Payday Loans in Lorraine, New York

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

Company nameAddressZip codePhone number
Rockland Employees Federal Credit Union 170 E Central Ave, Spring Valley, NY 10977 +1 (845) 371 - 5804
PrimeLending, A PlainsCapital Company 1450 NY-300 101, Newburgh, NY 12550 +1 (845) 564 - 5500
Community Bank, N.A. 68 Genesee St, Avon, NY 14414 +1 (585) 226 - 2435
Bank of America Financial Center 500 State St, Schenectady, NY 12305 +1 (518) 370 - 8506
Residential Home Funding Corp. 707 Westchester Ave Suite 305, White Plains, NY 10604 +1 (914) 923 - 4300
Five Star Bank 2168 North Street, NY-96A, Ovid, NY 14521 +1 (607) 869 - 3300
Merrill Lynch Wealth Management 151 Stockade Dr 2nd Floor, Kingston, NY 12401 +1 (845) 334 - 3888
Sunrise Check Cashing 154 Main St, Hempstead, NY 11550 +1 (516) 481 - 1211
National Bank of Coxsackie 4507 NY-30, Middleburgh, NY 12122 +1 (518) 827 - 3333
Ukrainian Federal Credit Union - Rochester Branch 824 East Ridge Road, Rochester, NY 14621 +1 (585) 544 - 9518

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Lorraine, NY, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan for New Rochelle, NY, Payday Loan Without a Credit Check in New York, NY, Payday Loans in Niagara Falls, NY, Same Day Loans in North Tonawanda, NY, Payday Loans in Oceanside, NY, Payday Loans in Ossining, NY, Payday Loans in Oyster Bay, NY and Guaranteed Loans in Penfield, 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 Lorraine, NY.

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

13659

Are Payday Loans Legal In Lorraine, 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

Lorraine, NY payday loan calculator

Understanding Payday Loans in Lorraine, New York

Payday loans have become a popular form of short-term lending for people who have an urgent need for cash. In Lorraine, New York, however, payday loans are prohibited. Let’s take a closer look at what payday loans are, why they’re banned in New York, and what alternative options are available to residents in need.

Payday Loans: What Are They?

A payday loan is a small, high-interest, short-term loan that is typically borrowed against an individual’s next paycheck. They are often attractive because they seem like a quick and easy solution to a financial problem, but they can come with many hidden fees and high interest rates that can trap borrowers in a cycle of debt.

In Lorraine and the rest of New York, payday loans are illegal due to the state’s strict usury laws. These laws are intended to protect consumers from predatory lending practices, which can lead to severe financial strain for borrowers.

Why Are Payday Loans Prohibited in New York?

New York’s usury laws effectively cap the interest rates that lenders can charge on loans. Payday lending, which often charges interest rates in the triple digits, falls well outside these legal parameters.

While payday loans may seem like a quick solution to a financial emergency, they can quickly become a cycle of debt that is difficult to escape. With the high fees and interest rates associated with these loans, borrowers can end up owing far more than they ever borrowed in the first place. This is why New York, like many other states, has taken steps to curb these predatory lending practices.

What Are the Alternatives to Payday Loans in Lorraine, New York?

While payday loans may be off the table for Lorraine residents, there are still several options available for those who need a little extra cash to make ends meet:

  • Personal Loans: Personal loans are a type of installment loan that can be used for a variety of purposes. They are typically available through banks, credit unions, or online lenders, and can come with a much lower interest rate than payday loans.
  • Credit Cards: Credit cards can be a good option for small, short-term expenses. While they can come with high-interest rates, they are often lower than those associated with payday loans. However, it’s important to use credit cards responsibly and avoid getting into debt.
  • Community Resources: Some communities have resources available to help with emergency expenses, such as food pantries or financial assistance programs. Contacting local non-profit organizations or government agencies can be a good place to start.

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

  • The state of New York has one of the strictest usury laws in the country, capping interest rates at 16% for most loans.
  • In 2019, the Consumer Financial Protection Bureau estimated that payday lending cost Americans $9 billion in fees alone each year.
  • Many payday lenders target low-income communities, with some charging interest rates as high as 400%.

Apply Now

While payday loans are not a viable option in New York, TheGuaranteedLoans offers a range of alternative loan options for Lorraine residents in need. As a connector service, we are not a direct lender, but we can help you connect with potential lenders who can offer a loan that meets your needs. Fill out an online application today and get started on the path to financial stability.

F.A.Q.

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

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

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

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