Payday Loans in Waterport, New York

All Credits Welcome!

If you have a bad credit score, then don’t worry – it’s not an issue for us!

TGL Loan Services

You can get your money fast after filling out the simple form on the "Get Started" page! Lenders cannot guarantee the approval, but they could approve your loans, even if you are unemployed, receiving government benefits.

Fast Money In Your Bank

You can get your money within hours after filling out the form! We work 24/7 for you!
  • This form is protected with secure 256-bit SSL encryption
  • By clicking “Get Started”, I consent and agree to the Privacy Policy and Terms of Use.

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

Company nameAddressZip codePhone number
Citizens Bank Supermarket Branch 40 Main Ave, Wynantskill, NY 12198 +1 (518) 283 - 2611
Northern Credit Union - Massena Branch 256 E Orvis St, Massena, NY 13662 +1 (315) 782 - 0155
The First National Bank of Long Island 285 E Main St suite 104 suite 104, Smithtown, NY 11787 +1 (631) 265 - 0200
KeyBank 50 N Church St, Goshen, NY 10924 +1 (845) 294 - 7383
Orange Bank & Trust Company 859 Franklin Ave, Thornwood, NY 10594 +1 (914) 984 - 2780
Consumer Credit Counseling Service of Rochester 1050 University Ave Suite A, Rochester, NY 14607 +1 (585) 546 - 3440
Chase Mortgage 2102 Middle Country Rd, Centereach, NY 11720 +1 (631) 588 - 3044
KeyBank 59 NY-59, Suffern, NY 10901 +1 (845) 369 - 5160
M&T Bank 80 Oriskany Blvd, Whitesboro, NY 13492 +1 (315) 736 - 1827
Raymond James Financial Services 675 Panorama Trail Suite 9, Rochester, NY 14625 +1 (585) 383 - 8040

Payday Loan Companies in Nearby Cities

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

Beautiful sights of Waterport, NY

Are Payday Loans Legal In Waterport, 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

Waterport, NY payday loan calculator

Payday Loans in Waterport, NY: What You Need to Know

When financial emergencies arise, it can be challenging to know where to turn for help. For many Americans, payday loans seem like a quick and easy solution to bridge the gap until their next paycheck arrives. Despite the convenience factor, it is important to understand that payday loans are not a viable option for consumers in Waterport, NY, as they are prohibited by state legislation. In this article, we will explore what payday loans are, why they are illegal in New York, and alternative options for those facing financial difficulties.

What are Payday Loans?

Before diving into the specifics on why payday loans are prohibited in New York, it is essential to have a clear understanding of what a payday loan is. Payday loans, also known as cash advances or check advances, are short-term loans taken out by consumers to help cover unexpected expenses between paychecks.

The repayment terms vary but typically require the borrower to pay back the loan with their next paycheck. In some cases, borrowers may be given more extended repayment terms, but at an incredibly high-interest rate. The high interest is where the problem lies with payday loans and is one of the leading reasons why they are illegal in many states, including New York.

Why are Payday Loans Illegal in New York?

In 2009, Governor David A. Paterson signed the Payday Loan Reform Act into law, banning payday lending in New York. The law made it illegal for lenders to offer loans with an interest rate higher than 25%. Payday lenders had been known to offer loans with interest rates upwards of 600%, trapping borrowers in a cycle of debt and creating an endless cycle of borrowing to repay previous loans.

A report from the New York State Department of Financial Services found that payday loans had a damaging effect on New York families’ finances, draining millions of dollars from the state’s economy. The state’s ban on payday loans has helped protect consumers from the vicious cycle of debt created by these predatory lending practices.

Alternative Options for Those in Need

If you are in need of financial assistance, there are alternative options available to you that are legal in Waterport, NY. These options are often more affordable and do not come with the risk of predatory lending practices.

  • Personal Loans: A personal loan from a bank or credit union is a viable option for those who need to borrow money. These loans typically have more reasonable interest rates and repayment terms, making them a more sustainable financial option.
  • Credit Counseling: Credit counseling agencies offer free financial advice to assist those in need of assistance in managing their finances. Credit counselors can help you create a budget, negotiate with creditors, and develop a debt repayment plan.
  • Emergency Assistance Programs: Many nonprofit organizations offer emergency assistance programs that can help with rent, utilities, and other basic needs during times of financial hardship.

Interesting Facts and Statistics about Payday Loans

  • In the United States, 12 million Americans take out payday loans every year, racking up more than $8 billion in fees annually.
  • Payday loans trap borrowers in a cycle of debt, with the majority of payday loans being taken out to repay previous loans.
  • The average payday loan borrower takes out eight loans per year and spends approximately $520 on interest, paying back nearly $900 for a $375 loan.
  • Payday loans disproportionately affect low-income communities, with 75% of payday loan fees generated by borrowers who take out 10 or more loans per year.
  • The negative financial impact of payday loans extends beyond individual borrowers; they weaken the economy by reducing consumer purchasing power and driving up costs of public and private social safety net programs.

Apply Now

While payday loans are not an option in Waterport, NY, TheGuaranteedLoans can help you find alternative personal loan options that best fit your needs. Our easy online application process connects you with potential lenders, giving you the ability to compare rates and terms and select the best option for you. Remember, we are not a direct lender, but a connector service, helping you find the best options to fit your needs. Apply now to get started on your path to financial stability and peace of mind.

F.A.Q.

Why are payday loans illegal in Waterport, New York?

Payday loans are illegal in Waterport, New York because they often have high interest rates and fees that can trap borrowers in a cycle of debt. The state's regulations are designed to protect consumers from predatory lending practices.

What are some alternative options for getting quick access to cash in Waterport, New York?

in Waterport, New York, consumers can seek out alternative forms of financing, such as small personal loans, credit union loans, or even borrowing from friends or family.