What You Need to Know About Payday Loans in Ontario Center, New York
While payday loans are illegal in New York, it’s important to understand why they’re illegal and what alternatives are available to you if you’re in need of quick cash. Read on to learn more about payday loans in Ontario Center, New York.
Why Payday Loans Are Prohibited in New York
In 2006, New York State passed legislation that made it illegal for payday lenders to operate within the state’s borders. The reasoning behind this decision was that payday loans are often predatory in nature and target low-income borrowers who may not fully understand the terms of the loan.
Furthermore, payday loans come with high interest rates and fees, making it difficult for borrowers to repay the loan on time. This can lead to a cycle of debt that is difficult to break free from.
Alternatives to Payday Loans in Ontario Center, New York
If you’re in need of quick cash, there are several alternatives to payday loans that you should consider.
- Credit unions: Many credit unions offer low-interest loans to their members. Check with your local credit union to see if you’re eligible for a loan.
- Personal loans: You may be able to take out a personal loan from a bank or online lender. Just be sure to read the terms and conditions carefully to ensure you can afford the loan.
- Credit card cash advances: While credit card cash advances often come with high interest rates, they are still a better option than payday loans.
Interesting Facts About Payday Loans in Ontario Center, New York
- The average interest rate on a payday loan in New York is 400%.
- In 2019, the New York State Department of Financial Services sent cease-and-desist letters to 35 online payday lenders operating in the state.
- In 2014, the New York Attorney General’s office settled with several payday lenders who were targeting military families and charging illegal interest rates.
Apply Now
If you’re in need of quick cash, TheGuaranteedLoans can help you find a lender who can provide you with a loan that meets your needs. Keep in mind that we are a connector service and not a direct lender. We will facilitate your connection with potential lenders who can provide you with the cash you need.
Simply fill out our online application to get started.
Remember to only borrow what you can afford to repay and to read the terms and conditions carefully before signing any loan agreement.