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New York Payday Loans up to $1K
Isn't it a great luck to live in "The Big Apple" - "The City of Dreams, that Never Sleeps?! Don't let financial problems be in the road of your enjoying this place, apply for the necessary money service online.
Anyone can face an emergency situation when they need cash fast and without questions. And in such cases most people decide to apply for bad credit unsecured Payday Loans. Unfortunately, short-term cash advance is prohibited in New York by N.Y. Banking Law 340 et seq. both online and in-store. N.Y. Banking Law 373. Criminal law also caps the interest rate to 25%, which makes it impossible for the lenders to operate.
We cooperate only with verified reliable direct lenders who can help you solve your urgent financial problems. You can apply for $1,000 - $5,000 Installment Loans or $5,000 - $35,000 Personal Loans. They are unsecured and available for both good and bad credit. Fill out our simple free online application to see if you qualify for a loan.
Compare Payday Loans in New York from the Best Direct Lenders Online or find a Loan Store near your location.
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It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000 for Payday Loans, $1000 - $5000 for Installment loans, and up to $15,000 for Personal loans. But it may vary depending on the lender and his requirements.
The minimal percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.
Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.
Are Payday Loans Legal in New York?
Loan Rates and Fees, Laws and Regulations in New York.
N.Y. Banking Law 340 et seq.1 states Payday loans in NY illegal both online and in-store. N.Y. Banking Law 373. Criminal law also caps the interest rate to 25%, which makes it impossible for the lenders to operate. If you need urgent money think of other alternatives such as Installment or Personal loans.
| Law status | prohibited |
| MIN Loan Amount | Payday Loans Prohibited |
| MAX APR | Small loan rate cap 25% per year |
| Collateral or guarantor | None, unsecured |
| Credit score requirements | Available for Bad Credit |
| Law status | restricted |
| MIN Loan Amount | $1,000 |
| MAX Loan Amount | $5,000 |
| MIN. Loan Term | 90 days |
| MAX. Loan Term | 36 month |
| MAX APR | 225% |
| Collateral or guarantor | None, unsecured |
| Credit score requirements | Available for Bad Credit |
| Law status | restricted |
| MIN Loan Amount | $1,000 |
| MAX Loan Amount | $35,000 |
| MIN. Loan Term | 90 days |
| MAX. Loan Term | 60 month |
| MAX APR | 450% |
| Collateral or guarantor | None, unsecured |
| Credit score requirements | Available for Bad Credit |
Looking for a Quick Loan with NO collateral or guarantor?
Quick and Easy Payday Loans Online
Compare top online companies offering fast cash advance with no faxing, no paperwork, possibly no hard credit check and no teletrack. Filling out a free application form guarantees you instant decision and high approval chances even if you have a bad credit score.
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Your Faster Payday
It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.
The minimal percentage allowed that actually represents the cost of your loan borrowed for a month. It's more significant criterion than APR as mostly Payday loans are borrowed for 14-30 days until the next paycheck.
Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.
Fast Holiday Loans
It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.
The minimal percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.
Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.
PayDay Loan Calculator
Before you apply for a short-term cash advance consider other Payday Loan Alternatives
A warning about short-term payday loans
Applying for a short-term Payday Loan you should be very careful and responsible. Plan your budget carefully not to default the loan. Though an overpay may be only $1 a day for 100 dollar cash advance you must remember that not paying off the money on time may lead to additional penalty or NSF fees and high total cost.
So, before you make a final decision to apply for a Payday Loan consider other alternatives that may be helpful when you need urgent funds:
- Think of other more affordable types of loans with lower rates and fees and longer repayment terms such as Installment Loans and Personal Loans,;
- Consider Debt Consolidation Loans, Credit Builder Loans, Credit Cards;
- Try social services and local assistance programs;
- Look for additional part-time jobs or some side gigs and freelance opportunities;
- Start recycling for money;
- Address a person able to help you – employer, creditors, family and friends;
- Use traditional banks or credit unions to get cash.
