Payday Loans in Eldred, New York

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

Company nameAddressZip codePhone number
Chase Mortgage 271 Larkfield Rd, East Northport, NY 11731 +1 (631) 261 - 1400
Mutual Abstract Corporation 132 Nassau St 812, New York, NY 10038 +1 (212) 964 - 4686
Chemung Canal Trust Company 303 W Main St, Montour Falls, NY 14865 +1 (607) 535 - 7103
Crino Rose CPA 355 Central Ave, Fredonia, NY 14063 +1 (716) 672 - 5400
Erie Metro Federal CU 3291 Lake Shore Rd, Buffalo, NY 14219 +1 (716) 826 - 1976
People's United Bank 245 NY-25A, Rocky Point, NY 11778 +1 (631) 821 - 8300
Adirondack Bank 4681 Commercial Dr, New Hartford, NY 13413 +1 (315) 768 - 2353
Fred Timm CPA 160 Salt Point Turnpike, Poughkeepsie, NY 12603 +1 (845) 485 - 5677
Oswego County FCU 5828 Scenic Ave, Mexico, NY 13114 +1 (315) 963 - 2722
Olean Teachers & Postal CU 1700 Constitution Ave, Olean, NY 14760 +1 (716) 373 - 0155

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Eldred, NY, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Clarence, NY, Same Day Loans in Clay, NY, Payday Loans in Clifton Park, NY, Payday Loans in Commack, NY, Payday Loans in Coram, NY, Payday Loans in East Meadow, NY, Payday Loans in Eastchester, NY and Payday Loans in Elmont, 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 Eldred, NY.

Beautiful sights of Eldred, NY

Are Payday Loans Legal In Eldred, 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

Eldred, NY payday loan calculator

When it comes to borrowing money, payday loans are often one of the first options that come to mind for many people. However, if you live in Eldred, New York, it’s important to know that these types of loans are actually illegal.

The Law on Payday Loans in Eldred, New York

New York State has had a ban on payday loans since 2005, under the New York Consolidated Laws, which states that “no person or entity shall engage in the business of making small loans in the amount of $25,000 or less for any loan or forbearance of money, goods, or things in action and charge, contract for, or receive a greater rate of interest … than the lender would be permitted by law to charge if he were not a licensee hereunder.”

This means that any lender offering payday loans in Eldred, New York is operating illegally and should be reported to the New York State Department of Financial Services.

Why Are Payday Loans Banned in New York?

The state of New York banned payday loans due to the high interest rates that lenders typically charge for these loans. The interest rates on payday loans can be as high as 400%, making them extremely difficult to pay off for low-income borrowers. As a result, many people who take out payday loans find themselves trapped in a cycle of debt.

However, there are still many lenders who try to operate illegally in New York, often by offering loans online and targeting vulnerable borrowers who may not realize that payday loans are illegal in their state.

Alternatives to Payday Loans

If you’re in Eldred and in need of quick cash, there are several alternatives to payday loans that you might consider:

  • Personal loans from a bank or credit union
  • Credit card cash advances
  • Borrowing money from family or friends
  • Inquiring about assistance programs

While these options may not be as fast or convenient as payday loans, they can be safer and more affordable in the long run.

Interesting Facts and Statistics

According to the New York State Department of Financial Services, in 2020, there were no licensed payday lenders in the state of New York, indicating that the ban has been effective in preventing payday lending in the state.

In addition to New York, there are 15 other states and the District of Columbia that have placed similar restrictions on payday lending.

Apply Now

If you’re in need of a loan, TheGuaranteedLoans can help connect you with potential lenders. It’s important to note that we are a connecting service and not a direct lender. We work with a network of trusted lenders to help you find a loan that fits your needs. To get started, simply fill out an online application on our website today.

Remember, always do your research before taking out any type of loan and make sure you fully understand the terms and interest rates before signing any agreements.

F.A.Q.

What are the penalties for offering or taking out a payday loan in Eldred, New York?

Offering or taking out a payday loan in Eldred, New York is considered a criminal offense and can result in fines and imprisonment.

Are there any exceptions to the payday loan prohibition in Eldred, New York?

No, there are no exceptions to the payday loan prohibition in Eldred, New York.