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Everything You Need to Know About Payday Loans in Hartford, New York
If you’re in a financial bind and need quick cash, payday loans might seem like an easy solution. However, in Hartford, New York, payday loans are prohibited by state law. This means that you cannot get a payday loan from a licensed lender in Hartford, New York.
What are Payday Loans?
Payday loans are short-term loans that are due on your next payday. These loans typically have high interest rates and fees, and are designed for people who need cash quickly and cannot get credit elsewhere. The lender will require you to write a post-dated check, or provide them with access to your bank account, to secure the loan.
The concept behind payday loans may sound simple, but these loans can be incredibly expensive. In addition to high interest rates, many payday lenders charge additional fees for things like loan origination, late payments, and bounced checks. This can make it difficult to pay off the loan, leading many borrowers to fall into a cycle of debt.
Why are Payday Loans Prohibited in Hartford, New York?
In 2009, the state of New York implemented the Payday Lending Reform Act, which prohibits payday loans in the state. The law was enacted to protect consumers from the predatory lending practices associated with payday loans.
Under the Payday Lending Reform Act, lenders are prohibited from charging interest rates of more than 25% per year on loans of $250,000 or less. Additionally, lenders are prohibited from making loans to borrowers who already have outstanding payday loans, or who have had a payday loan in the past 30 days.
What are the Alternatives to Payday Loans?
While payday loans are not available in Hartford, New York, there are several alternatives to consider if you need quick cash:
- Personal Loans: Personal loans are available from banks, credit unions, and online lenders. These loans typically have longer terms and lower interest rates than payday loans, making them a more affordable option for many borrowers.
- Credit Cards: If you have a credit card with available credit, you can use it to cover emergency expenses. Keep in mind that credit cards often have high interest rates, so be sure to pay your balance in full as soon as possible.
- Friends and Family: If you have friends or family who are willing to lend you money, this can be a good option. Just be sure to set clear terms and repayment expectations to avoid damaging your relationship.
Facts and Statistics about Payday Loans
- In 2019, the average payday loan was $375, with an average fee of $55 per loan.
- In 2019, the total fees paid on payday loans in the United States were approximately $9 billion.
- 12 million Americans use payday loans each year.
Apply Now
If you’re in need of quick cash, TheGuaranteedLoans can help. As a connector service, we work with a network of potential lenders to help you find the right loan for your needs. To get started, simply fill out our online application. We’ll take care of the rest!
Remember, payday loans are prohibited in Hartford, New York. However, we can help you explore other lending options that might be available to you. Whatever your financial needs, TheGuaranteedLoans is here to help.