And keep in mind that the most important thing about any loan, especially Payday Loan is to pay it off on time. It helps you avoid rollovers, renewals or extensions and increases your chances to get out of debt fats and easy.
Table of Contents:
Top Payday Loan Companies in New York
Are Payday Loans Legal in New York?
Payday Loan Interest Rates in New York
Online Payday Loan lenders in New York
Payday Loan Calculator in New York
Payday Loan Requirements in New York
Legal status of payday loans in NY
Why are Payday Loans prohibited in New York?
Online Payday Loans in New York
Alternative ways to get cash advance in New York
How do Payday Loans Work in New York
Bad Credit Payday Loans in New York
No Credit Check Payday Loans in New York
Payday Loans Same Day in New York
Legal status of payday loans in NY
Unfortunately, NY is among 19 states in the US where payday loans and other short-term loans are prohibited by criminal usury statutes.1 They limit annual interest rates to 25% thus making it impossible for lenders to give such loans. Similar situations are in neighboring states: Pennsylvania (PA), Connecticut (CT), Massachusetts (MA), Vermont (VT) and New Hampshire (NH).
Why are Payday Loans prohibited in New York?
The authorities ban short-term cash advance for a number of reasons:
- Payday Loans’ short term makes it hard for the borrowers to repay the loan on time. That’s why it often leads to a debt cycle;
- In case a customer can’t pay off the loan on the due date, he applies for rollovers and extensions which requires additional fees and charges;
- As Payday Loans have very simple to meet requirements they are considered rather risky for lenders. That’s why they charge high APR, around 380% or higher;
- If there isn’t enough money on your bank account when the loan is due, you’ll be charged an Insufficient Funds Fee which is usually about $15 - $20.
Online Payday Loans in New York.
If you already have some experience borrowing money, or are good at surfing the Net and doing research online lending will definitely suit you. NY Banking Law 373 bans check cashers from Payday Loans and NY Penal Code 190.40 caps interest at 25%. This effecitvely makes it illegal for payday lenders to operate, both in-store and online.
Try other online oney services. Online lending has plenty of advantages:
- it gives you a chance to compare a lot of different offers at once,
- you can avoid driving, doing paperwork and waiting in lines,
- applying is free and simple,
- you have very high chances of approval even with a bad credit score,
- you can find some lenders ready to give you the loan with no credit check,
- it's available 24 / 7.
Still you must keep in mind that in New York both in-store and online Payday Loan are prohibited. Take advantage of online service applying for Personal Loans on the Internet.
Payday Loan alternatives in New York.
The only way is for New Yorker’s to get money online. But you must remember that the interest rates on your loan must not exceed 25%. That’s why our service can be especially useful for you. We work with more than 300 direct lenders, give you the chance to compare their rates and other conditions on our website then you choose the most suitable one. You don’t need to submit hundreds of applications, you do it once and we match you with the proper lender.
Solve your problems, Take the money legally within an installment loan.
The other opportunity to solve your financial problems may be taking an installment loan, which is long-term and therefore doesn’t contradict with the law. The amount can range from $1000 to $15000 and you’ll be able to pay it off in scheduled installments. Fill out an easy application form and we’ll do our best to find the direct lender ready to give you the necessary amount of money and still stay within the bounds of the law.
Be careful! Stay informed!
Loans are always connected with some risk. Our task is to help you avoid it. So, before making a decision to take a payday loan, especially in the state where it’s illegal, such as New York, make sure you know all the rules and regulations.
All the judicial information concerning loans in NY is briefly stated in the brochure edited by New York State Office attorney general Eric Schneiderman.
“This brochure offers advice on how to avoid getting trapped in an endless debt cycle”: 2 Stay informed! Be safe!
Requirements to qualify for a Payday Loan in New York:
What do I need to qualify for a short-term cash advance?
Independent lenders have their own individual requirements that must be met, but typical minimum requirements include, but may not be limited to:
- New York (US) residence
- Minimum regular income of $1,000 per month
- Valid checking or savings account with direct deposit
- Phone number and e-mail address (if applying online, you must be able to be contacted via phone if verification of application information is necessary)
- Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
- If applying Online, you must provide a valid Social Security Number
- If applying at Loan Store, you must bring a valid government issued photo ID. A Social Security Number might not be required
- If applying in-store, you must bring proof of income and proof of a bank checking account. Debit cards or pre-printed checks may be accepted in your state as proof of bank checking account; contact your local store for details. Acceptable documents may vary by state.
