Payday Loans in Philmont, New York

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

Company nameAddressZip codePhone number
Citizens Bank Supermarket Branch 40 Main Ave, Wynantskill, NY 12198 +1 (518) 283 - 2611
Hyperion Business Funding HBF 80 Wall St 815, New York, NY 10005 +1 (347) 815 - 3863
TD Bank 78 Brookside Ave Suite 101, Chester, NY 10918 +1 (845) 469 - 4468
William J Bereza & Associates 202 Cornelia St B, Plattsburgh, NY 12901 +1 (518) 561 - 0967
Community Bank, N.A. 8720 East, W Main St, Clymer, NY 14724 +1 (716) 355 - 2255
Countryside Federal Credit Union 5720 Commons Park, East Syracuse, NY 13057 +1 (315) 445 - 2300
Visions Federal Credit Union 3301 Country Club Rd, Endwell, NY 13760 +1 (800) 242 - 2120
Community Bank, N.A. 70 E Main St, Westfield, NY 14787 +1 (716) 326 - 3145
Gold Coast Bank 210 Old Country Rd, Mineola, NY 11501 +1 (516) 307 - 8870
David's Check Cashing 57-59 US-9W, West Haverstraw, NY 10993 +1 (845) 429 - 6808

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Philmont, NY, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan Companies in Brooklyn, NY, Payday Loans in Buffalo, NY, Payday Loans in Carmel, NY, Quick Loan in Centereach, NY, Payday Loan Companies in Central Islip, NY, Short-term Loans in Cicero, NY, Payday Loans in Clarence, NY and Short-term Loans in Clay, 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 Philmont, NY.

Beautiful sights of Philmont, NY

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

12565

Are Payday Loans Legal In Philmont, 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

Philmont, NY payday loan calculator

Understanding Payday Loans in Philmont, New York

Payday loans are a form of short-term loan that typically comes with high-interest rates and fees. They are designed to provide individuals with quick access to small amounts of cash when they need it the most. Typically, borrowers who take out payday loans need to pay them back on their next payday.

Prohibition of Payday Loans in New York

It is important to note that in New York, payday loans are prohibited by law. New York’s usury laws generally prohibit charging more than 25% APR for loans of $25,000 or less. Since payday loans typically come with interest rates that far exceed this limit, they are illegal in the state of New York.

The reason for the prohibition of payday loans in New York is because they can often trap borrowers in a cycle of debt. In many cases, borrowers who take out payday loans are unable to pay them back on time, which can lead to additional fees and charges. This can cause borrowers to take out more loans to cover their existing loan, creating a cycle of debt that can be difficult to break.

Why are Payday Loans Popular Despite Being Illegal?

Despite being illegal in New York, payday loans are still very popular throughout the United States. One of the biggest reasons for their popularity is that they are relatively easy to obtain. Unlike traditional loans, payday loans do not require a credit check or collateral.

Because of this, payday loans are often seen as the best option for people who have poor credit or who are unable to obtain traditional loans.

Alternatives to Payday Loans

If you are in need of cash and live in Philmont, New York, it is important to explore other options besides payday loans. Some potential alternatives to payday loans include:

  • Personal loans from banks or credit unions
  • Credit card cash advances
  • Borrowing from friends or family
  • Employer cash advances

While these options may not be as easy to obtain as payday loans, they offer lower interest rates and more favorable terms. Plus, they won’t put you at risk of falling into a cycle of debt that can be difficult to break.

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

  • New York State’s Department of Financial Services fined two payday loan companies in 2016 for violating state lending laws.
  • According to Pew Charitable Trusts, the average payday loan borrower in the United States takes out eight loans per year, spending an average of $520 on interest alone.
  • In 2017, the Consumer Financial Protection Bureau (CFPB) finalized rules that would have required payday lenders to verify borrowers’ ability to repay loans before lending them money. However, in 2019, the CFPB reversed this requirement.

Apply Now

If you need access to cash in Philmont, New York, TheGuaranteedLoans.com is here to help. As a connector service, we work with a network of potential lenders to help connect borrowers with the best loan options available to them.

Simply fill out our online application, and we will work to match you with a lender that can provide you with the funds you need. Remember, we are not a direct lender – we simply facilitate the connection between borrowers and potential lenders.

Don’t let the prohibition of payday loans in New York leave you feeling helpless. Apply for a loan through TheGuaranteedLoans.com and get the cash you need today.

F.A.Q.

What are the penalties for offering or taking out a payday loan in Philmont, New York?

Offering or taking out a payday loan in Philmont, New York is considered a criminal offense and can result in fines and imprisonment.

Are there any exceptions to the payday loan prohibition in Philmont, New York?

No, there are no exceptions to the payday loan prohibition in Philmont, New York.