Payday Loans in Wilmington, New York

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

Company nameAddressZip codePhone number
Riverhead Auto Mall 1800 Old Country Rd 3115, Riverhead, NY 11901 +1 (631) 369 - 0600
Walmart Money Center 43 Stephenville St, Massena, NY 13662 +1 (315) 769 - 1072
First Credit Corporation of New York 21 N Main St #1, Gloversville, NY 12078 +1 (518) 773 - 2718
PAY-O-MATIC 60-29 Myrtle Ave, Ridgewood, NY 11385 +1 (718) 417 - 4908
Starr Marine Agency Inc 399 Park Ave 1700, New York, NY 10022 +1 (646) 227 - 6449
Fast Cash USA 128 10th Ave, New York, NY 10011 +1 (212) 645 - 5698
Merrill Lynch Wealth Management 151 Stockade Dr 2nd Floor, Kingston, NY 12401 +1 (845) 334 - 3888
Legend Group Inc 216 E Main St 2, Batavia, NY 14020 +1 (585) 345 - 9345
Capital One Bank 11 E Park Ave, Long Beach, NY 11561 +1 (516) 431 - 5390
Cronus Capital Group 1225 Franklin Ave Ste 325, Garden City, NY 11530 +1 (516) 268 - 7299

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Wilmington, NY, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan Without a Credit Check in Webster, NY, Quick Loan in West Babylon, NY, No Credit Check Loans in White Plains, NY, Payday Loans in Yonkers, NY, Payday Loans in Albany, NY, Payday Loans in Babylon, NY, Payday Loans in Bay Shore, NY and Bad Credit Loans in Binghamton, 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 Wilmington, NY.

Beautiful sights of Wilmington, NY

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

12997

Are Payday Loans Legal In Wilmington, 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

Wilmington, NY payday loan calculator

Payday loans can be a helpful solution to unexpected financial expenses, but in Wilmington, New York, they are prohibited. Let’s take a closer look at what payday loans are, why they are illegal in Wilmington, and explore alternative solutions to financial emergencies.

What Are Payday Loans?

Payday loans are short-term loans that typically have incredibly high-interest rates. Borrowers can usually receive the loan amount within minutes without a credit check or collateral, making it an easy option for those in need of fast cash. However, the interest rates on these loans can be astronomical, with some lenders charging up to 400% APR. Due to the high-interest rates, it becomes difficult for borrowers to pay back the borrowed amount, and a cycle of debt can begin.

Why Are Payday Loans Illegal in Wilmington, New York?

In 2004, the New York State Attorney General’s office sued payday lenders for breaking state usury laws and regulations. Under the laws of New York, interest rates above 25% APR for loans with a duration of 90 days or less are prohibited. New York also caps annual interest rates at 16% for all consumer loans under $250,000. Due to this, it is illegal to offer or receive payday loans in the state of New York, including Wilmington.

Alternative Solutions to Financial Emergencies

Without payday loans, individuals who experience a financial emergency may be left wondering what other options they have. Below are some alternative solutions to consider when facing an unexpected expense:

  • Personal Loan: Consider applying for a personal loan from a local bank or credit union. These loans often have lower interest rates and more flexible repayment terms than payday loans.
  • Credit Card Cash Advance: If you have a credit card, you may be able to take out a cash advance. However, be aware that this may come with high-interest rates and fees.
  • Friends and Family: Consider asking a friend or family member for a loan. Make sure to outline the repayment terms and stick to them to avoid any potential relationship strain.
  • Payment Plan: Contact the company you owe money to and inquire about a payment plan. They may be willing to work with you to set up a payment plan that fits within your budget.

Interesting Facts or Statistics About Payday Loans in Wilmington, New York

  • In 2019, there were 1.7 million payday loans taken out in New York State with an average interest rate of 400%.
  • Payday lenders have been known to target low-income individuals, often trapping them in a cycle of debt.
  • The Consumer Financial Protection Bureau found that more than 80% of payday loans were rolled over or followed by another loan within 14 days.

Apply Now

If you are in need of financial assistance, TheGuaranteedLoans is here to help. Our online application process makes it easy to find a lender that fits your needs. Keep in mind that we are a connector service, not a direct lender. We facilitate your connection with potential lenders, and they will be the ones to determine your eligibility and loan terms. Apply now and take the first step towards financial stability.

F.A.Q.

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

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

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