References
1. NY Department of Financial Services - https://www.dfs.ny.gov/
2. https://ag.ny.gov/sites/default/files/pdfs/publications/payday_loans_brochure.pdf
FAQ
WHAT IS A PAYDAY LOAN?
A payday loan is a short-term unsecured loan given in the amount of $100-$1,000 and paid off within 14 - 31 days with the next pay-check.
The main characteristics of Payday loans (which can be also called payday advance, salary loan, payroll loan, small dollar loan, short term, or cash advance loan) are:
- they are short-term (14-30 days),
- they are small dollar (up to $1000),
- bad credit is OK, i.e. they are available even for borrowers with poor FICO credit score,
- high-cost (with the APR from 391% to 3,733%)
- unsecured (they are given without any collateral).
Most people choose Payday cash advance due to its:
- availability for bad credit
- quickness of applying and getting
- easiness and convenience of repayment
HOW PAYDAY LOANS WORK?
Payday Loans main characteristics are: small-dollar, short-term unsecured cash advances which are quick and easy to get. Even borrowers with bad credit can apply either online or in a store.
- They just fill out an application.
- Lenders decide whether to approve or deny the candidate.
- In the first case the money is deposited into your account within 24 hours.
- The borrower writes the check for the amount taken plus fees and as soon as the loan is due the lender can cash it.
The process is:
- Fast (a minute for applying, a couple of minutes to get approved, less than a day to get the money);
- Easy (no driving, waiting in lines, doing paperwork, looking for a guarantor or collateral is required);
- Safe (you private information is secured and all your rights are protected as we work only with legal state authorized companies).
HOW CAN I TAKE A PAYDAY LOAN IF I HAVE A POOR OR FAIR CREDIT SCORE?
Bad credit loan is the type of credit given to borrowers with a FICO score below 640. You usually need at least 600 to qualify for such loan. To get money you may turn to credit unions, family, friends, peer-to-peer lending platforms or use online lending service. When choosing an online lender for a bad credit loan, there are important features to take into account. You can find all these important criteria on COMPACOM.com website, which gives you a unique opportunity to compare companies. Pay attention to5:
- Type of lending company
- Credit history and general qualifications
- Co-signer option
- Additional eligibility qualifications
- Employment requirements
- Interest rates and types
- Loan terms
- Fees and penalties
- Repayment options
CAN I GET A PAYDAY LOAN WITH BAD CREDIT SCORE?
Bad Credit Payday Loan is the type of credit given to borrowers with a FICO score below 640.
“A credit score is a numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of an individual. A credit score is primarily based on a credit report information typically sourced from credit bureaus”.
It can influence the amount, the terms, interest rates and actually your eligibility for the credit.
If you have a bad credit, you can still apply for a Payday Loan. It’s up to the lender to decide, but they often approve such candidates. They typically have higher interest rates and shorter terms than loans offered to people with good credit.
What are Payday Loans?
All you need to know about Payday Loans.
Payday loans, or as they are also called “small dollar”, “bad credit”, “same day”, “short term”, “cash advance” are a kind of easy quick unsecured $100 - $1000 cash advance paid off with your next paycheck in 14 – 30 days. As soon as you are approved you are likely to get the money in your account in 24 hours or even the same day. Bad credit is not a problem to receive the necessary funds. Most direct lender Payday Loans are granted to any borrower with a steady income.
So, the main characteristics of Payday Loans are:
- $100 - $1000 average loan amount;
- 14-30 days repayment term;
- money in your account in 24 hours or even the same day;
- available even for bad credit;
Interesting to know!
More than 12 mln Americans use cash advance every year.
It’s legal in 36 states (with some restrictions in 9 of them) and prohibited in the other 14 and the District of Columbia.
