Payday Loans in Shushan, New York

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

Company nameAddressZip codePhone number
Alliance Bank 5390 W Genesee St, Camillus, NY 13031 +1 (315) 487 - 2180
Peoples Security Bank & Trust Company 1026 Conklin Rd, Conklin, NY 13748 +1 (607) 722 - 2114
Ulster Savings Bank 1208 NY-300, Newburgh, NY 12550 +1 (845) 567 - 3171
Advance Autobody Sta, 509 N Bicycle Path C, Port Jefferson Station, NY 11776 +1 (631) 474 - 8883
TD Bank 14 Main St, Hudson Falls, NY 12839 +1 (518) 747 - 3308
Monet Capital 81 Willoughby St, Brooklyn, NY 11201 +1 (800) 377 - 5554
Suffolk Federal Credit Union 6150 Jericho Turnpike, Commack, NY 11725 +1 (631) 924 - 8000
Sohayegh David CPA 95 Delancey St, New York, NY 10002 +1 (212) 353 - 2657
United Nations Federal Credit Union 2401 44th Rd, Long Island City, NY 11101 +1 (212) 338 - 8100
Citibank 4800 Nesconset Hwy, Port Jefferson Station, NY 11776 +1 (631) 791 - 5441

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Shushan, NY, you can try to find different companies in big cities near by. Check out the following pages here: Online Loans in Troy, NY, Emergency Loan in Uniondale, NY, Payday Loan Without a Credit Check in Utica, NY, Payday Loans in Valley Stream, NY, Same Day Loans in Warwick, NY, Payday Loans in Webster, NY, Payday Loans in West Babylon, NY and Payday Loans in White Plains, 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 Shushan, NY.

Beautiful sights of Shushan, NY

Are Payday Loans Legal In Shushan, 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

Shushan, NY payday loan calculator

Introduction

Payday loans are typically considered to be a quick fix to expensive problems. However, these loans have a reputation for being predatory and trapping borrowers in a cycle of debt. In many states, payday loans are either strictly regulated or outright banned. Shushan, New York is one of the states where payday loans are prohibited. It is important to understand why this is the case and what alternatives are available for those who need financial assistance in Shushan.

The State of Payday Loans in Shushan, New York

Payday loans are illegal in Shushan, New York, and in the entire state. The reason for this is because payday loans are perceived to be a dangerous form of lending that puts borrowers in a cycle of debt. New York State’s Department of Financial Services (DFS) has taken a strong stance against payday lending, making regulations that protect New Yorkers from these kinds of loans.

Specifically, New York law caps the interest rates on loans at 25% and caps the length of loan repayment terms at sixty days. These regulations are meant to protect borrowers from the high-interest debt traps that payday loans can create. Lenders who violate these laws face stiff penalties, including fines and license revocation.

DFS has also targeted online payday lenders that claim to operate outside of New York state law. New York law requires all lenders to follow state regulations, even if they operate online from another state. The department has identified and shut down illegal lenders who target vulnerable New Yorkers with high-interest payday loans.

Alternatives to Payday Loans in Shushan, New York

While payday loans are prohibited in Shushan, it doesn’t mean that there aren’t other options available for those who need fast cash. Here are some alternatives to payday loans.

Credit Union Loans

Credit unions are private, nonprofit organizations owned and operated by their members. Credit unions typically offer lower interest rates for loans, including personal loans, home equity loans, and lines of credit. Some credit unions also offer payday alternative loans (PALs), which are similar to payday loans, but with lower interest rates and longer repayment terms.

Secured Credit Cards

Secured credit cards are a great option for those who need to rebuild their credit score. With a secured credit card, the borrower puts down a security deposit, which is usually equal to the credit limit on the card. The borrower then uses the card like a regular credit card, but the lender can recoup their losses if the borrower fails to make payments.

Personal Loans

Personal loans are a type of installment loan that can be used for a variety of purposes, including paying off debt, making home repairs, or covering emergency expenses. Personal loans typically have lower interest rates than payday loans and longer repayment terms.

Interesting Statistics about Payday Loans in Shushan, New York

  • Payday loans are prohibited in New York State, including in the city of Shushan.
  • There were no payday lenders in Shushan as of 2021.
  • New York State caps the interest rate on loans at 25 percent and the length of the repayment term at 60 days.
  • The New York State Department of Financial Services has targeted online payday lenders that claim to operate outside of state regulation.

Apply Now

If you are in Shushan, New York and are in need of a loan, TheGuaranteedLoans can help. We are a connector service, not a direct lender, and we will facilitate your connection with potential lenders. By filling out our online application, you will be matched with lenders who may be able to assist you with your financial needs. Apply now and take the first steps towards financial stability.

F.A.Q.

Are payday loans legal in Shushan, New York?

No, payday loans are not legal in Shushan, New York. In fact, the state has some of the strictest laws in the country when it comes to payday lending, and it is one of only a few states that completely prohibits the practice.

What are the consequences of taking out a payday loan in Shushan, New York?

Taking out a payday loan in Shushan, New York is illegal, and violators can face significant penalties, including fines, jail time, and the revocation of their business license.