Payday Loans in Cleveland, New York

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

Company nameAddressZip codePhone number
Walmart Money Center 1201 NY-300, Newburgh, NY 12550
Mid-Hudson Valley Federal Credit Union 123 Hurley Ave, Kingston, NY 12401 +1 (845) 336 - 4444
Family First Credit Union 2520 Browncroft Blvd, Rochester, NY 14625 +1 (585) 586 - 8225
M&T Bank 1621 South Ave, Syracuse, NY 13207 +1 (315) 476 - 1286
David's Check Cashing 57-59 US-9W, West Haverstraw, NY 10993 +1 (845) 429 - 6808
Chase Mortgage 150 Main St, Oneida, NY 13421 +1 (315) 363 - 5000
BNB Bank ATM 116 NY-27A, Southampton, NY 11968 +1 (631) 537 - 1000
Checks & More 1135 Fulton St, Brooklyn, NY 11238 +1 (718) 622 - 7969
Westchester Check Cashing Services 1 Saw Mill River Rd, Yonkers, NY 10701 +1 (914) 969 - 0999
KeyBank 3 Rte 9W, West Haverstraw, NY 10993 +1 (845) 947 - 5600

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Cleveland, NY, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan for Franklin Square, NY, Online Loans in Freeport, NY, Payday Loans in Guilderland, NY, Payday Loans in Hamburg, NY, Payday Loans in Haverstraw, NY, Payday Loans in Hempstead, NY, Bad Credit Loans in Henrietta, NY and Quick Loan in Hicksville, 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 Cleveland, NY.

Beautiful sights of Cleveland, NY

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

13042

Are Payday Loans Legal In Cleveland, 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

Cleveland, NY payday loan calculator

Payday Loans in Cleveland, New York: Understanding the Restrictions

In most states within the US, including Ohio, payday loans are legal and have become a popular way for people to access quick cash for emergency expenses or unexpected bills. However, state regulations differ significantly, and it’s important to understand the restrictions on payday loans in your state to avoid potential legal and financial consequences.

What is a Payday Loan?

Before we dive into the restrictions on payday loans in Cleveland and New York, let’s first define what a payday loan is. A payday loan is a short-term, high-interest loan that typically doesn’t require a credit check. These loans are usually due on the borrower’s next payday, which is why they are referred to as payday loans. Borrowers usually have to provide proof of income and a photo ID to qualify for a payday loan.

The interest rates on payday loans are typically much higher than other types of loans. In Ohio, for example, payday lenders can charge interest rates up to 28% on a 14-day loan, which can equate to an annual percentage rate (APR) of 391%. In New York, payday loans are prohibited altogether.

Payday Loan Restrictions in Cleveland

In Cleveland, Ohio, payday loans are subject to several restrictions to protect consumers. Some of the key restrictions include:

  • Payday loans cannot exceed $1,000.
  • The loan term must be at least 91 days.
  • Interest rates cannot exceed 28% on a 14-day loan.
  • Borrowers can only have one loan at a time and cannot take out more than four loans per year.

These restrictions help prevent borrowers from getting trapped in a cycle of debt, where they are unable to pay off the loan and end up taking out additional loans to cover the interest and fees.

Payday Loan Restrictions in New York

New York has some of the toughest restrictions on payday loans in the country. In fact, payday loans are illegal in New York. The state’s usury laws prohibit lenders from charging more than 25% interest on loans under $2,500, which effectively makes payday loans illegal. As a result, if you need quick cash in New York, you’ll need to explore other options like personal loans, credit cards, or borrowing from friends and family.

Facts and Statistics on Payday Loans in Cleveland, New York

Here are some interesting facts and statistics on payday loans in Cleveland and New York:

  • In Ohio, the average payday loan is $325, and borrowers typically pay $68 in interest and fees for a 14-day loan.
  • According to a 2018 report from the Center for Responsible Lending, payday lenders in Ohio charge borrowers $500 million in fees each year.
  • In New York, a 2013 study found that payday loans would cost a borrower an average of 470% APR, which is well above the state’s legal limit of 25%.
  • Between 2010 and 2018, payday lending in Ohio has decreased by 73%, thanks to increased regulations and consumer protection laws.

Apply Now

If you need quick cash in Cleveland or anywhere else in Ohio, you may want to consider other options besides payday loans. TheGuaranteedLoans.com can help connect you with lenders who may be able to offer personal loans or other options with more favorable terms.

Fill out our online application to get started. Remember, TheGuaranteedLoans.com is a connector service, not a direct lender. We will facilitate your connection with potential lenders who can offer cash loans. If you are approved for a loan, make sure to read and understand the terms and conditions before signing.

Don’t get trapped in a cycle of debt with high-interest payday loans. Let TheGuaranteedLoans.com help you find the right lending solution for your financial needs.

F.A.Q.

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

It is illegal for lenders to offer payday loans in Cleveland, 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 Cleveland, New York?

If you have already taken out a payday loan in Cleveland, 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.