Payday Loans in Boston, New York

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

Company nameAddressZip codePhone number
KeyBank 6716 Pittsford Palmyra Rd, Fairport, NY 14450 +1 (585) 421 - 7220
Enterprise Rent-A-Car 32 Star Island Rd, Montauk, NY 11954 +1 (631) 283 - 0055
Gowanda Area Federal Credit Union 14266 Taylor Hollow Rd, Gowanda, NY 14070 +1 (716) 532 - 3790
Snap Advances 123 Grove Ave, Cedarhurst, NY 11516 +1 (516) 568 - 7466
Island Federal Credit Union 920 Middle Country Rd, Selden, NY 11784 +1 (631) 851 - 1100
Citibank 95 Pondfield Rd, Bronxville, NY 10708 +1 (914) 202 - 0108
Sunmark Credit Union The Crossings, 2 Tower Way, Clifton Park, NY 12065 +1 (866) 786 - 6275
UBS Financial Services Inc. One Broad Street Plaza 2nd Floor, Glens Falls, NY 12801 +1 (518) 745 - 5500
Devine Financial Group 32 Maiden Ln, Kingston, NY 12401 +1 (845) 706 - 9994
Bank of America with Drive-thru ATM 405 Windsor Hwy, New Windsor, NY 12584 +1 (845) 476 - 3932

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Boston, NY, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in New City, NY, Payday Loans in New Rochelle, NY, Emergency Loan in New York, NY, 24-Hour Loan in Niagara Falls, NY, Payday Loans in North Tonawanda, NY, Emergency Loan in Oceanside, NY, Payday Loans in Ossining, NY and 24-Hour Loan in Oyster Bay, 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 Boston, NY.

Beautiful sights of Boston, NY

Payday Loans Available in Boston, NY By The Following ZIP Codes:

14025

Are Payday Loans Legal In Boston, 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

Boston, NY payday loan calculator

Payday Loans in Boston, New York: A Comprehensive Guide

Payday loans are a controversial topic in the world of personal finance, and for good reason. They offer short-term financial relief but come at a hefty cost. However, despite the risks, many people still turn to these loans in times of need.

What are Payday Loans?

Payday loans are short-term loans that offer quick cash to borrowers in need. Typically, these loans are for small amounts, ranging from $100 to $1,000. Borrowers are required to pay back the loan and any interest in full on their next payday.

Payday loans are marketed to those who need quick cash and may have bad credit or no credit history. The lenders usually do not require a credit check, which makes the loans appealing to many. However, the high interest rates and fees associated with payday loans can add up quickly, leading to a cycle of debt and financial hardship.

The Status of Payday Loans in Boston and New York

In Boston, payday lending is legal, but there are strict regulations in place to protect borrowers. Lenders are required to obtain a state license, and loans are subject to a 23% interest rate cap. The maximum loan amount in Boston is $1,500, and borrowers are not allowed to take out more than one loan at a time.

In New York, however, payday loans are prohibited by law. The state has strict usury laws in place that cap interest rates at 25%. Additionally, lenders are required to be licensed by the state and must comply with a number of regulations to protect borrowers.

The Risks of Payday Loans

While payday loans may seem like a quick and easy solution to financial problems, they come with a number of risks and downsides, including:

  • High interest rates: Payday loans often come with high interest rates and fees that can trap borrowers in a cycle of debt.
  • Short repayment terms: Borrowers are required to pay back the loan in full on their next payday, which can be difficult if they are already struggling financially.
  • Debt cycles: Due to the high interest rates and short repayment terms, borrowers may find themselves taking out multiple loans to cover the cost of previous loans, leading to a cycle of debt and financial hardship.
  • Alternative options: There are often cheaper and more sustainable alternatives to payday loans, including personal loans, credit union loans, and credit card cash advances.

Facts and Statistics about Payday Loans in Boston and New York

  • In 2018, the average payday loan in Massachusetts was for $388, and the average borrower paid $520 in interest and fees over the course of the loan.
  • In New York, payday loans are illegal, but many borrowers turn to online lenders or out-of-state lenders to get the cash they need.
  • Studies have shown that payday lenders disproportionately target low-income and minority communities.
  • The Consumer Financial Protection Bureau (CFPB) estimates that only 14% of payday borrowers can afford to repay the loan in full on their next payday.

Applying for a Payday Loan

While we do not recommend payday loans as a financial solution, we understand that sometimes they may be the only option available. At TheGuaranteedLoans, we are a connector service that can help you connect with potential lenders.

We work with a network of trusted lenders who provide a range of loan options, including personal loans, installment loans, and lines of credit. We understand that every borrower is unique, and we strive to match you with a lender who can meet your specific needs.

Applying for a loan through TheGuaranteedLoans is simple and straightforward. Our online application process is quick and easy, and we do not require a credit check. Simply fill out our application form and receive a decision within minutes.

If you are in need of short-term financial relief, contact TheGuaranteedLoans today. Our team is here to help connect you with the resources and support you need to manage your finances and improve your financial future.

F.A.Q.

Can I be charged with a crime for taking out a payday loan in Boston, New York?

It is illegal for lenders to offer payday loans in Boston, New York, so borrowers cannot be charged with a crime for taking out a payday loan. However, lenders may face criminal charges for engaging in illegal lending practices.

What should I do if I have already taken out a payday loan in Boston, New York?

If you have already taken out a payday loan in Boston, New York, you should contact the lender to try to negotiate a repayment plan. If the lender is unwilling to work with you, you may want to seek out alternative forms of financing or seek legal advice.