Payday Loans in Brookfield, New York

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

Company nameAddressZip codePhone number
J A Funding Inc 393 Jericho Turnpike 201, Mineola, NY 11501 +1 (516) 280 - 8524
EZ Check Cashing 380 Connecticut St, Buffalo, NY 14213 +1 (716) 881 - 7070
Tompkins Trust Co 2 W Main St, Trumansburg, NY 14886 +1 (607) 387 - 7331
Empower Federal Credit Union 65 State St, Auburn, NY 13021 +1 (315) 477 - 2200
Woodforest National Bank 141 Washington Ave Ext, Albany, NY 12205 +1 (518) 452 - 0176
Gates Chili Federal Credit Union 2870 Buffalo Rd, Rochester, NY 14624 +1 (585) 247 - 1090
Rockland Check Cashing 86 NY-59, Spring Valley, NY 10977 +1 (845) 356 - 2274
Bank of America with Drive-thru ATM 1414 NY-300, Newburgh, NY 12550 +1 (800) 432 - 1000
Bank of America with Drive-thru ATM 3330 Park Ave, Wantagh, NY 11793 +1 (516) 826 - 3200
O'Haver Financial 438 East W Union St, Newark, NY 14513 +1 (315) 331 - 7925

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Brookfield, NY, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Huntington Station, NY, Short-term Loans in Islip, NY, Payday Loan Companies in Ithaca, NY, Same Day Loans in Jamestown, NY, Payday Loans in Lancaster, NY, Payday Loan Without a Credit Check in Levittown, NY, Payday Loan Companies in Long Beach, NY and Payday Loans in Manlius, 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 Brookfield, NY.

Beautiful sights of Brookfield, NY

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

13314

Are Payday Loans Legal In Brookfield, 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

Brookfield, NY payday loan calculator

Payday loans are a type of short-term loan that has become increasingly popular in recent years due to its accessibility and convenience. However, it is important to note that payday loans are prohibited in New York state, including Brookfield. In this article, we will discuss what payday loans are, why they are banned in New York, and alternative options available to residents of Brookfield.

What Are Payday Loans?

A payday loan is a small, high-interest loan typically due on the borrower’s next payday. These loans are designed to help individuals who are in need of quick cash due to unexpected expenses or emergencies. To obtain a payday loan, borrowers must provide proof of income and a checking account. Typically, lenders require borrowers to post-date a check for the amount of the loan plus interest fees, which will be cashed on the borrower’s next payday. The interest rates on payday loans in other states can be as high as 400 percent or more, making them a costly option for consumers.

Why Are Payday Loans Prohibited in New York?

Payday loans have been banned in New York state since 2009 when the state legislature passed the Payday Lending Reform Act. This law prohibits lenders from charging more than 25 percent interest on loans of $2,500 or less with terms of less than 90 days. This effectively makes payday loans illegal, as they typically carry interest rates much higher than 25 percent and are usually due in full within 14 days.

The state of New York has taken a firm stance against payday lending due to concerns over predatory lending practices and the high cost of borrowing. The state has a Consumer Financial Protection Bureau that is dedicated to protecting consumers from unfair financial practices. New York has also launched a campaign to educate consumers about the dangers of payday lending and to promote alternative options like credit unions and small-dollar loans from banks.

Alternative Options for Brookfield Residents

While payday loans are prohibited in Brookfield and the rest of New York state, there are still alternative options available to residents who are in need of quick cash. One option is to visit a credit union or local bank to apply for a small-dollar loan. Credit unions are non-profit organizations that offer low-interest loans to their members. They can also provide financial counseling and advice to help individuals manage their finances more effectively.

Another option is to consider a cash advance on a credit card. Many credit cards offer cash advances at a lower interest rate than payday loans. However, it’s important to note that cash advances come with their own set of fees and can quickly become costly if not paid back in full within a short period of time.

Finally, individuals who are in need of emergency funds can consider asking family and friends for a loan. While borrowing from family and friends can be an uncomfortable or awkward situation, it can be a much safer and less expensive alternative to payday loans. It’s important to create a repayment plan and stick to it to avoid damaging personal relationships.

Interesting Facts and Statistics about Payday Loans in Brookfield, New York

  • In 2019, payday lending institutions in the U.S. made an estimated $90 billion in loans to consumers.
  • On average, payday loan borrowers take out eight loans per year, with an average loan amount of $375.
  • A study by the Consumer Financial Protection Bureau found that four out of five payday loans are rolled over or renewed within two weeks of the original due date, leading to a cycle of debt for many borrowers.

Apply Now

If you are in need of a loan, TheGuaranteedLoans can help connect you with potential lenders in Brookfield and beyond. Our connector service can help you find a loan that best fits your financial needs and situation. Please note that TheGuaranteedLoans is not a direct lender and does not provide loans directly. We simply facilitate the connection between borrowers and lenders to help you find the best loan option for you. To get started, simply fill out our online application and we will match you with lenders based on your preferences and financial situation.

Remember, it’s important to carefully consider your options and read the fine print before borrowing money, especially when it comes to high-interest loans like payday loans. By doing your research and exploring alternative options like credit unions, cash advances on credit cards, and borrowing from family and friends, you can find a loan solution that works for you and your financial situation.

F.A.Q.

Can I be sued for not paying back a payday loan in Brookfield, New York?

Because payday loans are illegal in Brookfield, New York, lenders cannot sue borrowers for not paying back the loan. However, borrowers may still be responsible for paying back any money they borrowed, even if the loan was illegal.

Can payday loan lenders garnish my wages in Brookfield, New York?

No, payday loan lenders cannot garnish your wages in Brookfield, New York because payday loans are illegal in the state.