Welcome to TheGuaranteedLoans, your trusted source for information on payday loans and other last-resort loan options. This article will focus on payday loans in Pike, New York, and provide comprehensive information about what payday loans are and why they are prohibited in the State of New York.
What are Payday Loans?
Payday loans are short-term, high-interest loans that are typically used by people who need cash to cover an unexpected expense or emergency. These loans usually have a term of about two weeks and are due on the borrower’s next payday.
The borrower typically writes a post-dated check to the lender for the amount of the loan plus fees. If the borrower is unable to repay the loan when it is due, they can roll it over for another two weeks by paying additional fees.
Payday Loans in Pike, NY
Prohibition of Payday Loans in New York
It is important to note that payday loans are illegal in New York State. In fact, New York has some of the strictest laws in the country regarding payday lending. In 2013, New York’s Attorney General Eric Schneiderman sued several payday lenders for violating the state’s usury laws, which cap interest rates at 25%. As a result, many payday lenders have stopped conducting business in New York State.
- Interest rates over 25% are considered usury in New York State.
- Payday lending is illegal in New York.
- In a survey of households in New York, 23.4% of respondents reported using high-interest payday loans.
Alternatives to Payday Loans in Pike, NY
Even though payday loans are illegal in New York, there are still options available for people who need cash quickly. Here are a few alternatives to payday loans:
- Credit Unions: Many credit unions offer small, short-term loans to members with low interest rates and flexible repayment terms. You can find a credit union near you using the National Credit Union Administration’s Credit Union Locator tool.
- Personal Loans: Personal loans from banks or online lenders can be a good option if you have good credit. These loans typically have lower interest rates than payday loans, but they may take longer to obtain.
- Installment Loans: Installment loans are another type of loan that you can consider if you need cash quickly. These loans are repaid in monthly installments and have longer repayment terms than payday loans.
Apply Now
If you are in need of cash quickly and are looking for a loan in Pike, NY, then TheGuaranteedLoans is here to help. Remember, we are a connector service, not a direct lender. We work with a network of trusted lenders to help connect borrowers with potential lenders. Fill out our online application now to get started.
Interesting Facts About Payday Loans in Pike, NY
- In 2018, the average payday loan in New York State was $480.
- In 2018, the average APR on a payday loan in New York State was 199%.
- New York State has some of the strictest laws in the country regarding payday lending, with interest rates capped at 25%.
Thank you for reading this article on payday loans in Pike, NY. We hope that it has been informative and helpful. Remember, if you are in need of cash quickly, there are alternatives to payday loans available.