Payday Loans in Smallwood, New York

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

Company nameAddressZip codePhone number
Square 1 Bank 475 5th Ave 18th floor, New York, NY 10017 +1 (646) 467 - 5256
Chase Bank 140 Sullivan St, Wurtsboro, NY 12790 +1 (845) 888 - 2441
Nbt Bank 3195 NY-145, East Durham, NY 12423 +1 (518) 239 - 4796
Walmart Money Center 7494 US-11, Potsdam, NY 13676
Cornerstone CFCU 4255 Witmer Rd, Niagara Falls, NY 14305 +1 (716) 754 - 2950
Catskill Hudson Bank 101 Kings Mall Ct, Kingston, NY 12401 +1 (845) 334 - 0124
PLS Check Cashing Store 10 E Sunrise Hwy, Freeport, NY 11520 +1 (516) 377 - 1425
Chase Bank 2 New Hempstead Rd, New City, NY 10956 +1 (845) 634 - 0033
KeyBank 410 Towne Dr, Fayetteville, NY 13066 +1 (315) 251 - 6200
Citizens Bank Supermarket Branch 1000 Portage Rd, Niagara Falls, NY 14301 +1 (716) 282 - 4700

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Smallwood, NY, you can try to find different companies in big cities near by. Check out the following pages here: 24-Hour Loan in Franklin Square, NY, Online Loans in Freeport, NY, Payday Loans in Guilderland, NY, Online Loans in Hamburg, NY, Guaranteed Loans in Haverstraw, NY, Payday Loans in Hempstead, NY, Guaranteed Loans in Henrietta, NY and Payday Loan Without a Credit Check in Hicksville, 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 Smallwood, NY.

Beautiful sights of Smallwood, NY

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

12778

Are Payday Loans Legal In Smallwood, 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

Smallwood, NY payday loan calculator

Smallwood is a small hamlet located in Sullivan County, New York. Many people living in Smallwood and its surrounding areas often face financial difficulties from time to time. When faced with financial emergencies and unable to raise cash through conventional means, many people turn to payday loans.

Typically, a payday loan is a small, short-term loan that borrowers use to cover unexpected expenses. However, payday loans charge high-interest rates and fees, making it challenging for borrowers to repay the loan on time. In Smallwood, New York, payday loans are prohibited by state law, and lenders are not allowed to operate here.

What are payday loans?

A payday loan is a short-term loan designed to help borrowers cover their expenses until their next payday. Payday loans usually come with high fees and interest rates, making them a costly way to borrow money. In most cases, borrowers are required to repay the loan on their next payday, which can be two weeks to a month after the loan is taken out.

Are payday loans legal in Smallwood, New York?

Payday loans are illegal in Smallwood, New York, and the state of New York. The state has put strict regulations in place to protect consumers from predatory lending practices. According to the New York State Banking Department, all businesses that offer payday loans in the state of New York must be licensed.

Lenders who offer payday loans are required to charge no more than 25% annual interest on loans of up to $2,000. Loans above $2,000 have an interest rate cap of 16%. Additionally, lenders must be licensed and registered with the state banking department to operate in New York.

Why are payday loans prohibited in Smallwood, New York?

The state of New York has banned payday loans to protect its citizens from the dangers of borrowing from predatory lenders. Payday lenders typically charge high-interest rates on loans, which can lead to a cycle of debt for borrowers. The state of New York has put strict regulations in place to protect consumers and make it difficult for lenders to operate in its jurisdiction.

Also, many payday lenders have been known to use unethical collection practices, including calling and harassing borrowers for payments and charging excessive fees to borrowers who default on loans. By banning payday loans, the state of New York is preventing these predatory lending practices, improving the economic well-being of its residents.

What are the alternatives to payday loans in Smallwood, New York?

If you’re facing financial challenges in Smallwood, New York, and need cash to cover unexpected expenses, consider the following alternatives:

  • Personal Loans: A personal loan is a loan that is unsecured and has a fixed interest rate and repayment term. You can borrow a larger amount of money with a personal loan compared to a payday loan.
  • Credit Cards: If you have a credit card, you can use it to cover unexpected expenses. Many credit cards come with interest-free periods, which can help you save on interest.
  • Ask Family or Friends: If you’re in dire financial circumstances, reach out to family or friends for assistance.
  • Nonprofit Lenders: Many nonprofit organizations provide low-interest loans to individuals who need cash. Consider contacting these organizations to see if they can help you.

Apply Now with TheGuaranteedLoans

At TheGuaranteedLoans, we connect borrowers with potential lenders who offer payday loans, personal loans, title loans, and other loan types. Our loan matching service is free and straightforward to use. We don’t lend any money directly; instead, we facilitate the connection between you and the lender.

If you’re looking for a loan in Smallwood, New York, we can help you find a lender who offers loans to residents of your area. We work with a network of lenders who are willing to lend money to borrowers with poor credit scores and histories. To get started, fill out our online application form, and we’ll connect you with a lender in under ten minutes.

Interesting Facts & Statistics about Payday Loans in Smallwood, New York

  • A study conducted by the Consumer Financial Protection Bureau (CFPB) found that the average payday loan borrower in the United States takes out eight loans a year, with each loan lasting an average of 18 days.
  • The same study found that one in five payday borrowers end up defaulting on their loans, while one in three borrowers end up defaulting after taking out six or more loans in a row.
  • In New York state, payday loans are illegal, but some lenders try to evade the law by operating online. This makes it challenging for authorities to track and penalize violators.
  • The high-interest rates charged on payday loans can lead to a vicious cycle of debt, making it challenging for borrowers to break free from the cycle.
  • The state of New York is home to several credit unions and nonprofit lenders that provide affordable loan alternatives to borrowers who need cash.

Conclusion

Payday loans are not legal in Smallwood, New York, and the state has put measures in place to protect its residents from predatory lending practices. If you need cash to cover unexpected expenses, consider exploring alternative lending options such as personal loans, credit cards, or borrowing from family or friends. TheGuaranteedLoans can also help you find a lender who can provide you with the cash you need. Always remember to borrow responsibly and only take out a loan that you can afford to repay.

F.A.Q.

Can I get a payday loan with bad credit in Smallwood, New York?

No, payday loans are not available in Smallwood, New York regardless of credit history.

Can I get a payday loan without a checking account in Smallwood, New York?

No, payday loans are not available in Smallwood, New York regardless of banking status.