Payday Loans in Elmont, New York

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Payday Loan Companies in Elmont, NY

Company nameAddressZip codePhone number
Apple Bank 1693 Hempstead Turnpike 11003 +1 (516) 437 - 5950
Bethpage Federal Credit Union 1644 Dutch Broadway 11003 +1 (800) 628 - 7070
Chase Bank 23939 Linden Blvd 11003 +1 (516) 285 - 9507
Dignity Brokerage 359 Hempstead Turnpike 11003 +1 (516) 208 - 6708
Municipal Credit Union 1660 Hempstead Turnpike 11003 +1 (212) 693 - 4900
North Island Check Cashing 24101 Linden Blvd 11003 +1 (516) 285 - 1599

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Elmont, NY, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Franklin Square, NY, Online Loans in Freeport, NY, Payday Loans in Guilderland, NY, Payday Loan Without a Credit Check in Hamburg, NY, Payday Loans in Haverstraw, NY, Payday Loans in Hempstead, NY, Payday Loans in Henrietta, NY and Payday Loans 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 Elmont, NY.

Beautiful sights of Elmont, NY

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

11003

Are Payday Loans Legal In Elmont, 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

Elmont, NY payday loan calculator

What are Payday Loans in Elmont, New York?

Payday loans, also known as cash advances, are short-term loans typically used to cover an unexpected expense or to bridge a financial gap between paydays. Payday loans are offered by many different providers with varying terms, interest rates, and fees. Unfortunately, payday loans are not available in the state of New York due to laws prohibiting them.

Why are Payday Loans Prohibited in the State of New York?

Payday loans were outlawed in New York in the year 2000 when lawmakers created the usury law. This law caps the interest rate being charged on all consumer loans at 16%. Payday loans often come with interest rates much higher than 16%, so they became prohibited under this law. New York state lawmakers sought to protect consumers from taking out such expensive and high-risk loans by outlawing them altogether.

What are the Alternatives to Payday Loans in Elmont, New York?

If you are in need of a short-term financial solution in Elmont, New York, there are some alternatives you may consider.

1. Credit Card Cash Advance

If you have a credit card, you may be able to take out a cash advance against it. This is like a short-term loan, but you use your own credit card as collateral, instead of taking the loan from a payday lender. However, cash advances usually carry high fees, so it’s important to understand the terms before you take out one.

2. Borrow from Friends or Family

Another alternative to payday loans is to borrow money from a friend or family member. This may be a good option if you’re comfortable asking for help and trust that you’ll be able to pay them back. However, it’s important to be sure you agree on a repayment plan that works for both of you.

3. Personal Loan

Personal loans are unsecured loans and can be obtained through banks, credit unions, and online lenders. Personal loans typically have lower interest rates and longer repayment terms, making them a more affordable option than payday loans.

4. Bank Overdraft Protection

Some banks offer overdraft protection, which can help you avoid costly overdraft fees. With this service, you can link another account, such as a savings account or credit card, to your checking account. If your checking account balance falls below a certain amount, the bank will automatically transfer money from the linked account to cover the difference.

How Can You Get a Payday Loan in Elmont, New York?

As mentioned earlier, payday loans are prohibited in the state of New York. Therefore, it is not possible to legally get a payday loan in Elmont, New York. If you are in need of a short-term financial solution, you will need to consider one of the alternatives discussed above.

Conclusion

Payday loans are prohibited in the state of New York, including Elmont. While this may be an inconvenience, it is for the protection of consumers. If you are in need of a short-term financial solution in Elmont, New York, there are alternatives such as credit card cash advances, borrowing from friends or family, personal loans, and bank overdraft protection.

Apply Now

TheGuaranteedLoans is not a lender, but we can connect you with one. If you are in need of a short-term loan, you can fill out an application on our website and we will help match you with the right lender.

Frequently Asked Questions

Q: Are there legal alternatives to payday loans in Elmont, New York?

A: Yes, you can consider credit card cash advances, borrowing from friends or family, personal loans, or bank overdraft protection.

Q: Can I get a payday loan in Elmont, New York?

A: No, payday loans are prohibited in the state of New York.

Q: Where can I find help with a short-term financial solution in Elmont, New York?

A: TheGuaranteedLoans can help you find a lender for a short-term loan. Fill out an application on our website and we will connect you with a lender.

More F.A.Q.

Can I be sued or have my wages garnished if I default on a payday loan in Elmont, New York?

No, because payday loans are illegal in Elmont, New York, lenders cannot sue borrowers or garnish their wages for non-payment.

Are there any protections for borrowers who take out illegal payday loans in Elmont, New York?

Yes, the state of New York has established several protections for borrowers who may be misled or exploited by illegal payday lenders. These include the right to cancel a loan within five days, the right to dispute any charges or fees, and the right to seek legal assistance.

How Many Cash Advance Companies are in Elmont, NY?

With the help of our service, you will be able to find 6 cash advance companies in Elmont, NY

What Cash Advance Companies in Elmont, NY are the most popular?

You should check Apple Bank, Bethpage Federal Credit Union, and Chase Bank. Also, you can start your application online on our website.