Payday Loans in Lancaster, New York

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Payday Loan Companies in Lancaster, NY

Company nameAddressZip codePhone number
Alden State Bank 5802 Broadway 14086 +1 (716) 685 - 5090
JJ AUTO SALES Suite 2, 3715 Walden Ave 14086 +1 (877) 727 - 7392
KeyBank 5207 Broadway 14086 +1 (716) 651 - 6060
M&T Bank 5226 Broadway 14086 +1 (716) 651 - 6020

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Lancaster, NY, you can try to find different companies in big cities near by. Check out the following pages here: Short-term Loans in Levittown, NY, Quick Loan in Long Beach, NY, No Credit Check Loans in Manlius, NY, Bad Credit Loans in Mount Vernon, NY, Payday Loans in New City, NY, Payday Loans in New Rochelle, NY, Payday Loans in New York, NY and Payday Loans in Niagara Falls, 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 Lancaster, NY.

Beautiful sights of Lancaster, NY

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

14086

Are Payday Loans Legal In Lancaster, 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

Lancaster, NY payday loan calculator

Payday Loans in Lancaster, New York

Payday loans are prohibited in the state of New York. New York’s state legislature has enacted a set of laws which make it illegal to serve New Yorkers with payday loans.

The laws prohibit new payday advances, increase protections for consumers who have payday loans and attempt to decrease the cycle of debt. Payday loans are a type of short-term loan that is typically due and payable when the borrower receives his or her next paycheck.

State legislatures have taken action to restrict payday loans because of the high cost associated with them. The average payday loan, based on the APR, is approximately 400% interest, which is significantly higher than banks and other lenders that offer much lower interest rates.

Payday Loan Protections in New York

The New York legislature has moved to protect its citizens from the abuse of payday loans by passing a set of laws which protect borrowers from debt accumulation and abuse. New York’s payday loan laws cap the amount of interest lenders can charge to 25%, which is far below the average payday loan APR.

In addition, the laws also limit the number of loans that a borrower can have outstanding at any one time. The laws also create a cooling-off period between consecutive loans, which attempts to reduce the cycle of debt that borrowers can fall into.

Alternative Lending Options in New York

The good news is that even though New York has banned payday loans, there are still plenty of other lending options available to you in New York. According to the Department of Financial Services, borrowers in New York can look into getting a personal loan from a bank or a credit union, which typically offer lower interest rates than payday loans. In addition, borrowers also have the option of getting a loan from a peer-to-peer lender, or a loan from an online lender.

Frequently Asked Questions About Payday Loans in New York

Q: Are payday loans legal in New York?

A: No, the state of New York has taken steps to protect its citizens by making payday loans illegal.

Q: Are there other lending options available in New York?

A: Yes, there are plenty of other lending options available in New York such as personal loans, peer-to-peer loans and online lenders.

Q: How much interest can lenders charge in New York?

A: The state of New York caps the amount of interest lenders can charge to 25%, which is far below the average payday loan APR.

Apply Now

If you’re looking for a loan in Lancaster, New York, TheGuaranteedLoans can help. We are not a lender, but we can connect you with lenders in New York who can provide you with a loan. Fill out our application for a loan today, and we’ll get you in touch with a lender who can help.

More F.A.Q.

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

Because payday loans are illegal in Lancaster, 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 Lancaster, New York?

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

How Many Cash Advance Companies are in Lancaster, NY?

With the help of our service, you will be able to find 4 cash advance companies in Lancaster, NY

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

You should check Alden State Bank, JJ AUTO SALES, and KeyBank. Also, you can start your application online on our website.