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Payday Loans in New York

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Explore the best personal loans in New York for 2023. Online lenders offer excellent credit options, including debt consolidation and home improvement loans. With automatic payments and terms up to 60 months, compare rates and fees. Verify your identity for quick approval, but note that rates are subject to change. Consider local New York options and beware of advertised rates, as APR is determined based on credit. Find the right loan for your needs.

Best payday loans in New York

We have found the top 5 well-known platforms through which you can get New York payday loans online or similar credits. Read the description of each of them to decide where you would like to apply for the money.


Since standard payday loans are prohibited in New York, you must find alternatives. What if you don’t know what they might be? What terms can payday lenders offer?

In this situation, you can use the PayDaySay app and not worry about these questions. This platform has a vast database of lenders willing to lend money without a credit check.

All you need to do to get cash is to fill out an application, providing basic information about you: age, name, citizenship, the official place of employment, and the purpose of the credit. Then the creditors will send you offers, each of which will specify the loan amount, repayment period, and APR – the interest rate.

Instead of filling out dozens of forms and asking each creditor individually if you fit his criteria and what terms he is willing to give you, you should fill in an application in PayDaySay and choose the best option.

You can borrow from $100 to $5,000 through the app, and the money goes straight to your account within one business day, more often within 5 minutes of signing the credit agreement. The interest rate starts at 25% and depends on your app usage history and income. In addition, the app does not check your credit history.

The only downside to the PayDaySay platform is that it is an intermediary between lenders and you. Therefore, if you have any questions or problems, you must communicate directly with the company that lent you the money.

Money Lion

One of the analogs of payday loans online in New York is Instacash. So if you urgently need from $25 to $250, you can get it on your bank account at 0% interest!

This new MoneyLion service is suitable for all users because it does not require a credit score check. Besides, the money is given out for an average of two weeks until you get your next paycheck.  The benefits of this service are obvious:

  • You don’t have to have a good credit rating.
  • The APR for this service is 0%.

However, it has a few disadvantages:

  • You have to buy a MoneyLion Pro subscription to use the service. It costs $19.99. Even if you use the $250 maximum, the cost of the borrowing for you will be $19.99, as if you were taking the money at 208% APR.
  • You won’t get $250 immediately; most users get $25 to $50 first. It will increase as you use the app.
  • If you want to get money into your account in a few minutes, you must pay $4.99 for an instant deposit. Otherwise, withdrawals will take one to two days.

Open Cash Advance

On this website, you can get a secured credit without providing collateral. This option is suitable for people with a bad credit history, but be warned that if you fail to repay such a loan, the financial institution may repossess the property provided as collateral.

The most popular alternative to online payday loans in New York is automobile title loans. They are available for $1,000-$5,000, equaling 25-50% of the car’s value. The interest rate on this loan can be from 7% to 25% and is usually given for one month to several years.

The company’s services are free because it only provides information. You can find more than a hundred lenders on its website, including CHECK CASHING CORP, located at 128 E 29th St New York NY, 10016, and Ave Check Cashing Corp, located at 644 10Th Ave New York NY, 10036.

Payday Loans Cash Advance

This company provides cash advances, similar to New York payday loans online. The minimum amount of such loans same day deposit is $100, and the maximum is $1,000. The interest rate and repayment term depend only on your information, namely your age, job, and income. The company has clear criteria that anyone wishing to get money here must meet:

  • Be over 18 years old.
  • Have a stable job for more than two months.
  • Have an income of $800 or more.
  • Provide proof of your home address.

If your application is approved and you sign the contract, the money will be in your account within one day. The only downside to this option is its high cost. Sometimes the APR + fees on such credit are as high as 100% of the loan amount, so make sure you pay it off on time before borrowing the money.


This company only gives money to people who have a good credit history. Unfortunately, it does not provide New York payday loans online, but you can find alternative options for getting money at a lower interest rate.

The minimum loan amount at SoFi is $5,000, and the maximum is $100,000. They are given terms of 6 months to 7 years at a rate of 7% to 24%. The company has no hidden fees, and if you pay off your debt with auto payments, you’ll get a discount on the APR.

