Payday Loans in Lewis, New York

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

Company nameAddressZip codePhone number
William Burke Lendings 200 Broadway, New York, NY 10038 +1 (646) 513 - 4428
Adirondack Bank 500 E Main St 1, Little Falls, NY 13365 +1 (315) 823 - 7618
People's United Bank 127 7th Ave, New York, NY 10011 +1 (646) 786 - 2000
M&T Bank 150 Main Ave, Wynantskill, NY 12198 +1 (518) 283 - 5310
Corning FCU 184 Science Center Dr, Painted Post, NY 14870 +1 (607) 962 - 6125
LNB Banking 1423 Hathaway Dr, Farmington, NY 14425 +1 (585) 433 - 8700
Berkshire Bank 51 W Main St, Johnstown, NY 12095 +1 (518) 762 - 3115
Western Union El Universal Corp, 26 Main St, Brewster, NY 10509 +1 (845) 278 - 8154
CFCU Community Credit Union - Mortgage Office 1050 Craft Rd, Ithaca, NY 14850 +1 (607) 257 - 8500
Morgan Cash 1155 Park Pl, Brooklyn, NY 11213 +1 (888) 696 - 9199

Payday Loan Companies in Nearby Cities

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

Beautiful sights of Lewis, NY

Are Payday Loans Legal In Lewis, 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

Lewis, NY payday loan calculator

Payday Loans in Lewis, New York: What You Need to Know

In New York, payday loans are illegal. These loans, which typically have high interest rates and short repayment terms, are not available to individuals in Lewis or any other city in New York. However, it’s important to understand what payday loans are and why they’re prohibited in order to protect yourself from predatory lending practices and make informed financial decisions.

What are Payday Loans?

Payday loans are short-term loans, typically for less than $500, that come with high interest rates and fees. They are designed to be repaid with the borrower’s next paycheck, hence the name “payday” loans. Lenders require borrowers to write a post-dated check or provide access to their bank account as collateral. If the borrower fails to repay the loan on time, the lender can cash the check or withdraw funds from their account, resulting in overdraft fees and additional interest charges.

Why are Payday Loans Prohibited in New York?

New York has some of the strictest laws in the country when it comes to payday lending. In 2006, the state passed the Payday Lending Law, which prohibits payday loans altogether. The law also caps interest rates on all loans at 25%. This was done to protect consumers from predatory lending practices that target low-income individuals and trap them in a cycle of debt.

Payday lenders argue that they provide a valuable service to people who need access to quick cash. However, the reality is that these loans often come with exorbitant interest rates and fees, leading borrowers to take out more loans to cover the costs of the previous ones. This can quickly spiral out of control and lead to financial ruin.

What are the Alternatives to Payday Loans?

If you find yourself in need of quick cash, there are alternative options available that are much safer and more affordable than payday loans. These include:

  • Credit union loans: Credit unions offer low-interest loans to members who need access to cash quickly.
  • Personal loans: Personal loans from banks or online lenders typically come with lower interest rates than payday loans and don’t require collateral.
  • Credit card cash advance: While not ideal, a credit card cash advance can be a better option than a payday loan if you’re in a bind.
  • Family and friends: If you’re comfortable asking, a loan from a family member or friend may be an option.

Interesting Facts and Statistics

– In New York, the average payday loan has an APR of 400%

– Between 2007 and 2013, payday lenders took nearly $2.5 billion from New Yorkers in fees

– The majority of payday loan borrowers in New York are low-income individuals with limited access to credit

Apply Now

While payday loans are not available in New York or in Lewis, TheGuaranteedLoans is here to help you find alternative options. As a connector service, we work with a network of reputable lenders to help you find the best loan for your needs. Fill out our online application today to see what options are available to you.

Remember, taking out a loan is a serious commitment. Be sure to read the terms and conditions carefully and ensure that you can make the payments before accepting any offers.

F.A.Q.

Are there any other options for fast cash in Lewis, New York?

Consumers in Lewis, New York may be able to access funds through a credit union or bank loan, or by using a credit card or personal loan. It is also possible to sell assets or ask friends or family for financial assistance.

Are payday loans legal in Lewis, New York?

No, payday loans are prohibited in the state of New York.