Every state has its own set of laws governing pay day lending. The laws cover the maximum amount of money a person can borrow on a pay day loan, the maximum finance fees and interest rates a lender can charge, and how long a borrower can hold a loan before he must repay it. There are also laws to cover how many rollovers or extensions are allowed, if a borrower is unable to repay his loan in full by the due date. In New York, these topics are not as clear. As New York state law prohibits pay day lending, there are almost no regulations to benefit either borrowers or lenders. Businesses that want to issue pay day loans must obtain a special license from the state.
New York Pay Day Loan Laws
Maximum Loan Amount: not specified by state law
Maximum Interest Rate: not specified by state law
Annual Percentage Rate: a maximum rate of 25% per annum
Minimum Payoff Time: not specified by state law
Extensions Allowed: not specified by state law
Top 5 New York Pay Day Loan Companies
VIP Cash Fast
Online Company
www.vipcashfast.com
This company can help first-time borrowers with pay day loans up to $500. They do not assist with loans for members, or retired members, of the United States military. While you can only have one loan at a time through this company, you can apply if you have an outstanding loan with a different company. Online banking is an eligibility requirement.
New York Payday Advance
Online Company
www.new-york-payday-advance.com
Borrowers in New York are eligible for pay day loans up to $1500. This company approves 100% of their applicants. Borrowers are usually matched with a lender immediately. Funds arrive in the borrower’s bank account twenty-four hours after he signs his loan agreement. This is part of the “state-advance” network and you can replace “state” with any state in the US to find its related site. This is actually pretty handy if you tend to use payday loans often and have a good experience with this company.
Payday Street
Online Company
www.payday-street.com
This company provides pay day loans up to $1000 to residents of New York and you can receive the money in less than one business day in most cases. Due to New York regulations, this is an online only company that offers alternative loans that can be paid back over a longer period of time than a traditional payday loan. This doesn’t violate any laws, just offers borrowers the chance to get some much-needed money to hold them over between paydays.
Direct Cash Network
Online Company
www.directcashnetwork.com
Direct Cash Network is another online-based company that caters to those in states with either unspecified payday loan laws or prohibits payday loans altogether. The average loan through this company will be between $500 and $1000 and will have a payback time of between one and three months. The actual fees and finance rates will vary depending on the amount of the loan, how much time you need to payback, and how much you make per month.
Fast Cash Online
Online Company
www.fastcashonline.com
This company bases the amount an applicant can borrow on his monthly income. Early repayment of a loan will result in a reduced loan fee. Some of their lenders can process pay day loans for people who do not have direct deposit. Applying for a pay day loan through Fast Cash Online requires your personal and contact information, employment and banking information, and two references.