Payday Loans in Greenfield Park, New York

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

Company nameAddressZip codePhone number
CAP COM Federal Credit Union 219 Ontario St, Cohoes, NY 12047 +1 (800) 634 - 2340
Tioga State Bank 436 Cayuta Ave, Waverly, NY 14892 +1 (607) 565 - 8166
Empire National Bank 1044 William Floyd Pkwy, Shirley, NY 11967 +1 (631) 395 - 9500
People's United Bank 465 Smithtown Blvd, Nesconset, NY 11767 +1 (631) 382 - 8900
TD Bank 115 Montauk Hwy, Westhampton Beach, NY 11978 +1 (631) 288 - 3914
Bank of America with Drive-thru ATM 190 Motor Pkwy STE 100, Hauppauge, NY 11788 +1 (631) 434 - 9450
Bank of America with Drive-thru ATM 540 Montauk Hwy, West Islip, NY 11795 +1 (631) 661 - 1001
Wells Fargo Advisors 8 Booth Dr, Plattsburgh, NY 12901 +1 (518) 561 - 7106
Prudential Financial: Gregory Croll 10225 Main St 6, Clarence, NY 14031 +1 (716) 407 - 3486
Hudson Financial Services Inc 1249 Pleasantville Rd, Briarcliff Manor, NY 10510 +1 (914) 762 - 4760

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Greenfield Park, NY, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Commack, NY, Quick Loan in Coram, NY, Payday Loans in East Meadow, NY, Payday Loans in Eastchester, NY, Same Day Loans in Elmont, NY, Payday Loan Without a Credit Check in Franklin Square, NY, Bad Credit Loans in Freeport, NY and Online Loans in Guilderland, 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 Greenfield Park, NY.

Are Payday Loans Legal In Greenfield Park, 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

Greenfield Park, NY payday loan calculator

Understanding Payday Loans in Greenfield Park

Payday loans are short-term, high-interest loans that are designed to provide immediate cash to people who are in need of financial assistance. These loans come with high interest rates and fees, making them a risky option for borrowers if not used correctly. In Greenfield Park, New York, payday loans are prohibited by law. This means that residents of Greenfield Park cannot obtain a payday loan from any lender within the state.

How Do Payday Loans Work?

Payday loans typically require no collateral, and instead, they rely on the borrower’s income as proof that they will be able to repay the loan. Borrowers are typically required to provide proof of income and a post-dated check or electronic debit authorization as collateral for the loan.

The lender then provides the borrower with a specific amount of funds. The borrower agrees to repay the loan, plus the interest and fees, by a specific date. In Greenfield Park, payday loans are considered illegal and are not an option for those in need of financial assistance.

The Risks of Payday Loans

Payday loans are often considered a “predatory” lending practice because they target vulnerable borrowers, such as those with low income or poor credit. Although payday loans are designed to provide quick cash, they often come with high interest rates and fees. This can create a cycle of debt, as borrowers may find it difficult to repay the loan, leading them to take out additional loans to cover the original loan. This cycle can continue and lead to significant financial strain for the borrower.

Furthermore, payday loans typically have short repayment terms, often due within a few weeks. This means that if the borrower is unable to repay the loan on time, they may face additional fees and interest, leading to even more financial difficulty.

The Legal Landscape of Payday Loans in Greenfield Park, New York

  • Payday lending is illegal in New York, including Greenfield Park.
  • The state caps APR rates on loans at 25% or lower, making payday loans unfeasible.
  • Under New York law, it is also illegal for payday lenders to attempt to collect payment on a loan that is illegal under state law.

While payday loans are not an option for those in need of immediate cash in Greenfield Park, there are alternative options available.

Alternative Loan Options

Residents of Greenfield Park who need financial assistance may find alternative loan options including:

  • Personal loans
  • Credit union loans
  • Installment loans
  • Credit counseling services
  • Debt management plans

These alternative options can provide borrowers with the financial assistance they need without having to worry about high interest rates and fees that come with payday loans.

Fun Facts and Statistics: Payday Loans in Greenfield Park

  • New York State introduced banking legislation in 1940, declaring payday loans illegal and capping the APR at 25%.
  • In 2013, the New York State Department of Financial Services announced it had reached a settlement with online payday lenders that were illegally depositing money into consumers’ bank accounts.
  • In 2019, New York State lawmakers passed legislation that prohibited lenders from charging more than 36% in interest for short-term loans, further reducing the viability of payday loans in the state.

Apply Now with TheGuaranteedLoans

TheGuaranteedLoans is a lender connection service that helps match borrowers with potential lenders. Our straightforward online application process makes it easy to apply and see if you can connect with a lender who is willing to provide you with financial assistance. Apply now to see if you are eligible for a loan.

Note that TheGuaranteedLoans is not a direct lender. We provide a lender matching service to help borrowers connect with potential lenders. We do not make loan or credit decisions and do not guarantee the approval of your application.

F.A.Q.

Can I still be charged fees on a payday loan in Greenfield Park, New York?

No, you cannot be charged fees on a payday loan in Greenfield Park, New York because these loans are illegal in the state.

Can I be evicted from my home for taking out a payday loan in Greenfield Park, New York?

No, you cannot be evicted from your home for taking out a payday loan in Greenfield Park, New York because these loans are illegal in the state.