Payday Loans in Red Creek, New York

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

Company nameAddressZip codePhone number
Auburn Community Federal Credit Union 65 Wright Cir, Auburn, NY 13021 +1 (315) 253 - 2934
Tioga State Bank 1387 NY-96, Owego, NY 13827 +1 (607) 687 - 4647
Rbs Citizens 891 U.S. 9, Queensbury, NY 12804 +1 (518) 761 - 2440
Trustco Bank 2 Trieble Ave, Ballston Spa, NY 12020 +1 (518) 885 - 0498
Chase Mortgage 595 Sunrise Hwy, West Babylon, NY 11704 +1 (631) 587 - 1900
Gem Pawnbrokers 50 N Franklin St, Hempstead, NY 11550 +1 (516) 280 - 8199
Metropolitan Commercial Bank The Diamond District NYC 16 W 46th St, New York, NY 10036 +1 (212) 938 - 0770
Jesmore & Associates 21101 NY-12F, Watertown, NY 13601 +1 (315) 782 - 2661
Adirondack Regional Federal Credit Union 166 Market St, Potsdam, NY 13676 +1 (315) 268 - 1440
PAY-O-MATIC 39-28 Queens Blvd, Sunnyside, NY 11104 +1 (718) 729 - 2235

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Red Creek, NY, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Islip, NY, Emergency Loan in Ithaca, NY, Payday Loans in Jamestown, NY, Payday Loan Companies in Lancaster, NY, Bad Credit Loans in Levittown, NY, Payday Loans in Long Beach, NY, Payday Loans in Manlius, NY and Payday Loans in Mount Vernon, 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 Red Creek, NY.

Beautiful sights of Red Creek, NY

Are Payday Loans Legal In Red Creek, 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

Red Creek, NY payday loan calculator

If you’re in Red Creek, New York, and looking for a quick infusion of cash, you may be considering taking out a payday loan. However, if you’ve done any research, you’ll quickly find out that payday loans are prohibited in New York. In this article, we’ll explore the details of why payday loans are illegal in New York and suggest some alternatives if you need a loan.

The Basics of Payday Loans

Payday loans are small-dollar loans that are typically due on the borrower’s next payday. They are designed to bridge a gap in cash flow and are marketed as a quick and easy solution to financial emergencies. To get a payday loan, a borrower typically writes a post-dated check or provides access to their bank account as collateral for the loan.

Payday loans often come with exorbitant fees and interest rates, which can trap borrowers in a cycle of debt. If a borrower can’t pay back the loan on their next payday, they may have to take out another loan to cover the first and continue borrowing until they’re in over their head.

Why Are Payday Loans Illegal in New York?

In 2008, New York State banned payday loans, making it illegal for lenders to make or collect on payday loans to consumers. The interest rates and high fees often associated with payday loans made them a particularly egregious form of predatory lending. These loans were often marketed to low-income borrowers who had few other options.

The state of New York saw how harmful payday loans could be and took steps to protect consumers from these types of loans. By making them illegal, New York ensured that borrowers had other options when they needed to borrow money.

Alternatives to Payday Loans

Just because payday loans are illegal in New York doesn’t mean that there aren’t other options available to borrowers who need money quickly. Here are a few alternatives to consider:

  • Personal Loans: Personal loans are installment loans that are paid back over time, typically two to five years. They can be a good option for borrowers who need a larger amount of money and have good credit.
  • Credit Cards: While credit cards often come with high-interest rates, they can be a good option for borrowers who need a relatively small amount of money and can pay it back quickly.
  • Credit Counseling: Credit counseling services can help borrowers create a budget and come up with a plan to pay off debt. They can also help negotiate with creditors and lenders to lower interest rates and monthly payments.

Interesting Facts and Statistics

  • According to the New York State Department of Financial Services, payday loans are illegal in New York due to their high-interest rates and fees.
  • A 2017 study by the Consumer Financial Protection Bureau found that the average payday loan borrower takes out 10 loans per year.
  • The same study found that more than 80% of payday loans are rolled over or followed by another loan within 14 days.

Apply Now

While payday loans may be illegal in New York, there are still lenders out there who will offer loans with high-interest rates and fees. Instead, consider applying for a loan through TheGuaranteedLoans. We are a connector service, not a direct lender, which means we can help connect you with potential lenders who may be willing to offer you a loan.

At TheGuaranteedLoans, we believe that everyone deserves access to safe and affordable credit. By applying for a loan through our website, you’ll have access to a network of lenders who are willing to work with borrowers of all credit levels. Apply now and see what we can do for you!

F.A.Q.

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

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