Payday loans are illegal in New York.
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 www.banking.state.ny.us
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 www.nyc.gov/hra 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
Worries? Speak with a free Financial Empowerment
Center counselor to help you take control