Payday Loans in Paradox, New York

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

Company nameAddressZip codePhone number
Lake Shore Savings Bank 30 E Main St, Fredonia, NY 14063 +1 (716) 673 - 9556
Elmira Savings Bank 404 S Hamilton St, Painted Post, NY 14870 +1 (607) 734 - 3374
HSBC 160 Walt Whitman Rd 1083, Huntington Station, NY 11746 +1 (631) 423 - 7201
Resolute Commercial Capital 140 Metro Park, Rochester, NY 14623 +1 (585) 371 - 6499
Nicholas Galletta - Prudential Financial 20 W Main St 301, Riverhead, NY 11901 +1 (516) 717 - 1883
New York Gold Diamond & Pawn 512 Stone Rd, Rochester, NY 14616 +1 (585) 222 - 7296
Secny Federal Credit Union 115 Fayette St, Manlius, NY 13104 +1 (315) 682 - 1174
Atlantic Recovery Solutions, LLC 33 Dodge Rd 108, Getzville, NY 14068 +1 (716) 636 - 0100
Twin Forks Accounting 7 Muchmore Ln, East Hampton, NY 11937 +1 (631) 324 - 7323
Kimberly Lattimer CPA PC 101 E Naples St, Wayland, NY 14572 +1 (585) 728 - 2590

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Paradox, NY, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Ithaca, NY, Payday Loans in Jamestown, NY, Payday Loans in Lancaster, NY, Bad Credit Loans in Levittown, NY, Payday Loans in Long Beach, NY, Payday Loans in Manlius, NY, Quick Loan in Mount Vernon, NY and Same Day Loans in New City, 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 Paradox, NY.

Are Payday Loans Legal In Paradox, 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

Paradox, NY payday loan calculator

Paradox, New York, is a small town located in the Adirondack region. Despite its limited economic opportunities, residents of Paradox are not alone when it comes to facing financial challenges. When they are strapped for cash and need access to quick cash loans, some people might consider payday loans as an option. However, it’s important to note that payday loans are prohibited in New York State. Therefore, if you’re in need of a loan, you will have to explore other options that are available to you.

What are payday loans, and why are they prohibited in New York State?

Payday loans are small-dollar loans, typically for between $100 and $1,000, that are due in full on the borrower’s next payday, usually within two weeks. As a form of short-term lending, payday loans can carry annual interest rates that exceed 300%.

While payday loans are legal in many states, including some neighboring areas, they are prohibited in New York. The state’s banking laws prohibit lenders from charging more than 16% APR for any loan with a duration of 90 days or less.

Aside from the high interest rates, payday loans also have very short repayment terms. Borrowers who are unable to repay the loan in full when it’s due must roll it over into a new loan with additional fees and interest. This cycle of debt can be difficult to escape, with many borrowers ultimately repaying multiple times the original loan amount.

What are the alternatives to payday loans in Paradox, NY?

Although payday loans are not available in New York State, there are a few other options for residents of Paradox who are in need of quick cash loans.

Personal Loans

Personal loans are unsecured loans that are based on a borrower’s creditworthiness. While personal loans typically require some level of credit score and income, the interest rates charged on personal loans can be substantially lower than those charged on payday loans. Furthermore, personal loans often carry longer repayment periods, which can make them more manageable for borrowers.

Credit Cards

Credit cards can be a good option for individuals who have access to credit but need a short-term loan. While credit cards usually carry higher interest rates than personal loans, they are often more flexible in terms of repayment schedules and can be used repeatedly as long as the borrower does not exceed their credit limit.

Community Assistance Programs

Community assistance programs are typically offered through local non-profits or government organizations. These relief programs offer emergency assistance with bills, rent, or food for eligible residents. It’s worth checking with your local government office or non-profit organizations to see if you qualify for any aid.

Interesting Facts and Statistics about Payday Loans in Paradox, New York

  • Payday lending is illegal in New York State.
  • In 2019, New York State saw over 297,000 payday loan inquiries from consumers looking for fast cash.
  • The APR (annual percentage rate) for payday loans can be as high as 400% or more.
  • A survey of payday loan borrowers found that more than half were unable to repay their loans on time and ended up renewing or rolling over the loan.
  • New York is one of the few states that has banned payday lending, and advocates continue to push for additional consumer protections against high-cost loans.

Apply Now for a Loan through TheGuaranteedLoans

If you’re looking for a quick cash loan in Paradox, New York, TheGuaranteedLoans can help. While we don’t provide direct lending services, we’re here to facilitate your connection with potential lenders that are willing to provide you with the loan you need. Fill out an application today on our website, and we can get started with your loan search right away.

Remember that payday loans are prohibited in New York State, and there are other options available to you that can be more manageable in the long run. By exploring the alternatives, you can find the best solution that suit your needs without putting your financial well-being at risk.

F.A.Q.

Can I take out a payday loan online in Paradox, New York?

No, even if the lender is located outside of New York, it is illegal to take out a payday loan online in this state.

Can I take out a payday loan from a lender in another state and use it in Paradox, New York?

No, it is illegal to use a payday loan from another state in Paradox, New York.