As of today, New York residents cannot obtain a payday loan in the state. The state has enacted loan rate caps that have had the effect of removing cash advance stores from the state. The reason for this is the cost of doing business has mounted to excessive levels, making payday lending services impossible to maintain with interest caps at their current rate. Additionally, those who do seek to lend in the state must become licensed, which requires paying high fees, obtaining large amounts of insurance, and submitting extensive amounts of paperwork.
Residents in the state may consider other loan alternatives to help assist them with their cash flow problems. There has been debate recently about possibly reforming the industry to allow for lenders to be able to operate in the state. New York borrowers can continue to visit CashAdvance.com for the latest news and updates concerning the payday loan industry.
New York State Banking Department
99 Washington Avenue # 805
Albany, NY 12210-2808
Phone: (518) 474-6746