Payday Loans in Plainville, New York

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

Company nameAddressZip codePhone number
Community Bank, N.A. 150 W Market St, Corning, NY 14830 +1 (607) 962 - 2461
TrailNorth Federal Credit Union 1178 NY-9N, Ticonderoga, NY 12883 +1 (518) 585 - 6725
Pioneer - Clifton Park West Branch 1208 NY-146, Clifton Park, NY 12065 +1 (518) 373 - 1052
Manufacturers & Traders Trust 3175 Chili Ave 7, Rochester, NY 14624 +1 (585) 889 - 2990
Apple Bank 41 Commack Rd, Commack, NY 11725 +1 (631) 499 - 8600
PowerHouse Solutions Inc 1010 Northern Blvd #234, Great Neck, NY 11021 +1 (516) 829 - 2900
Avenue Check Cashing 21233 Jamaica Ave # A, Jamaica, NY 11428 +1 (718) 217 - 8423
Valley Bank 135 South St, Oyster Bay, NY 11771 +1 (516) 922 - 0200
Jovia Financial Credit Union 830 Fort Salonga Rd, Northport, NY 11768 +1 (516) 561 - 0030
Signature Bank 923 Broadway, Woodmere, NY 11598 +1 (866) 744 - 5463

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Plainville, NY, you can try to find different companies in big cities near by. Check out the following pages here: Short-term Loans in Albany, NY, Payday Loans in Babylon, NY, Emergency Loan in Bay Shore, NY, No Credit Check Loans in Binghamton, NY, Same Day Loans in Brentwood, NY, Guaranteed Loans in Brookhaven, NY, Payday Loans in Brooklyn, NY and Payday Loans in Buffalo, 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 Plainville, NY.

Are Payday Loans Legal In Plainville, 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

Plainville, NY payday loan calculator

Payday Loans in Plainville, New York: What You Need to Know

Payday loans, also known as cash advance loans, are a popular borrowing option for people who need quick access to funds. Unfortunately, in Plainville, New York, payday loans are not legal due to strict state regulations. In this article, we’ll discuss what payday loans are, why they are prohibited in New York, and what alternative options you have if you need financial assistance.

What are Payday Loans?

Payday loans are typically small, short-term loans with high-interest rates. They are designed to provide borrowers with quick access to funds to cover unexpected expenses or emergencies. To get a payday loan, a borrower typically provides proof of income and a checking account. The lender then gives the borrower a loan that is due on their next payday, along with high fees and interest rates.

Why Are Payday Loans Prohibited in New York?

Payday loans are not legal in New York because the state has very strict usury laws that prohibit lenders from charging high-interest rates. New York’s interest rate cap is 25%, which is much lower than the average payday loan interest rate, which can be as high as 400%. Additionally, payday loans often target vulnerable populations and can trap borrowers in a cycle of debt.

Alternative Options to Payday Loans in Plainville, New York

If you need financial assistance in Plainville, New York, there are still options available to you. Here are a few alternative lending options:

  • Personal Loans: Personal loans are a type of unsecured loan offered by banks, credit unions, and online lenders. They typically have lower interest rates than payday loans and longer repayment terms, making them a more affordable borrowing option.
  • Credit Cards: Credit cards can be a useful tool for short-term borrowing needs. If you already have a credit card, you can use it to make purchases for unexpected expenses. If you don’t have a credit card, you may be able to get approved for a new card with a low introductory interest rate.
  • Local Assistance Programs: Some local organizations and agencies may offer financial assistance programs to help those in need. These programs may provide funds for emergency expenses, rent, or utility bills.

Interesting Facts About Payday Loans in Plainville, New York

  • In New York State, it is illegal for a lender to charge more than 25% interest on a loan of $25,000 or less.
  • A study by the Pew Charitable Trusts found that the average payday loan borrower in the United States takes out eight loans per year, with an average loan amount of $375.
  • In 2020, the Consumer Financial Protection Bureau (CFPB) repealed a rule that required lenders to verify a borrower’s ability to repay a loan before approving it. This move was criticized by consumer advocates who argue that it puts borrowers at risk of getting trapped in a cycle of debt.

Apply Now

If you need financial assistance in Plainville, New York, TheGuaranteedLoans can help connect you with potential lenders who offer personal loans and other types of credit. Please note that TheGuaranteedLoans is not a direct lender and does not make credit decisions. However, we work with a network of verified lenders who can provide loan options that meet your specific needs. Fill out our online application form today to get started.

F.A.Q.

Can I be arrested for taking out a payday loan in Plainville, New York?

It is unlikely that a borrower would be arrested for taking out a payday loan in Plainville, New York, as the focus of enforcement efforts is typically on the lenders, rather than the borrowers. However, borrowers who knowingly engage in illegal activities, such as providing false information to a lender or participating in a loan scheme, may face criminal charges.

Are there any other resources available to help me avoid predatory lending in Plainville, New York?

Yes, there are several resources available to help consumers avoid predatory lending in Plainville, New York, including the state's Consumer Financial Protection Bureau, the New York State Banking Department, and the New York City Department of Consumer Affairs.