Payday Loans in Keeseville, New York

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

If you’re someone who’s struggling to make ends meet in Keeseville, New York, you might have thought about taking out a payday loan to tide you over until your next paycheck. However, it’s important to understand that payday loans are not legal in the state of New York, including Keeseville. In this article, we’ll discuss why payday lending is banned in New York, and what alternative options are available to you.

The Banning of Payday Loans in New York

Payday lending, which involves a borrower taking out a small loan for a short period at a high interest rate, has been banned in New York since 2009, and for good reason. Payday loans are notorious for their high interest rates and fees, which can trap vulnerable borrowers in cycles of debt that are difficult to escape. New York state legislators recognized the dangers of payday loans and took the necessary steps to protect their citizens. As a result, it’s illegal for any lender, including those operating online, to offer payday loans to New York residents.

Alternative Options for Keeseville Residents

So, if payday loans are not an option, what can Keeseville residents do when they’re in need of emergency cash? Fortunately, there are several alternatives:

• Credit Card Cash Advance: If you have a credit card, you might be able to take out a cash advance. This is where you withdraw cash from an ATM or bank branch using your credit card. However, keep in mind that cash advances usually come with high fees and interest rates.
• Personal Loans: An unsecured personal loan from a bank or credit union may be an option if you have decent credit. These loans often come with lower interest rates than payday loans, and the repayment terms are more favorable.
• Credit Counseling: If you’re struggling with debt, credit counseling may be a good option for you. A credit counselor can work with your creditors to come up with a debt management plan that can help you get your finances back on track.
• Emergency Assistance Programs: There are several government and non-profit programs in New York that offer emergency assistance to low-income families in need. Check with your local Department of Social Services to find out what programs are available in Keeseville.

Interesting Facts about Payday Loans in Keeseville and New York

• According to a report from the New York State Department of Financial Services, the average APR for payday loans in New York was 589% in 2019.
• While payday loans are banned in New York, some lenders try to circumvent the law by offering loans online to New York residents. It’s important to be vigilant and do your research before taking out any loan.
• The Consumer Financial Protection Bureau reports that the average payday loan borrower takes out 10 payday loans per year, spending an average of 199 days in debt per year.

Apply Now

While payday loans are illegal in New York, there may be other short-term loan options available to you. At TheGuaranteedLoans, we’re a connector service that can help you find a lender who may be able to provide you with the emergency cash you need. We work with a network of reputable lenders, and our online application process is quick and easy. Just fill out our online form, and we’ll connect you with potential lenders who may be able to assist you. Remember that we are not a direct lender, and we cannot guarantee loan approval. However, we’ll do our best to help you find a lender who meets your needs. Apply now and get started on the path to financial relief!