If you need a small amount of money, a payday loan won’t be your best option in New York
Although many lenders market payday loans as a great way to get the funding you need quickly, New York has banned the practice throughout the entire state, including New York City. There are other options, though, so read our guide to figure out what you’ll need to do if you need extra cash.
So there are no payday lenders in New York?
The state of New York prohibits payday lending in all forms, including over the phone and online, so you won’t be able to get a payday loan if you live in New York City. New York Penal Code 190.40 sets the usury rate at 25%. This means that all loans must have an APR at or below this rate if they are to remain legal.
Why are short-term loans illegal in New York?Short-term loans include a broad category of credit options, including payday loans, auto title loans and high-interest installment loans. While New York hasn’t specifically banned the practice, the cap on interest keeps these lenders out of the state. Many consumer advocate groups and lawmakers view payday lending rates as predatory and designed to keep people trapped in debt. Because of this, check cashers can’t give loans and all small loan lenders can’t finance a loan with more than a 25% annual percentage rate (APR).
What other borrowing options do I have in New York City?
- Talk to your creditors. Your creditors may be more understanding than you think. Contact them to see if you can get an extension on your payment or lower your monthly bill. These are quick ways to deal with your debt while making sure you can meet other financial needs.
- Look into local assistance programs. If you’re constantly struggling to make ends meet, New York has programs like the Food Bank for New York City and the Earned Income Tax Credit (EITC) that can help you work through your bills.
- Request a loan at a local bank or credit union. Although your credit will play a large role in the decision, a local bank or credit union may look at your other circumstances when decision to give you a loan. If you’ve been a member for a long time, consider petitioning for a loan.
Could you consider a credit card instead?
Another option is to apply for a secured credit card or low-credit-score-approved credit card. A credit card can’t get you cash today, but cards like the Deserve Classic can help you get the line of credit you need to make purchases and build credit history in the process.
Cash Advance locations in New York, NY
Cash advance locations in New York City
If you’re looking for cash advance locations in New York City, here are some options:
- Advance America. 85 Broad St, New York, NY 10004
- Check N’ Go. 4024 Boston Rd, Bronx, NY 10475
- Entrust Cash Advance. 263 W 38th St, New York, NY 10018
- Merchant Cash Advance. 2 W 46th St #205, New York, NY 10036
- Provident Loan Society of NY. 346 Park Ave S, New York, NY 10010
- Fast Cash Pawn Shop. 3401 Broadway, New York, NY 10031
- Cash Advance Manhattan NY | Premium Merchant Funding. 40 Wall St Suite 501, New York, NY 10005
- New York Payday Loan Solutions. 180 Church St, New York, NY 10013
- Imperial Advance. 247 W 36th St, New York, NY 10018
- Credit Cash. 335 Park Ave, New York, NY 10022
- Modell Collateral Loans. 169 E 116th St, New York, NY 10029