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PAYDAY LENDING IN NEW YORK: WHAT YOU NEED TO KNOW

Payday loans are illegal in New York State. It is a violation of New York State law to make payday loans in-person, by telephone, or over the Internet. It is also illegal for a debt collector to collect, or attempt to collect, on a payday loan in New York State. 

To File a Complaint

What is a Payday Loan?
A payday loan is a relatively small, high-cost loan, typically due in two weeks and made with a borrower’s post-dated check or access to the borrower’s bank account as collateral.

Payday lending is illegal in New York for a number of reasons:

New Yorkers should steer clear of payday loans. If you are struggling to pay your bill:

To stop recurring bank account debits to a payday lender, take the following steps:

If you have any problems, including debt collectors contacting you about the transaction, contact DFS at (800) 342-3736 or File a Complaint.

Updated 10/31/2013