New York Payday Loan Laws

Extremely stringent rules and regulations have been applicable in the payday loans from New York. Rules and regulations that have been employed by the Constitution in that county is certainly something that has kept most of the leading companies at bay. With a variety of such lending companies out in the market, you would find that most of them abide by the rules and regulations that have been given by the governing body.

• Maximum APR – 500 percent
• Maximum Finance Fees – $18 per $100 dollars
• Maximum Financing Interest – No Limit
• Maximum Quantity of Loans at One Time – One
• Maximum Payday Loan – No limit
• Loan Term Limit – 10 Days
• Loan Term Maximum – 30 Days
• Total Number of Extensions: 1 time
• Loan Default Collections Actions Permitted: Non-criminal (exception for NSF checks)

Most of the lenders in this market can actually cheat you as well as the government out of the money that is needed to be paid as tax. This is usually done due to a lot of loopholes that has been prominent in the Constitution of New York payday loans. Under such circumstances, you would find that the amount of money that you would have to pay would only be increasing manifold, if you do not pay the borrowed amount within the stipulated time. The lender is well within his right to do anything of such nature, but it would result in the bankruptcy of that person. That is not at all a welcome thought, and hence you should only go for payday loans when there is an emergency.

Another way in which the lenders have been exploiting the people is by making them pay a lot of money in excess to the amount of money that they had borrowed. This is an illegal practice, but there is no amount of law that can bring about a grand scale investigation in this affair. The Finance of New York has actually been suffering a lot due to such bad loopholes, and you would find that there are a lot of people that have been clamoring for more strict rules so that they can get the best possible payday loans. Emergency situations are always cropping up, and you need the help of payday loans in order to get rid of such emergency and to put your life back into the correct track of time.

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