payday loans

[frankie225]

What is the name of your state (only U.S. law)? i live in new york state . i am being harassed by payday yes for high interest rates on my laon. is payday yes loan legal in my state, and what happens if i cant pay them.

 

[Antigone*]

What is the name of your state (only U.S. law)? i live in new york state . i am being harassed by payday yes for high interest rates on my laon. is payday yes loan legal in my state, and what happens if i cant pay them.

Here is some information about payday loans in New York.

York State Information

Legal Status: Prohibited

Citation:
Licensed lender law applies but interest rate is that agreed to by contract. N.Y. Banking Law § 340 et seq. A check casher licensee cannot make loans nor cash or advance any moneys on a post dated check unless it is a payroll check. N.Y. Banking Law § 373. Criminal law sets the usury cap at 25%. N.Y. Penal Code § 190.40.

Small Loan Rate Cap
25% per year

Where to Complain, Get Information:
Regulator: New York State Banking Department
Address: One State Street New York NY 10004
Phone: 1-877-BANK-NYS
Fax:
Regulatory Contact: Regina A. Stone Deputy Superintendent
Regulator’s Website
Complaint Form
Complaint Instructions
Online Resources:
Consumer Help and Information – Informational Brochures
NY State Banking Department

 

[TheGeekess]

What is the name of your state (only U.S. law)? i live in new york state . i am being harassed by payday yes for high interest rates on my laon. is payday yes loan legal in my state, and what happens if i cant pay them.

You know the song....

They will harass you, ding your credit (if you have any left to ding), threaten you with lawsuits.... The list (and their inventiveness) is legendary.

 

[Antigone*]

You know the song....

They will harass you, ding your credit (if you have any left to ding), threaten you with lawsuits.... The list (and their inventiveness) is legendary.

It is sad...on all sides

These predatory lenders really need to be put out of business, but people keep walking in their doors saying "give me money".

On one hand I can blame the lenders and on the other hand I blame the idiots who went that route to begin with.

Who is worse...can't tell

 

[VeronicaLodge]

What is the name of your state (only U.S. law)? i live in new york state . i am being harassed by payday yes for high interest rates on my laon. is payday yes loan legal in my state, and what happens if i cant pay them.

why didnt you consider any of this before going to them and borrowing money?

 

[JustAPal00]

Seems to me they wouldn't have been able to get a business license if it weren't legal. These types of businesses usually have store fronts and would have to have a license and an occupancy permit to exist or they would be shut down. The ones around here have you write them a check and then loan you the money. When the payment is due they cash the check. If it bounces they go after you for writing bad checks.