Payday Loans in Tomkins Cove, New York

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

Company nameAddressZip codePhone number
Five Star Bank 211 Main St, East Aurora, NY 14052 +1 (716) 655 - 8248
TIAA Financial Services 30 Century Hill Dr Suite 300, Latham, NY 12110 +1 (866) 842 - 2046
The Delaware National Bank of Delhi 1058 E Main St, Hobart, NY 13788 +1 (855) 433 - 3544
Bank of Utica 222 Genesee St, Utica, NY 13502 +1 (315) 797 - 2700
Trans Funding Inc 159 W 53rd St 19E, New York, NY 10019 +1 (212) 307 - 1545
Rick Bokman Inc 1019 E State St, Olean, NY 14760 +1 (716) 372 - 8633
KeyBank 103 S Peterboro St, Canastota, NY 13032 +1 (315) 697 - 2228
Sunrise Check Cashing 20521 Linden Blvd, Jamaica, NY 11412 +1 (718) 527 - 4760
The Federal Savings Bank 395 N Service Rd 407w, Melville, NY 11747 +1 (516) 430 - 5555
Riverside Credit Union 2853 Delaware Ave, Buffalo, NY 14217 +1 (716) 875 - 1747

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Tomkins Cove, NY, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Clifton Park, NY, Payday Loan Without a Credit Check in Commack, NY, No Credit Check Loans in Coram, NY, Payday Loans in East Meadow, NY, Payday Loans in Eastchester, NY, Payday Loans in Elmont, NY, Emergency Loan in Franklin Square, NY and Payday Loan Companies in Freeport, 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 Tomkins Cove, NY.

Beautiful sights of Tomkins Cove, NY

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

10986

Are Payday Loans Legal In Tomkins Cove, 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

Tomkins Cove, NY payday loan calculator

Payday Loans in Tomkins Cove, New York – Understanding the Prohibitive Laws

Payday loans are a type of short-term loan that comes with very high-interest rates. These loans are typically taken out by people who need emergency cash to cover their immediate financial needs. However, it’s important to note that payday loans are illegal in New York state, including in Tomkins Cove.

What Are Payday Loans?

A payday loan is a short-term loan that is unsecured and typically due on the borrower’s next payday. The loan is typically for a small amount, ranging from $100 to $1,000, and is designed to provide immediate financial relief for the borrower. However, payday loans come with very high-interest rates, as much as 400% APR in some cases, and can quickly become very difficult to repay.

Payday Loan Prohibitive Laws in Tomkins Cove, New York

It’s important to note that payday loans are illegal in New York state, and this includes Tomkins Cove. The New York State Department of Financial Services (DFS) has issued strict regulations against payday loans in the state to protect borrowers from high-interest rates and predatory lending practices.

  • New York’s laws prohibit payday lenders from operating in the state. This means that borrowers in Tomkins Cove cannot get a payday loan from a storefront lender or an online lender.
  • It is also illegal for payday lenders to attempt to collect payment from borrowers in New York. A borrower who is being pursued by a payday lender in Tomkins Cove should contact the DFS immediately.
  • In addition, payday loans are subject to strict regulations in other states where they are legal. Lenders in these states are required to follow certain guidelines to ensure that borrowers are protected from predatory lending practices.

Alternatives to Payday Loans in Tomkins Cove, New York

While payday loans may seem like a quick fix to a financial emergency, there are other options available to borrowers in Tomkins Cove that are both legal and less expensive.

  • One option is to consider a small loan from a credit union or bank. These loans typically have lower interest rates than payday loans and can be repaid over a longer period of time.
  • Borrowers may also consider a credit card cash advance, which typically has a lower interest rate than a payday loan.
  • Another option is to ask family and friends for a loan. While this may be a difficult conversation, it can save the borrower from high-interest rates and debt traps that come with payday loans.

Interesting Facts and Statistics about Payday Loans in Tomkins Cove, New York

  • In 2019, the DFS filed a lawsuit against a payday lender for deceptive and illegal lending practices, including charging interest rates as high as 300%.
  • Between 2010 and 2015, the number of payday loans in New York state decreased by 70%, due in part to restrictive laws and regulations.
  • The average payday loan borrower in the United States takes out eight loans per year, with an average loan amount of $375.

Apply Now – Connect with Potential Lenders in Tomkins Cove

If you are in need of emergency cash in Tomkins Cove, it’s important to explore all of your legal options before considering a payday loan.

Visit TheGuaranteedLoans website to fill out our online application and we will connect you with potential lenders who may be able to offer you a loan that meets your needs. It’s important to note that TheGuaranteedLoans is not a direct lender, but rather a loan connector service that connects potential borrowers with lenders who may be willing to offer them a loan.

By filling out the online application, you can quickly and easily receive offers from multiple lenders. This gives you the opportunity to compare loan terms and select an option that is right for you.

Conclusion

Payday loans may seem like a quick fix to a financial emergency, but they come with very high-interest rates and can quickly become a debt trap for borrowers. In Tomkins Cove, it’s important to remember that payday loans are prohibited by law. By exploring all of your legal options and working with a reputable loan connector service like TheGuaranteedLoans, you can find a loan that meets your needs without falling into debt and financial hardship.

F.A.Q.

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

It is unlikely that a borrower would be arrested for taking out a payday loan in Tomkins Cove, 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 Tomkins Cove, New York?

Yes, there are several resources available to help consumers avoid predatory lending in Tomkins Cove, 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.