Again, this option is only suitable for those with a good credit history of 690 FICO points or more.

No, they have been prohibited in NY for over five years. In addition, local lawmakers have placed restrictions on all short-term loans, stating that they must be made for six months or more at a maximum APR of 25%. The minimum amount of any borrowing must be $1,000, making it impossible for payday lenders to operate in NY.

However, you can still see various financial institutions offer a maximum of $500 loans for 2 to 4 weeks. Be careful and understand that these are most likely scammers. You can get an alternative credit online, such as Cash Advance, but you need to read the terms and conditions carefully to understand the fees and final cost.

Why Might You Need New York Payday Loans?

There are several main reasons why people turn to financial institutions for New York payday loans online or similar services:

  • They can’t get money from a bank. Moreover, not all Americans have a good credit history, which is a decisive factor in assessing a borrower’s reliability.
  • They need money immediately. One alternative to getting a New York payday loan online is secured credits. People with a bad credit history can also get them, but they must provide collater. Then, the financial institution has to evaluate the collateral and set the terms of the agreement, which takes several weeks. This is why people who need money today apply for microloans.
  • They have no other options. For example, sometimes, a person cannot borrow money from friends and must apply to a financial institution for a New York payday loan online.

However, since this kind of borrowing is prohibited in the state, and its equivalents, like cash advance services, are costly, it is better to find an alternative solution and avoid payday loans Utah, in New York, or another state online.

Terms for Payday Loans in New York

In NY, no such credit can be made offline, online, by phone, or in person. In addition, attempted debt collection on payday loans online is also prohibited.

In the comments to the law regulating short-term loans in the state, it is written that people with bad credit history can use installment loans. They are also unsecured; that is, they do not require collateral and are given to almost everyone in the state. So let’s take a closer look at the terms of such borrowing.

Loan Amounts

By law, the minimum short-term credit in NY is $1,000, and the maximum is $5,000. You can get more money, but it will be a personal loan, most often requiring collateral, thus secured.

If you do not know precisely how much to borrow, you can use the “minimum required amount + 15%” rule. However, the fact is that using 100% of your credit limit is bad for your credit score and challenging when it comes to paying it back.

The “minimum required amount + 15%” rule helps you stay out of the debt trap and still cover unexpected expenses without additional credit at the expense of that +15%.

The loan amount is one of the essential indicators because it has a significant impact on the final cost of the borrowing. For example, if you get $1,000 at 25% APR for six months, your credit will cost $125. But if you take out $1,000 at the same terms, your loan cost would be twice that, $250.

Try not to borrow more than you need because the more you give back, the harder it is.

Loan Terms

According to local laws, you can take credit for 6 to 36 months. The mandatory condition is fixed payments, which must be made bi-weekly or monthly.

If you cannot pay back the money on time, you are entitled to one extension of at least one month. You must first write the lender and ask them about your options in such a situation. Often they can allow you to skip one payment, sometimes even to change the payments and increase the number of installments.

To understand the best time to borrow money, you can count the credit cost again.  For example, if you got $1,000 for six months at 25% APR, you will pay a $125 fee. If you borrow the same amount, but for a year, you will need to pay twice as much – $250.  Try not to take out a loan for as long as possible.

When choosing a term, focus on the final loan cost and the size of the monthly payment. Then, if you realize the monthly payment on a 6-month loan is too much for you, take the money for 10, 12, or even 16 months.

Loan Rates

The maximum interest rate on loan in NY is 25%. However, you should understand that the contract APR often does not exceed the maximum allowed, but the loan cost becomes much higher due to additional hidden fees.

For example, for a $1,000 12-month borrowing with a maximum APR of 25%, you will pay $250. However, the lender may charge you a service fee, membership fee, origination fee, and other fees, which can amount to another $100, and then the actual APR becomes 35%.  Be sure to read the terms of the contract carefully. Always choose the lowest APR possible, but pay attention to any co-payments.

Pros and Cons of Payday Loans in New York

The decision to get such a loan in New York online or offline has the following advantages and disadvantages:


  • Money is withdrawn to your bank account quickly, usually in one or two days
  • Many payday lenders do not check your credit history.


