Payday Loans in Forestburgh, New York

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

Company nameAddressZip codePhone number
KeyBank 201 5th Ave, Gloversville, NY 12078 +1 (518) 773 - 7502
KeyBank 1308 Washington St, Watertown, NY 13601 +1 (315) 785 - 5665
Teachers Federal Credit Union 742 NY-25A, Kings Park, NY 11754 +1 (631) 698 - 7000
Walmart Money Center 30 Catskill Commons, Catskill, NY 12414
Western Union Payroll Svcs, 673 Route 109 Amityville, West Babylon, NY 11704 +1 (631) 592 - 9557
Community Bank, N.A. 4116 Center St, Lyons Falls, NY 13368 +1 (315) 348 - 8431
Record Search Co Ltd 12 St John St, Goshen, NY 10924 +1 (845) 294 - 2344
Stifel 1225 Franklin Ave 150, Garden City, NY 11530 +1 (516) 663 - 5200
NBT Bank 60814 NY-30, Grand Gorge, NY 12434 +1 (607) 588 - 7513
Suffolk Federal Credit Union 213 N Main St, Sayville, NY 11782 +1 (631) 924 - 8000

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Forestburgh, NY, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Henrietta, NY, Emergency Loan in Hicksville, NY, Payday Loan for Huntington, NY, Bad Credit Loans in Huntington Station, NY, Payday Loans in Islip, NY, Online Loans in Ithaca, NY, Payday Loans in Jamestown, NY and Guaranteed Loans in Lancaster, 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 Forestburgh, NY.

Beautiful sights of Forestburgh, NY

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

12777

Are Payday Loans Legal In Forestburgh, 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

Forestburgh, NY payday loan calculator

Understanding Payday Loans in Forestburgh, New York: Why They Are Prohibited

Payday loans have become increasingly popular over the years, especially among individuals who need quick cash for unexpected expenses. However, it’s important to know that payday loans are prohibited in Forestburgh, New York, and other states. In this article, we’ll discuss the reasons why payday loans have been banned in New York, and what alternatives you can consider if you need to borrow money for an emergency.

What Are Payday Loans?

A payday loan is a type of short-term loan that is usually due on your next payday, hence the name. These loans are typically for small amounts, usually $500 or less, and are based on the borrower’s income and ability to repay the loan. Payday loans are often marketed as a quick and easy way to get cash when you need it, but they usually come with high fees and interest rates.

Why Are Payday Loans Prohibited in Forestburgh, New York?

Payday loans have been prohibited in New York since 2009. The New York State Department of Financial Services (DFS) issued a cease-and-desist order to several payday loan companies, stating that these lenders were violating the state’s usury laws. Usury laws are put in place to protect consumers from predatory lending practices, and in New York, these laws cap interest rates at 25% for most loans.

The DFS argued that the payday loan companies were charging interest rates that were far in excess of what was allowed by state law, with interest rates as high as 400%. This made it impossible for borrowers to repay the loan on time, leading to a cycle of debt and financial hardship.

Alternatives to Payday Loans

If you need to borrow money for an emergency or unexpected expense, there are alternatives to payday loans that you can consider. These include:

  • Personal loans: Personal loans are installment loans that typically have lower interest rates than payday loans. You can find personal loans at banks, credit unions, and online lenders.
  • Credit cards: If you have a credit card, you can use it to pay for emergency expenses. Keep in mind that you’ll need to pay off the balance in full to avoid high interest charges.
  • Community resources: Some communities offer financial assistance to those in need. You can check with your local government, charities, or non-profit organizations to see if there are any programs available in your area.

Important Facts About Payday Loans in Forestburgh, New York

Here are some interesting facts and statistics related to payday loans in New York:

  • Payday loans have been prohibited in New York since 2009.
  • In 2018, the DFS sent cease-and-desist letters to 35 online lenders that were offering payday loans to New York residents.
  • According to a report by the Center for Responsible Lending, New Yorkers paid over $790 million in payday loan fees between 1999 and 2013.
  • The average APR for payday loans in New York is 398%.

Apply Now

If you’re in need of a loan, TheGuaranteedLoans can help connect you with potential lenders. We offer a quick and easy online application process, and our network of lenders can provide you with a variety of loan options to choose from. Keep in mind that we are a connecting service, not a direct lender, and we do not make credit decisions. Click the link below to apply now.

Apply now for a loan at TheGuarantedLoans.com!

Disclaimer: Loan approval is not guaranteed. All loans are subject to lenders’ credit approval.

F.A.Q.

Can I be sued for not paying back a payday loan in Forestburgh, New York?

Because payday loans are illegal in Forestburgh, New York, lenders cannot sue borrowers for not paying back the loan. However, borrowers may still be responsible for paying back any money they borrowed, even if the loan was illegal.

Can payday loan lenders garnish my wages in Forestburgh, New York?

No, payday loan lenders cannot garnish your wages in Forestburgh, New York because payday loans are illegal in the state.