New York Payday Loans

Every state has the discretion to allow or not allow short-term loans, like cash advances. Though there is no official outlawing of payday loans in New York, the state's laws make it difficult for many lenders to operate. The small loan rate cap is a 25 percent APR per year, which is much lower than the standard rates that payday lenders apply. In order to make short term funds available to consumers, cash advance companies generally have an APR standard of at least 300 percent. Because payday lenders cannot stay afloat based on New York's laws, there are no specific laws that address things like number of rollovers or loan terms.

Though payday lenders have a hard time staying afloat with New York's laws, lenders are still located throughout the state.  The top two cities are Albany and Rochester.

Maximum Principal

There is no maximum amount, as the small loan laws make payday loan lending in New York obsolete.

Length of Loan

There are no loan terms prescribed by law.

Rollovers

Since payday loans simply do not exist, there are no laws governing rollovers and extensions.

Fees

Cash advance companies that choose to operate in New York can charge any fee or interest rate, up to the small loan rate cap of 25 percent annually. This is also spelled out in the criminal statutes of the state.

APR

The laws of New York do not address fee schedules or APRs for payday lending.

ATM Cash Express Inc
354 Malcolm X Boulevard
New York, NY 10027
Wilson Funding Company Llc
233 East 69th Street
New York, NY 10021
Century Business Credit Corp.
119 West 40th Street
New York, NY 10018
Global Cash Network Inc
103 Allen Street
New York, NY 10002
ATM Cash Express Inc
480 9th Avenue
New York, NY 10018
Fonecash
90 Park Avenue
New York, NY 10016
Internet Venture Capital Group
N/A
New York, NY 10005
Atn ATM Check Cashing Corporation
12211 Guy R Brewer Boulevard
, NY 11434
(718) 712-2747
Bel Air Check Cashing Corporation
13410 Guy R Brewer Boulevard
, NY 11434
(718) 723-5689
Wink Check Cashing Corporation
388 Bedford Park Boulevard
, NY 10458
(718) 364-7551

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New York Loan Statistics

Pay Schedule
Average Loan Average Age Weekly Bi-Weekly Monthly Twice Per Month Home Owner Renter
2012$7003828%49%12%11%23%77%
2011$6163725%52%13%10%19%81%
2010$6103826%50%11%12%21%79%