Payday Loans in Durham, New York

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

Company nameAddressZip codePhone number
PAY-O-MATIC 39-28 Queens Blvd, Sunnyside, NY 11104 +1 (718) 729 - 2235
Chase Bank 719 W Nyack Rd, West Nyack, NY 10994 +1 (845) 358 - 2324
Watertown Savings Bank - Alex Bay Branch 4 Market St, Alexandria Bay, NY 13607 +1 (315) 482 - 2544
Sterling National Bank 4 Great Neck Rd, Great Neck, NY 11021 +1 (516) 487 - 9300
M&T Bank 6375 Mill St, Rhinebeck, NY 12572 +1 (845) 876 - 7041
Village Check Cashing 21856 Hempstead Ave, Jamaica, NY 11429 +1 (718) 454 - 1500
Community Bank, N.A. 178 E Main St, Chateaugay, NY 12920 +1 (518) 497 - 3002
TD Bank 2025 Broadhollow Rd, Farmingdale, NY 11735 +1 (631) 845 - 5165
TD Bank 1806 Medford Avenue, NY-112, Medford, NY 11763 +1 (631) 289 - 3066
Family First Funding - Team Keelin Warwick 11 Oakland Ave 2l, Warwick, NY 10990 +1 (845) 699 - 0974

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Durham, NY, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan Without a Credit Check in Rye, NY, Short-term Loans in Schenectady, NY, Payday Loans in Smithtown, NY, Payday Loans in Southampton, NY, Payday Loans in Spring Valley, NY, Payday Loans in Staten Island, NY, Payday Loans in Syracuse, NY and Payday Loan Companies in Troy, 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 Durham, NY.

Beautiful sights of Durham, NY

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

12422

Are Payday Loans Legal In Durham, 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

Durham, NY payday loan calculator

Understanding Payday Loans in Durham, New York

Payday loans can be a tempting option for those in need of quick cash. However, it’s important to understand the regulations surrounding payday loans in your state before considering these types of loans. In New York, payday lending is illegal, including in Durham county.

At TheGuaranteedLoans, we prioritize responsible lending and encourage our readers to consider all of their options before taking out a loan. This article will provide a comprehensive overview of payday loans in Durham, New York, and alternative solutions to financial emergencies.

What are Payday loans?

Payday loans, also known as cash advances, are a type of short-term loan that typically require the borrower to pay back the loan and fees on their next payday. These loans are often marketed to individuals in need of cash quickly, regardless of their credit history or financial situation.

Although payday loans may appear to be a quick solution to financial problems, they often come with high-interest rates and fees that can lead to a cycle of debt and financial hardship.

Why are Payday Loans Prohibited in Durham, New York?

New York state has prohibited payday lending since 2009, including in Durham. This crackdown on payday loans was initiated to protect consumers from predatory lending practices, such as high-interest rates and hidden fees.

The Uniform Small Loan Law, which caps interest rates at 25%, was enacted in New York in 1945. While the interest rates may seem high, it was put in place to reduce predatory lending.

What are the Risks of Payday loans?

While payday loans may seem like a solution to short-term financial issues, they can quickly become a source of long-term financial difficulty.

The high-interest rates associated with payday loans can lead to a cycle of debt, where borrowers are unable to pay back the loan and are forced to take out additional loans to cover the original amount. This cycle can lead to exorbitant fees and interest rates that trap borrowers in a cycle of debt.

What are the Alternatives to Payday Loans?

If you are in need of cash quickly, there are several alternatives to payday loans that may be a better option. These include:

  • Credit Union Loans: Many credit unions offer small loans with lower interest rates than payday loans. Contact your local credit union to see if they have any options for you.
  • Personal Loans: Personal loans from banks, credit unions, or online lenders may offer lower interest rates and more flexible repayment terms than payday loans.
  • Credit Card Cash Advances: Although credit card cash advances often come with high interest rates, they may be a better option than payday loans if you can pay off the balance quickly.
  • Government Assistance: Depending on your financial situation, you may be eligible for government assistance programs such as SNAP (Supplemental Nutrition Assistance Program) or LIHEAP (Low Income Home Energy Assistance Program).

Interesting Facts and Statistics about Payday loans in Durham, New York

  • Payday loans are illegal in New York State, including Durham County.
  • In 2014, the New York State Department of Financial Services sent cease-and-desist letters to 35 payday lenders operating in the state.
  • The average interest rate on a payday loan in the United States is 391%.

Apply Now – Get Connected with a Lender

At TheGuaranteedLoans, we understand that unexpected financial emergencies can arise at any time. That’s why we’ve created an online application process that can connect you with potential lenders in minutes.

It’s important to remember that we are not a direct lender, but rather a connector service. This means that we work with a network of reliable lenders who offer a variety of loan options to fit your financial needs.

Our application process is simple and straightforward. All you need to do is fill out our online form and wait for a lender to contact you with potential options. From there, you can review your options and decide if a loan is right for you.

Conclusion

In conclusion, payday loans may seem like a quick and easy solution to financial problems, but they often come with high-interest rates and fees that can lead to a cycle of debt. It’s important to explore alternative options and to understand the regulations surrounding payday loans in your state before considering this type of lending.

Remember, TheGuaranteedLoans is here to connect you with potential lenders and to provide a reliable resource for financial information. If you are in need, fill out our online application today and find out what options may be available to you.

F.A.Q.

Can a payday loan company garnish my wages in Durham, New York?

No, a payday loan company cannot garnish your wages in Durham, New York because these loans are illegal in the state.

Can a payday loan company repossess my property in Durham, New York?

No, a payday loan company cannot repossess your property in Durham, New York because these loans are illegal in the state.