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When you’re in need of quick cash, a payday loan can seem like a great solution. Unfortunately, if you live in Dexter, New York, payday loans are not an option. In fact, they are prohibited by law.
What is a Payday Loan?
A payday loan is a short-term loan designed to give borrowers access to quick cash. Typically, payday loans are due on the borrower’s next payday and require the borrower to write a post-dated check or authorize an electronic withdrawal for the loan amount plus fees.
Why are Payday Loans Prohibited in Dexter, New York?
Payday loans are illegal in New York in an effort to protect consumers from high-interest rates and predatory lending practices. The state’s usury laws, which prohibit charging more than 25% interest, make payday lending unprofitable in New York.
What are the Alternatives to Payday Loans in Dexter, New York?
If you’re in need of quick cash in Dexter, New York, there are several alternatives to payday loans that may be available to you:
- Credit union loans: Credit unions often offer small loans with lower interest rates than payday lenders. If you’re not already a member of a credit union, join and apply for a loan.
- Credit counseling services: A nonprofit credit counseling service can help you create a budget and negotiate with your creditors to lower your payments. They may also be able to refer you to other financial resources.
- Personal loans: Personal loans from friends, family, or reputable online lenders may offer lower interest rates than payday loans. Just be sure to read the terms and conditions carefully.
Interesting Facts or Statistics about Payday Loans in Dexter, New York
Although payday loans are prohibited in Dexter, New York, they remain a popular option in other states. Here are some interesting facts and statistics about payday loans:
- 12 million Americans use payday loans each year.
- The average payday loan borrower takes out eight loans per year.
- The average payday loan in the United States is $375.
- Payday loans cost Americans $9 billion in fees annually.
- The typical payday loan borrower is in debt for five months per year, spending an average of $520 in fees to repeatedly borrow $375.
Apply Now
If you’re in need of quick cash in Dexter, New York, explore your alternatives to payday loans. If you’re interested in applying for a loan, TheGuaranteedLoans can help you connect with potential lenders. As a connector service, we facilitate your connection with potential lenders and do not offer direct loans. Fill out our online application to get started.
Remember, payday loans may seem like a fast and easy solution to financial hardship, but they can lead to a cycle of debt and financial ruin. It’s important to explore all of your options and make an informed decision.