Payday Loans in Mount Sinai, New York

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

Company nameAddressZip codePhone number
St. John's Buffalo Federal Credit Union 2322 Seneca St 1, Buffalo, NY 14210 +1 (716) 823 - 1527
Hudson Valley Credit Union 953 NY-300, Newburgh, NY 12550 +1 (845) 463 - 3011
M&T Bank 43 S Main St, Perry, NY 14530 +1 (585) 237 - 3223
Beta Abstract LLC. 3115 Long Beach Rd 2, Oceanside, NY 11572 +1 (516) 208 - 8707
Citizens Bank Supermarket Branch 6720 Pittsford Palmyra Rd, Fairport, NY 14450 +1 (585) 223 - 8645
Gem Pawnbrokers 351 W 125th St, New York, NY 10027 +1 (212) 665 - 9400
PAYOMATIC 247-12 S Conduit Ave, Rosedale, NY 11422 +1 (718) 525 - 5515
Trustco Bank 112 State St RM L-1, Albany, NY 12207 +1 (518) 436 - 9043
Mid-Hudson Valley Federal Credit Union 185 Broadway, Rte 9W, Port Ewen, NY 12466 +1 (845) 336 - 4444
Walmart Money Center 161 Washington Ave Ext, Albany, NY 12205

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Mount Sinai, 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 Cicero, NY, Payday Loans in Clarence, NY, Short-term Loans in Clay, NY, Emergency Loan in Clifton Park, NY, Payday Loans in Commack, NY, Payday Loan Companies in Coram, NY, 24-Hour Loan in East Meadow, NY and Payday Loans in Eastchester, 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 Mount Sinai, NY.

Beautiful sights of Mount Sinai, NY

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

11766

Are Payday Loans Legal In Mount Sinai, 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

Mount Sinai, NY payday loan calculator

Understanding Payday Loans in Mount Sinai, New York

Payday loans are a form of short-term, high-interest borrowing that are typically used by those who are struggling to make ends meet. However, it’s worth noting that payday loans are prohibited in the state of New York, including in Mount Sinai.

In this article, we’ll examine some of the reasons why payday loans are prohibited in Mount Sinai and the rest of New York. We’ll also explain some alternative borrowing options that you might consider if you’re in a tough financial spot.

Why Are Payday Loans Prohibited in New York?

In New York, payday lending has been illegal since 2009 under the state’s Banking Law. The Banking Department of New York was given the mandate to enforce this law to ensure that payday lending companies do not take advantage of consumers in the state.

According to the Consumer Financial Protection Bureau (CFPB), payday loans can trap borrowers in a cycle of debt. The bureau also notes that payday loans often come with fees that are much higher than those for other types of loans.

In Mount Sinai and New York as a whole, payday loans are seen as predatory lending practices that prey on vulnerable consumers. The state has moved decisively to protect its residents by outlawing payday lending, and this has been a key move in safeguarding consumer rights and interests in the state.

Payday Loan Alternatives: What Are Your Options?

If you’re in a tight financial spot, you may be wondering what other borrowing options are available to you in Mount Sinai and New York. Here are some alternatives to consider:

  • Personal Loans: Personal loans are often unsecured and come with lower interest rates than payday loans. You may be able to obtain a personal loan from your bank, a credit union, or other lending organizations.
  • Credit Cards: Credit cards offer another potential borrowing option. However, be sure to read the fine print and fully understand the terms and fees before you take out a credit card.
  • Employer Cash Advances: If you’re strapped for cash, it may be worth approaching your employer to see if they’re willing to provide you with a cash advance or a short-term loan. Be sure to read the terms and fees associated with this option, too.
  • Friends and Family: Although it may be difficult to ask for assistance from friends or family members, this is always an option to consider if you’re in a tough spot. Be sure to agree on repayment terms and stick to them.

Facts and Statistics About Payday Loans in Mount Sinai, New York

  • Payday loans are illegal in New York, including in Mount Sinai.
  • New York has some of the strictest usury laws in the country, capping interest rates at 25%.
  • The average payday loan borrower takes out eight loans per year and remains in debt for five months of the year.
  • The average payday loan interest rate is 391% APR
  • In 2018, the average payday loan amount was $375, and the average fee was $55 per two weeks.

Apply Now

If you’re in need of borrowing money in Mount Sinai or elsewhere in New York, TheGuaranteedLoans can help connect you with potential lenders. Please note that we are a connector service, not a direct lender, and we will facilitate your connection with lenders that are willing to work with you.

Simply fill out our online application with your personal information and loan requirements, and we’ll connect you with lenders who can provide you with options for alternative borrowing. Remember, we understand the challenges you might face when looking for a payday loan in Mount Sinai, and we are here to help.

F.A.Q.

Are payday loans legal in Mount Sinai, New York?

No, payday loans are not legal in Mount Sinai, New York. In fact, the state has some of the strictest laws in the country when it comes to payday lending, and it is one of only a few states that completely prohibits the practice.

What are the consequences of taking out a payday loan in Mount Sinai, New York?

Taking out a payday loan in Mount Sinai, New York is illegal, and violators can face significant penalties, including fines, jail time, and the revocation of their business license.