Payday Loans in East Concord, New York

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

Company nameAddressZip codePhone number
NBT Bank of Norwich 52 S Broad St, Norwich, NY 13815 +1 (800) 628 - 2265
Harry W. Hawley Realty 4 Court St 1082, Delhi, NY 13753 +1 (607) 746 - 3860
David's Check Cashing 1998 Bruckner Blvd, Bronx, NY 10473 +1 (718) 430 - 9382
Citizens Bank 191 Main St, Unadilla, NY 13849 +1 (607) 369 - 9300
KeyBank 8000 NY-12, Barneveld, NY 13304 +1 (315) 896 - 2669
Metropolitan Commercial Bank The Garment District NYC 1359 Broadway, New York, NY 10018 +1 (212) 643 - 6981
Neighborhood Trust Federal Credit Union 1112 St Nicholas Ave, New York, NY 10032 +1 (212) 740 - 0900
TD Bank 1200 Wantagh Ave, Wantagh, NY 11793 +1 (516) 785 - 5028
Community Bank, N.A. 1 Main St, Canisteo, NY 14823 +1 (607) 698 - 2742
Modell Collateral Loans 1736 Pitkin Ave, Brooklyn, NY 11212 +1 (718) 485 - 4003

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in East Concord, 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 West Babylon, NY, Payday Loans in White Plains, NY, Payday Loans in Yonkers, NY, Payday Loans in Albany, NY, Payday Loan Companies in Babylon, NY, No Credit Check Loans in Bay Shore, NY, Payday Loans in Binghamton, NY and Emergency Loan in Brentwood, 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 East Concord, NY.

Beautiful sights of East Concord, NY

Are Payday Loans Legal In East Concord, 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

East Concord, NY payday loan calculator

Payday loans, often referred to as cash advances, are quick unsecured loans that are typically used by borrowers to tide them over until their next paycheck is due. They are popular among people who have bad credit and are unable to access traditional loans. However, payday loans are not legal in the state of New York, including the small town of East Concord.

Why are Payday Loans Prohibited in New York?

New York has strict rules and regulations that prohibit payday lending due to the high-interest rates and predatory lending practices associated with these loans. Payday loans come with astronomical interest rates that exceed 400 percent on an annualized basis, which can trap borrowers in a cycle of debt.

According to data from the Center for Responsible Lending, payday loans drain $2.5 billion per year from people trapped in debt cycles, with fees and interest that create a profit of nearly 40 percent for lenders.

What Are the Alternatives to Payday Loans in East Concord?

There are several options available for individuals who are in need of quick cash and do not qualify for traditional loans, including:

  • Social Services and Welfare Programs
  • Credit Unions, Banks, and Credit Cards
  • Peer-to-peer Loans
  • Credit Counseling and Debt Management Services

Each of these options has its advantages and disadvantages, and individuals are encouraged to do their research and seek advice before taking on any debt. Using a connector service like TheGuaranteedLoans can be an excellent resource for people who are unsure about what options are available to them. TheGuaranteedLoans is a connector service that matches borrowers with potential lenders who may be willing to lend them money in East Concord, New York, and other neighboring areas.

The Pros and Cons of Payday Loans

Despite their prohibitive legal status in some states, payday loans have advantages and disadvantages that borrowers should be aware of.

Pros:

  • They are quick and easy to obtain.
  • They have no credit check requirement.
  • They can be used for any purpose.

Cons:

  • They have high interest rates, which can trap borrowers in a cycle of debt.
  • They can lead to a negative credit score, making it difficult to obtain other loans in the future.
  • They can have hidden fees and charges that can further exacerbate the borrower’s financial situation.

Interesting Facts and Statistics about Payday Loans

  • The average payday loan borrower is indebted for five months of the year, spending an average of $520 in fees and interest to borrow $375 repeatedly.
  • Payday loans are illegal or highly regulated in 18 states, including New York.
  • The payday loan industry generates a startling $7.4 billion in revenue annually.
  • Payday lenders charge borrowers $10-30 per $100 borrowed, which equates to an annual interest rate of 400 percent or more.

The Bottom Line

Payday loans can be a quick fix for people in a financial crisis, but they come with high-interest rates and hidden fees that can trap borrowers in a cycle of debt. Consumers in East Concord, New York, are encouraged to explore alternative options for quick cash, such as social services, peer-to-peer loans, and credit counseling programs. If you are unsure where to start, considering using a connector service like TheGuaranteedLoans to connect you with potential lenders in your area.

Apply Now with TheGuaranteedLoans

If you are struggling to make ends meet and need money quickly, TheGuaranteedLoans can help. We are a connector service that connects borrowers with potential lenders who may be willing to lend money to people in East Concord, New York. As a connector service, we do not lend money directly, but we help borrowers find a suitable lender, and we do not perform credit checks. Our service is completely free to use, and there is no obligation to accept a loan. Apply now with TheGuaranteedLoans and get connected with a potential lender today.

F.A.Q.

Can I be charged with a crime for taking out an illegal payday loan in East Concord, New York?

No, taking out an illegal payday loan in East Concord, New York is not a crime. However, the lender may face legal consequences for offering illegal loans.

Can I be sued for not paying back an illegal payday loan in East Concord, New York?

No, you cannot be sued for not paying back an illegal payday loan in East Concord, New York.