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Tips about Payday Loans

Download these Tips about Payday Loans as a PDF in English   Español   中文  Русский


Payday loans are illegal in New York. 

A payday loan is a high-interest loan borrowed against your next paycheck. In New York State, most payday loans are handled by phone or online. In order to apply for a payday loan, a borrower generally needs to have a checking account and proof of income.
If you receive an offer for a payday loan, please report it to the New York State Banking Department by calling 1-877-BANK-NYS (2265-697) or visiting

If you are in need of cash, here are some alternatives to consider:

  • Learn more about Human Resources Administration (HRA) emergency assistance programs, including cash assistance, medical assistance, food stamps and job opportunities. Call 311 or visit to learn more. 
  • Look into a small loan from a credit union or bank.  These loans usually have lower interest rates than a payday loan. Be sure to shop around to find the best offer for you.
  • Inquire about an advance from your employer.
  • Ask family or friends for a small loan.
  • A cash advance is sometimes available from your credit card provider.  It may have a higher interest rate than a credit union or bank loan, but it's a lot cheaper than a payday loan. Be sure to compare all costs. 

Money Worries? Speak with a free Financial Empowerment Center counselor to help you take control