You can take a Payday loan in storefronts, online and even in a few banks. It’s very simple to apply for it:
- just fill out a form with the state and e-mail address,
- if you are over 18, have a permanent job, income and a valid bank account, you have 98% chance to get instant approval from a direct lender;
- receive the money in your bank account less than 24 hours.
Payday loans are very attractive for the majority of borrowers because you don’t need any guarantor or collateral, and you can get it even with a bad or poor FICO score.
On the other hand, they are notorious for charging too high APR and leading to a continuous debt trap, but it’s a common myth. To debunk it we provide you with the cost of $100 Payday Loan at 400% APR for 14 days which is only $1 a day. You can calculate the cost of your loan free using our Payday Loan Calculator. Try Payday cash advance and make sure that it’s really as easy as ABC: Affordable, Beneficial, Convenient!
How do Payday Loans Work comparing to Installment Loans and Personal Loans?
Payday loans in New York are small dollar ($100 - $1,000) short term (14-30 days, in some cases up to 3 month) cash advance which is characterized by its easiness, speed, availability, even for those with bad credit, or without a credit history.
Payday lending is strongly regulated. Some states restrict or prohibit short-term loans for high costs.
Installment loans in New York are $1,000 - $5,000 credit borrowed for 6 – 36 months and paid back in equal repayments, usually unsecured and available for those with bad credit score.
Personal loans in New York are $5,000 - $35,000 credit granted for personal use, usually unsecured, backed up only by your ability to pay it back, for 6 – 60 months and repaid in equal installments.
The process of getting a Payday Loan in New York is quick and easy both online and in-store:
- Fill out a simple application form stating the amount you need, your name and e-mail address;
- Get instant decision and approval from one of the best direct lenders;
- Read the agreement and if you are satisfied with its terms and conditions sign it;
- Get the necessary funds in your account within 1-2 days if you apply online or same day if you go in a store.
Read more: How Payday Loans work.
New York Payday Loans vs Installment Loans vs Personal loans.
The key differences between Payday, Installment and Personal loans lie in their amount, repayment terms and rates. It can be seen more vividly in the form of the table:
|
|
Payday loans |
Installment loans |
Personal loans |
|
Amount |
100$ - 1,000$ |
1,000$ - 5,000$ |
5,000$ - 35,000$ |
|
Term |
14 - 60 days |
60 days - 36 months |
Up to 60 months |
|
Repayment |
With the next paycheck |
In scheduled installments every fortnight, month, 2 months. |
Monthly, or in parts as it’s set in the agreement. |
|
Interest rates, APR |
APR – 300%-750%, plus 10-15% of 100$ borrowed |
5.99% to 225% APR plus 5% fee |
3.99% APR plus 450% origination fee |
|
Collateral or guarantor |
No |
No |
No |
The APR is the loan interest rate and is based upon the amount, cost and term of the loan, repayment amounts and timing of payments. Lenders are legally required to show the APR and other terms of your loan before customer executes a loan agreement. APR rates are subject to change.
Taking into account the enumerated peculiarities this or that cash advance is preferred by certain borrowers for their special needs.
Payday cash advances are mostly applied for by people with bad credit, with a low income, who need a little cash for a short period. While Installment and Personal loans better suit the borrowers with good or bad credit, who want to take out higher amounts of money and need more time to pay it back, and don’t want to do a lot of paperwork looking for a collateral or guarantor.
Benefits of different types of loans:
Payday loans
- Easy, quick way to get extra cash
- Short repayment term, possibility to pay it back with the next paycheck
- Suitable and convenient for emergency expenses
Installment loans
- Higher amount than a payday loan
- Smaller interest rates
- Easier to pay off in installments over a longer period of time
Personal loans
- Rather high amount of money
- Available without guarantor or collateral (in contrast to mortgages, auto loans, etc.)
- Easier to pay back having a precise scheduled plan.
As we can deduce, there are credit types, with their advantages and disadvantages, to suit needs and wishes of any American. The only thing you must do – get information and compare the offers. That’s exactly what our service helps you with. COMPACOM – compare all and choose the best one!
