Payday Loans in Johnsburg, New York

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

Company nameAddressZip codePhone number
Adirondack Trust Company 376 Bay Rd, Queensbury, NY 12804 +1 (518) 932 - 0221
American Express Financial 4 Atrium Dr 100, Albany, NY 12205 +1 (518) 458 - 1222
Northwest Bank 2070 George Urban Blvd, Depew, NY 14043 +1 (716) 601 - 0840
Bank of New York Mellon 2430 N Ocean Ave, Farmingville, NY 11738 +1 (631) 736 - 0215
Pioneer - Troy Branch 21 2nd St, Troy, NY 12180 +1 (518) 687 - 5400
FRANK CORNELL ASSOCIATES, INC. 781 Davison Rd, Lockport, NY 14094 +1 (716) 434 - 3733
Merchant Cash Advance New York - Small Business Loans NY 1 Rockefeller Plaza, New York, NY 10020 +1 (917) 336 - 6027
Citizens Bank 3524 W Genesee St, Syracuse, NY 13219 +1 (315) 487 - 3446
Provident Loan Society of NY (Bay Ridge) 7804 5th Ave, Brooklyn, NY 11209 +1 (718) 238 - 0506
KeyBank 32 Jordan St, Skaneateles, NY 13152 +1 (315) 685 - 8316

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Johnsburg, NY, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Oyster Bay, NY, Payday Loans in Penfield, NY, Payday Loans in Poughkeepsie, NY, 24-Hour Loan in Riverhead, NY, Guaranteed Loans in Rochester, NY, Same Day Loans in Rome, NY, Payday Loans in Rye, NY and Payday Loan for Schenectady, 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 Johnsburg, NY.

Beautiful sights of Johnsburg, NY

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

12843

Are Payday Loans Legal In Johnsburg, 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

Johnsburg, NY payday loan calculator

Although payday loans are prohibited in New York, it’s essential to understand what they are and why they are banned in the state. The concept behind payday loans is that a borrower takes out a small, short-term loan with the promise to pay it back with their next paycheck. The loans often come with high fees and interest rates, making it challenging to repay the original amount.

Why are Payday Loans Prohibited in New York?

New York is one of 13 states where payday loans are illegal. The state’s Department of Financial Services (DFS) goes to great lengths to protect its citizens from payday lenders’ predatory practices. By creating strict laws for lenders, the state ensures that borrowers are not exploited.

As per New York’s usury law, it’s illegal to charge more than 25% APR for loans under $10,000. The majority of payday loans carry an APR of 400% or more, making them illegal and unethical. What’s more, it’s not uncommon for payday lenders to charge hidden fees that can amplify the cost of borrowing even more. Fortunately, the DFS doesn’t entertain such tactics and maintains strict vigilance against predatory lending in the state.

How are Borrowers Protected in New York?

To protect borrowers, the DFS requires lenders to be licensed, and there is a maximum cap on the interest rate they can charge. These measures ensure that lenders don’t charge excessive fees while still making a profit. What’s more, the DFS has an active system to track any activity or complaints against payday lenders, ensuring that they are not exploiting borrowers.

There are also alternative options for borrowers looking for short-term cash. For instance, credit unions often provide low-interest emergency loans to their members, providing them with affordable credit in times of need. Charities and non-profits are also available to assist people going through financial hardships.

Interesting Facts and Statistics About Payday Loans in Johnsburg, New York

  • Payday loans target low-income earners who don’t have access to traditional credit.
  • The average payday loan borrower ends up paying back double the amount they borrowed.
  • New York’s DFS takes a tough stand against predatory lenders, enforcing strict laws and cap on interest rates, protecting borrowers from paying high fees.
  • Payday lending often leads to a cycle of debt that’s hard to escape from, trapping borrowers in financial uncertainty.

Apply Now

Although payday loans are illegal in New York, if you’re struggling to make ends meet, you can apply for alternate loan options through our website. TheGuaranteedLoans is a connector service, not a direct lender, and we offer a reliable platform that connects our customers with reputable lenders. Fill out an online application and receive multiple offers within minutes. Apply now and take control of your finances!

Note: Our customers’ satisfaction is our top priority, and we take pride in providing them with access to reputable lenders that can assist them in their times of need, with best practices and strict ethical standards upheld.

F.A.Q.

Are payday loans legal in Johnsburg, New York?

No, payday loans are prohibited in Johnsburg, New York.

What are the alternatives to payday loans in Johnsburg, New York?

Some options for short-term financial assistance in Johnsburg, New York include credit union loans, personal loans from banks or online lenders, or borrowing from friends or family.