, NY 11510 +1 (516) 223 - 9576
Hudson Valley Credit Union 1639 Ulster Ave, Lake Katrine, NY 12449 +1 (800) 468 - 3011
EGI Check Cashing 1995 Park St #2, Atlantic Beach, NY 11509 +1 (516) 371 - 0444
LawCash 26 Court St 1104, Brooklyn, NY 11242 +1 (718) 875 - 0605
M&T Mortgage 28 E 3rd St, Jamestown, NY 14701 +1 (716) 483 - 4970
Citibank 710 Larkfield Rd, East Northport, NY 11731 +1 (631) 850 - 4629
Berkshire Bank 1100 Mohawk St East, Utica, NY 13501 +1 (315) 792 - 9677

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Bloomington, NY, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan for Hempstead, NY, Payday Loans in Henrietta, NY, Online Loans in Hicksville, NY, Payday Loans in Huntington, NY, Payday Loan Without a Credit Check in Huntington Station, NY, Online Loans in Islip, NY, Payday Loans in Ithaca, NY and Bad Credit Loans in Jamestown, 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 Bloomington, NY.

Are Payday Loans Legal In Bloomington, 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

Bloomington, NY payday loan calculator

Payday Loans in Bloomington, New York: What You Need to Know

Payday loans, also known as cash advances, are a form of short-term borrowing that can provide fast access to funds. However, if you’re a resident of Bloomington, New York, it’s important to understand that payday loans are, in fact, illegal in your state.

What Are Payday Loans?

Payday loans are typically small-dollar loans that borrowers pay back in full, plus fees, on their next payday. These loans typically have high interest rates and fees, making them a very expensive form of borrowing. Payday loans are often marketed as a way to get quick cash for unexpected expenses but can trap borrowers in a cycle of debt.

Payday Loans in New York

In New York, payday loans are illegal. The state’s Department of Financial Services warns consumers against payday loans, which are known to charge extremely high interest rates and fees. The state has strict laws in place to protect consumers from predatory lending practices, including the prohibition of payday loans.

Instead of payday loans, residents of Bloomington, New York, have several other options for accessing credit, including personal loans and credit cards. These options may have lower interest rates and fees than payday loans and may provide more flexible repayment terms.

The Risks of Payday Loans

Payday loans can be extremely risky for borrowers, especially those who are already struggling financially. The high interest rates and fees associated with these loans can make it difficult to pay back the principal amount, resulting in a cycle of debt that can be difficult to escape.

According to a report by the Consumer Financial Protection Bureau (CFPB), over 80% of payday loans are rolled over or followed by another loan within 14 days. This means that most borrowers are unable to pay back the full amount of the loan on their next payday, leading to additional interest and fees.

Furthermore, payday lenders often require access to the borrower’s bank account, which can lead to unauthorized withdrawals and overdraft fees. This can add to the overall cost of the loan and make it even more difficult for borrowers to manage their finances.

Interesting Facts and Statistics About Payday Loans in New York

  • Payday lending is illegal in New York.
  • The state has some of the most strict usury laws in the country, capping interest rates at 25% for most loans.
  • In 2013, the New York State Department of Financial Services sent cease-and-desist letters to 35 online payday lenders operating illegally in the state.
  • The state has created a database to track payday lending activities and enforce its laws against predatory lending practices.

Apply Now

While payday loans are illegal in Bloomington, New York, TheGuaranteedLoans website can still help you find lenders willing to work with you. As a connector service, we connect borrowers with potential lenders who can provide personal loans and other forms of credit.

To get started, simply fill out our online application form and we’ll take care of the rest. Our platform is easy to use, and we can match you with lenders who may be able to provide the funds you need.

Remember, borrowing money is a serious decision, and it’s important to understand the terms and conditions of any loan you are considering. Be sure to read all documents carefully and ask questions if you’re unsure about anything. With the help of TheGuaranteedLoans website, you can make informed decisions about your finances and get the support you need to achieve your goals.

F.A.Q.

How do I know if a lender is offering illegal payday loans in Bloomington, New York?

Lenders offering illegal payday loans in Bloomington, New York may not be licensed by the state and may have high interest rates and fees that are not allowed under state law.

What can I do if I have taken out an illegal payday loan in Bloomington, New York?

If you have taken out an illegal payday loan in Bloomington, New York, you can contact the New York State Department of Financial Services to report the lender and seek assistance in resolving the issue.