  • Such borrowings are illegal
  • Any lender who offers to lend less than $1,000 at an APR higher than 25 percent is breaking the law
  • If you get a loan like this in New York City online or offline, you will have difficulty suing if the lender has defrauded you.
In general, it is best to avoid such borrowings if possible.

What Will the New York Payday Loan Cost?

To calculate how much a loan will cost, you should always consider its size, repayment period, additional fees, and interest rate. If you’ve found a good creditor and you don’t have any fees, you can calculate the credit cost like this:

  1. Determine exactly how much interest you will pay. Then, divide the APR by 12 and multiply by the number of months you will pay back the money.
  2. Then multiply that percentage by the amount of the credit, and divide the result by 100 percent. You will get the loan cost in dollars. Remember that you must pay back the money you borrowed + this price.

Let’s look at a specific example. If you borrow $3,000 for 24 months at an APR of 15%, your loan price will be:  15% / 12 * 24 = 30%.  30% * $3,000 / 100% = $900. You will have back $3,900, and your monthly payment would be $3,900 / 24 = $162.5.

New York Payday Loans if the Credit Rating Is Poor

If you have a bad credit rating, you can still get a loan in NY, but it is essential to realize that you will have fewer alternatives. First, lenders are reluctant to give people with bad credit histories large amounts of money; second, they put a large APR to cover their risks and costs.

Secured loans can be an alternative that will lower the price of the loan and allow you to get more money. For example, if you take out a car title loan, you can get up to 50% of the price of the car with an APR of 10%-25%.  But if that doesn’t work for you, there are other alternatives you can consider, as we’ll tell you below.

What are alternatives to New York Payday Loans?

Since such credit is prohibited in the state, it is crucial to know what alternatives you may have:

  • Credit card cash advance. Many financial institutions will give you money without checking your credit score. This is essentially the same as a payday loan, but it is issued for a longer term and has a lower APR.
  • Credit union. If you are a member of one of these organizations, you will be much better off taking out a loan here since the terms and conditions of these unions are much more favorable.
  • Pay advance apps. These days there are many payday loan applications in the United States. They provide funds before your next paycheck based on your work hours.
  • Find extra work. If you realize you need a small amount of money, you can help someone complete a task and get paid for it without credit.
  • Borrow from family or friends. This is another option for not paying interest on your loan and not risking your credit history.
  • Ask your employer to give you your paycheck or a portion of it a little early. It is a realistic and workable option if you work officially and do not ask for this every month.

In any case, it is better to avoid payday loans in New York online, as they are illegal for the lenders and those who receive them.

Maximize your potential with PayDaySay's mobile app, anywhere you go.

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Frequently Asked Questions

Should I take out a payday loan in New York?

No, it is better to avoid such credits if you are a resident of this state, as they are illegal. Moreover, the APR on such loans can be as high as 2200%, which often leads people into a credit trap, so it is better to choose unsecured installment loans as an alternative.  

Can I get a payday loan in New York without an APR?

No, you can’t get a loan like that without an APR because that’s what banks make money on. So you have to pay for their funds if you use them. Moreover, the worse your credit score is, the higher the APR will be for you because this is how financial institutions try to cover their risks.  

How many payday loans can you get in New York?

You cannot get any such credit because they are prohibited by state law. If you want to take out several short-term loans, you should know that they are limited not by the number but by the total amount borrowed – it is calculated for each borrower separately.

Does New York allow payday loans?

No, local laws prohibit such loans. Moreover, the state has restrictions on all types of short-term borrowings. For example, they require that the maximum loan amount be $5,000 and the minimum $1,000, the credit term be between 6 and 36 months, and the loan rate does not exceed 25%.  

Can Payday Loans sue you in New York?

Generally, such loans are illegal in the state, so debt collectors cannot collect them from locals. However, the problem is that lenders often offer alternative services and call them by other names, such as cash advances. In this case, the credit may be legal, and the lender may sue you for nonpayment. 

Can payday loans garnish wages in New York?

No one can garnish wages without a court order, not the lender or the collector. However, if the creditor does sue you and the court finds you guilty, you can be charged the entire loan amount in one or more payments so that they won’t garnish more than 75% of your wages. 

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