I live in New York where short-term cash advance such as Payday Loans are prohibited by the state law. Can I still get a quick loan online or from out-of-state lender?
Can I take a Payday Loan if it's not legal in my state?
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Answers: 1
COMPACOM TEAM
Expert answer
No, unfortunately, if Payday Loans are forbidden by law it means lenders can't operate legally in the state both online and in-store. Even out-of-state companies should obey these rules. But you need to decide whether you need a Payday Loan or just some quick emergency cash. If the latter is fine there are a lot of other options you can take advantage of: Installment Loans, Personal Loans, Check Cashers, Peer-to-Peer lending, Loans from banks and credit unions, etc.
Keep in mind - if you get the money from an illegal lender you may become a victim of a scam and get into debt and you won't be able to file a complaint as you violated the law applying for a prohibited payday loan. So make sure you learn all the rules and regulations before you do any financial operations.
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