When you don’t have the best credit, it can be hard to find a small loan that can help you deal with financial emergencies or gaps in your budget. This guide will give you alternative options for when you’re struggling to make ends meet.
What are the New York laws that affect Albany?
Because New York has banned payday lending under it’s usury and bank laws, residents of Albany aren’t able to take out a payday loan in-person, over the phone or online. If you’re in need of quick money for a bill or important purchase, there are other ways to get it.
Short-term, auto title and personal loans might be a bust, but there are other options out there. Some you may have tried, but all may be worth looking into:
Although you can’t get a payday or auto title loan in Albany, there are other ways to get quick money even if you don’t have the most perfect credit.
Borrow from people you know. You may be able to request an advance on your paycheck from your employer or borrow a little from friends and family.
Contact community organizations. Non-profit financial cooperatives and local credit unions may have options for small loans as long as you meet the eligibility criteria.
Talk to your creditors. Ask about arranging a payment plan or request more time between bills.
Local social services. Look into public services for assistance with heating costs, food and housing. New York has programs like the Home Energy Assistance Program (HEAP) and The Earned Income Tax Credit (EITC) to help you get by.
What about a credit card?
You could apply for a secured credit card or an unsecured card with easier approval. Although it won’t solve your short-term cash needs, it will give you a line of credit for making regular purchases every month.
Building positive credit history is one of the keys to unlocking future line of credit and loan opportunities. Consider a card like the Deserve® Classic Card that can help you make monthly purchases and reports to the credit bureaus to help you build credit history.
New York lawmakers have banned short-term lending because of its notoriously high costs. Unlike other forms of credit, short-term loans are known for their interest rates being well above 300%, and many consumer advocate groups consider this a predatory practice. Because of this, you won’t be able to get any type of short-term loan–like a payday advance or a title loan–in the state of New York.
Regina Check Cashing & Financial Services. 911 Central Ave, Albany, NY 12206
Regina Check Cashing Corporation. 24 Central Ave, Albany, NY 12210
Frequently asked questions
New York doesn’t forbid tribal lenders from offering loans in New York. Because these lenders are from a sovereign nation, you’re able to borrow from them provided you meet the elibility requirements.
No. New York laws ban all forms of payday loans, so you won’t be able to get a loan from an online lender unless the lender is protected by tribal law.
No. All residents of New York are subject to the state’s payday loan laws. Out-of-state lenders will require you to provide proof of residence of your state and won’t approve you if your ID shows you to be from New York.
Aliyyah Camp is a SEO content strategist and former publisher at Finder, specializing in consumer and business lending. Her writing and analysis has been featured in CentSai, the Dough Roller and the Chicago Tribune. She holds a BA in communication from the University of Pennsylvania.
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