Payday Loans in Melrose, New York

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

Company nameAddressZip codePhone number
SEFCU Mortgage Services 700 Patroon Creek Blvd 301, Albany, NY 12206 +1 (800) 444 - 6313
Sterling National Bank 2090 Merrick Rd, Merrick, NY 11566 +1 (516) 379 - 3444
HSBC Bank 8591 S Main St, Eden, NY 14057 +1 (800) 975 - 4722
Bank of Greene County 230 M Simons Rd, Cairo, NY 12413 +1 (518) 622 - 2662
Five Star Bank 284 E Fairmount Ave, Lakewood, NY 14750 +1 (716) 763 - 2000
North Country Savings Bank 68 Main St, Saranac Lake, NY 12983 +1 (518) 304 - 1100
Money Management International 5794 Widewaters Pkwy, Syracuse, NY 13214 +1 (315) 766 - 2491
Community Bank, N.A. 1281 N Main St, Jamestown, NY 14701 +1 (716) 661 - 3844
Joseph F. Eaton CPA PC 334 Underhill Ave 4, Yorktown Heights, NY 10598 +1 (914) 962 - 5561
Community Bank, N.A. 11 Tuscarora St, Addison, NY 14801 +1 (607) 359 - 2251

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Melrose, NY, you can try to find different companies in big cities near by. Check out the following pages here: Quick Loan in Smithtown, NY, Payday Loans in Southampton, NY, Payday Loans in Spring Valley, NY, Short-term Loans in Staten Island, NY, Payday Loan for Syracuse, NY, Payday Loans in Troy, NY, Payday Loans in Uniondale, NY and Payday Loans in Utica, 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 Melrose, NY.

Beautiful sights of Melrose, NY

Are Payday Loans Legal In Melrose, 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

Melrose, NY payday loan calculator

The Truth About Payday Loans in Melrose, New York

Payday loans have become a popular way for people to access quick cash when they find themselves in a financial bind. These loans are designed to be easy to obtain, with many lenders offering same-day or next-day approval.

When it comes to payday loans in Melrose, New York, however, things are a little different. New York State has some of the strictest payday lending laws in the country, and as a result, payday loans are illegal in Melrose and throughout the state.

Before you consider taking out a payday loan in Melrose or anywhere else in New York, it’s important to understand the laws surrounding these types of loans and the alternatives that are available to you.

The Basics of Payday Loans

Payday loans are short-term loans that are typically due on your next payday. They’re designed to be quick and easy, with many lenders requiring only proof of income and a checking account to approve your loan application.

However, payday loans come with high interest rates and fees, making them an expensive way to borrow money. Often, borrowers find themselves unable to repay the loan on time, leading to a cycle of debt that can be difficult to break.

Why Are Payday Loans Illegal in New York?

In 2009, the State of New York passed the Uniform Small Loan Law, which effectively banned payday loans in the state. The law caps interest rates on loans at 25% and prohibits lenders from charging any additional fees or charges for loans under $10,000.

Since payday lenders typically charge interest rates of 400% or higher, these loans are illegal in New York. While some lenders attempt to get around the law by offering loans online or out-of-state, New York State has taken steps to crack down on these practices.

Alternatives to Payday Loans

If you need cash quickly, there are alternatives to payday loans that can help you get the money you need without the high cost.

  • Credit Cards: If you have a credit card, you may be able to use it to cover your expenses. Keep in mind, however, that credit cards also come with high interest rates and fees if you don’t pay your balance off in full each month.
  • Personal Loans: A personal loan from a local credit union or online lender may be a more affordable option than a payday loan. Look for lenders that offer low interest rates and no hidden fees.
  • Savings: If you have savings, consider using them to cover your expenses instead of taking out a loan.

Interesting Facts and Statistics

  • In 2019, the average payday loan in the United States was $375, with an average annual percentage rate (APR) of 391%.
  • 12 million Americans take out payday loans each year, spending an average of $520 in interest and fees per loan.

Apply Now

If you’re in need of cash in Melrose, New York, TheGuaranteedLoans can help connect you with potential lenders. Fill out our online application today and we’ll work to find you a lender that meets your needs.

Remember, TheGuaranteedLoans is a connector service, not a direct lender. We work with a network of lenders to find you the best loan options available.

F.A.Q.

Are there any alternatives to payday loans in Melrose, New York?

Yes, there are several alternatives to payday loans in Melrose, New York, including credit unions, community development financial institutions, and small-dollar loan programs offered by banks and credit unions.

Can I still take out a payday loan if I live in Melrose, New York but the lender is based in another state?

No, it is illegal for payday lenders to offer loans to residents of New York, regardless of where the lender is located.