Payday Loans for bad credit in New York
Bad credit loan is the type of credit given to borrowers with a FICO score below 640. You usually need at least 600 to qualify for such a loan. To get money you may turn to credit unions, family, friends, peer-to-peer lending platforms or use online lending service. When choosing an online lender for a bad credit Payday loan, there are important features to take into account:
- Type of lending company
- Credit history and general qualifications
- Co-signer option
- Additional eligibility criteria
- Employment requirements
- Interest rates and fees
- Loan terms
- Additional fees and penalties
- Repayment options
Types of loans available for bad credit applicants in New York are Personal Loans and Installment Loans. They typically have higher interest rates and shorter terms than loans offered to people with good credit. Thus you are most likely to get up to $1000 Payday cash advance. Though its APR may exceed 400% it shouldn’t frighten you as due to short (14 - 30 days) term the overpay could be only $1 a day.
You’ll get up to $1000 cash deposited into your account within 24 hours. Just fill out a simple application form online and get instant approval if you meet the lenders’ basic requirements which typically are:
- Minimum FICO score of at least 600;
- Clean credit history; no judgements, liens and bankruptcies on your credit report; and a history of making on-time payments;
- Stable employment;
- Proof of identification with a passport, driver’s license or voter’s ID. You’ll also need to provide proof of residence such as a utility bill.
Installment and personal loans are also available for New York borrowers with a bad credit.
Read more: Bad Credit Installment Loans.
Read more: Bad Credit Personal Loans.
Keep in mind that your score can influence the amount you want to take and the interest rate the lender will offer you. The maximum sum for an installment cash advance is $5000, and for a personal loan - $35000. In any case you need no collateral, no guarantor, no paperwork. No matter whether your credit score is 400, 550, or 600, get the chance to learn more about all the opportunities you have and compare the best lending services you are offered on COMPACOM.com.
New York Payday Loans Online No Credit Check
Any New York borrower, especially the one with bad credit, wants to avoid Credit Check. A no credit check Payday loan is a type of loan in which a lender evaluates your creditworthiness without using a credit report, i.e. without doing an inquiry to any of the three major credit bureaus: Equifax, Experian and TransUnion. No formal review of your credit report allows to avoid affecting the credit history and score.
As Payday Loas are restricted in NY, you'd better consider no credit check Personal Installment Loans.There do exist direct lenders in New York ready to provide you with these cash advances without doing a hard inquiry. They compensate their risk by higher APR or other fees. If you fill out our compacom form online we’ll send it to more than 300 direct lenders and help you find the one with NO credit check option.
But usually credit check is necessary and useful both for the company and for the borrower. Thus the lender can decide whether to approve you or not and you can ensure that you are able to repay the loan.
Read more: No Credit Check Payday Loans.
Same Day Payday Loans in New York
Payday loans are known to be short-term small-dollar cash advance, starting minimum with $100 and up to $1,000. Applying is easy and quick especially if you apply for a Payday Loan online. The funds can be deposited into your bank account the next business day if you borrow from online direct lenders. If you drive to a store near you in it’s possible to get a Payday Loan with the same day deposit.
Read more: Same Day Payday Loans.
Guaranteed Payday Loans from direct lenders in New York
Many New York lenders promise you a guaranteed instant approval for a Payday Loan. But be careful, take into account all the risks concerning short-term cash advance. You should understand that not all the borrowers can be approved. Though New York Payday Loans are really highly available, even for bad credit and with NO credit check sometimes, lenders can’t guarantee 100% approval. If you have no job, very low income, or many debts in the past, your chances to get the money are very low.
The truth is you do get an instant decision from a lender. Especially if you fill out our online application form you save plenty of time and energy and make lending procedure much faster and easier. It takes only several minutes to match you with the necessary lender and get his reply. That’s why Payday Loans are rightly considered the fastest and the easiest.
Select your city to find and compare the most suitable lender.
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NY CUSTOMER REVIEWS
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State Regulator
For any complaint and additional information contact DFS at (800) 342-3736 or go to the website http://www.dfs.ny.gov/
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