Payday Loans in Lakemont, New York

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

Company nameAddressZip codePhone number
M&T Bank 2248 N Triphammer Rd, Ithaca, NY 14850 +1 (607) 257 - 2224
Business Capital Consultants 3237 NY-112 Suite 9, Medford, NY 11763 +1 (888) 997 - 4199
Audi Albany 723 Loudon Rd, Latham, NY 12110 +1 (518) 783 - 5003
ConnectOne Bank 155 White Plains Rd Suite 222, Tarrytown, NY 10591 +1 (844) 266 - 2548
Brentwood Check Cashing Inc 1040 Islip Ave b, Brentwood, NY 11717 +1 (631) 348 - 2540
Consumer Credit Counseling Service of Rochester 1050 University Ave Suite A, Rochester, NY 14607 +1 (585) 546 - 3440
Amerifund Home Mortgage LLC 575 5th Ave 16th floor, New York, NY 10017 +1 (212) 922 - 9555
Orange Bank & Trust Company 78 N Plank Rd 2121, Newburgh, NY 12550 +1 (845) 561 - 5004
Erie Mitigation LLC 3711 California Rd # 160, Orchard Park, NY 14127 +1 (716) 662 - 1938
Regina Check Cashing Corporation 450 Hoosick St, Troy, NY 12180 +1 (518) 273 - 4835

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Lakemont, NY, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan Without a Credit Check in Brooklyn, NY, Short-term Loans in Buffalo, NY, Payday Loans in Carmel, NY, Payday Loans in Centereach, NY, Emergency Loan in Central Islip, NY, Payday Loans in Cicero, NY, Payday Loan for Clarence, NY and Emergency Loan in Clay, 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 Lakemont, NY.

Beautiful sights of Lakemont, NY

Are Payday Loans Legal In Lakemont, 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

Lakemont, NY payday loan calculator

Welcome to TheGuaranteedLoans guide to Payday Loans in Lakemont, New York! Payday loans, also known as short-term loans, are the go-to option when you need a small amount of cash fast. Unfortunately, payday loans are prohibited by law in New York State, including Lakemont. This article discusses the legal context of payday loans in Lakemont and offers alternative financial solutions to help you make informed decisions.

The Legal Context of Payday Loans in Lakemont, New York

As mentioned, payday loans are explicitly prohibited in New York State by the New York Department of Financial Services under the New York Banking Law. This law aims to protect consumers from the predatory lending practices associated with payday loans. The law sets borrow limits and caps interest rates for loans, including payday loans.

If you live in or near Lakemont, you can’t apply for payday loans online or in person. It’s illegal to offer payday loans in New York State, and it’s illegal to accept any loan agreement that violates these laws. If a lender tells you otherwise, please don’t fall for this scam.

However, New York State offers other options for short-term loans, including personal loans, installment loans, and credit unions. Some lenders offer short-term loans that are more transparent and less risky than payday loans. Below we discuss alternative financial solutions.

Alternative Financial Solutions in Lakemont, New York

Personal Loans

Personal loans may be a good option for people who need more cash than a payday loan can provide. Personal loans don’t require collateral and have fixed interest rates and monthly payments. Banks, credit unions, and online lenders offer personal loans that you can use for various purposes.

Installment Loans

Installment loans are another short-term loan option that requires you to make regular payments on an approved loan amount. Installment loans have longer repayment terms than payday loans, usually between 12 and 24 months. As long as you make on-time payments, you can boost your credit score and develop strong credit history.

Credit Unions

Credit unions are nonprofit financial institutions that offer low-interest loans to their members. Some credit unions offer payday alternative loans, which have more favorable terms and lower interest rates than payday loans.

Why are Payday Loans Prohibited in Lakemont, New York?

Payday loans have a bad reputation for being predatory loans that target vulnerable consumers. These loans come with incredibly high-interest rates that can trap borrowers in a cycle of debt. Payday loans can be very costly, making them almost impossible to pay off. To avoid these predatory lending practices, the state of New York has prohibited payday loans.

New York and other states already have consumer protection laws that regulate lenders and reduce exploitation. These laws aim to protect vulnerable consumers and keep them financially stable and safe. By banning payday lenders from operating in the state, New York is contributing to the well-being of its citizens.

Interesting Facts and Statistics about Payday Loans in Lakemont, New York

  • Payday loans are prohibited by law in New York State including Lakemont.
  • The average payday loan borrower in the United States takes out 10 payday loans per year.
  • The average interest rate on a payday loan in the United States is 400% per year.
  • In 2018, there were more payday loan stores than McDonald’s stores in the US.
  • In 2019, the total amount of payday loan debt in the United States was $9 billion.

Apply Now!

Are you looking for a reliable short-term loan in Lakemont, New York? TheGuaranteedLoans is here to help you connect with potential lenders to get fast cash. Check our website and fill out the online application form to find out if you’re eligible for a loan. Remember, we’re a connector service and not a direct lender. We’ll connect you with reputable lenders who adhere to state laws and lending code of ethics.

We hope this guide was helpful in navigating the tricky landscape of payday loan alternatives in Lakemont, New York. Remember that payday loans carry a high risk of debt accumulation and could cause financial instability. It’s crucial to explore all available financial options before committing to any short-term loan.

F.A.Q.

Can I be sued for defaulting on a payday loan in Lakemont, New York?

No, you cannot be sued for defaulting on a payday loan in Lakemont, New York because these loans are illegal in the state.

Can a payday loan be included in a bankruptcy filing in Lakemont, New York?

No, a payday loan cannot be included in a bankruptcy filing in Lakemont, New York because these loans are illegal in the state.