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Compare your loan options in Albany, New York

Payday loans are illegal in New York, but you do have other options.

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Aliyyah Camp

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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.

Here’s extra information on New York’s payday loan laws

Do I have other options if I have bad credit?

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.

Our page on alternatives has more details

Why can't I get a short-term loan in Albany?

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.

Compare short-term loan options in New York

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Name Product Filter Values Loan amount Turnaround time Requirements
LendYou Short-term Loans
Finder Score: 2.5 / 5: ★★★★★
LendYou Short-term Loans
Up to $1,000 for payday loans and up to $5,000 for installment loans
1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
Go to siteMore Info
EarnIn
Finder Score: 4.7 / 5: ★★★★★
EarnIn
Up to $750 per pay period, but only $100 per day
1 to 3 business days or instant for a fee
Direct deposit sent to a checking account, a regular pay schedule, a fixed work location or an online timekeeping system at work
No mandatory fees, no interest and no credit checks. Subject to EarnIn terms & conditions.
Go to siteMore Info
Cleo
Finder Score: 4.1 / 5: ★★★★★
Cleo
Up to $250
3 to 4 days standard transfer. Same day with $3.99 to $9.99 express fee.
Not stated
Automatically monitor your spending plus access cash advances up to $100 at a time.
Go to siteMore Info
Sorbet
Not rated yet
Sorbet
Based on the amount of accrued PTO
Up to 5 business days for approval and 5 business days for funding, or instant for a fee
18 years of age, W-2 employee, US citizen or permanent resident, employer must carry over PTO and payout upon termination
Tap your unused PTO for a cash advance so you can access that money early. Available in : CO, FL, IL, MA, NY, NJ, TX, VA, OR, AR, NE, TN, ME, CT, WV
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Dave ExtraCash
Finder Score: 4.2 / 5: ★★★★★
Dave ExtraCash
Up to $500
Up to 3 business days or instant for a fee
At least two direct deposit paychecks to your bank account from your employer, extra money in your bank account
Borrow up to $100 to avoid hefty overdraft fees.
Go to siteMore Info
Fast5kLoans Short-term Loans Connection Service
Finder Score: 0.2 / 5: ★★★★★
Fast5kLoans Short-term Loans Connection Service
$100 to $35,000
As soon as the next business day
Regular source of income, Verifiable bank account, US citizen, Ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
Go to site
Fig Loans Installment Loans
$50 to $100, varies by state
As soon as the same business day
3 months of direct deposits, $1400 per month income, positive bank account balance
Get an affordable installment loan that comes with no fees, flexible terms and predictable monthly repayments.
Go to siteMore Info
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Cash advances locations near you in Albany, NY

Cash advance store locations in Albany

  • Cash In Advance. 71 Central Ave, Albany, NY 12206
  • Regina Check Cashing & Financial Services. 911 Central Ave, Albany, NY 12206
  • Regina Check Cashing Corporation. 24 Central Ave, Albany, NY 12210

Frequently asked questions

Image: Wikimedia Commons

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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. See full bio

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