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New York Payday Loan Laws
Are you thinking about getting a payday loan or other type of online loan in New York? Here is what you should know.
Payday loans are illegal in New York State. The state prohibits the making of payday loans in-person, by telephone or online. It is also a violation of the law for a debt collector to make any attempts to collect the debt on a payday loan. Payday lending is also illegal in New Jersey.
However, you can take out a small loan in New York from a registered lender, and rates will be capped at 25% APR.
The Department of Financial Services is the regulatory authority you can turn to if you believe payday loans are being issued in New York.