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Payday Loans in New York

Compare licensed lenders • Check NY regulations • Apply online

Max Loan
N/A (Prohibited)
Cities Covered
0
Legal Status
Prohibited
Population
20,201,249

Payday Loans in New York

New York prohibits payday lending under Banking Law §340 et seq. Maximum civil rate 16%, criminal usury 25%.

Alternative Options: Consider credit union loans, payment plans, or employer paycheck advances.

About Payday Loans in New York

New York prohibits payday lending under Banking Law §340 et seq. Maximum civil rate 16%, criminal usury 25%.

New York is located in the Northeast region of the United States with a population of 20,201,249.

Key Regulations:

  • Payday lending is prohibited in New York
  • Regulated by New York Department of Financial Services
  • Consider credit union alternatives for small-dollar loans
  • Bank personal loans may be available at lower rates
  • Military borrowers protected by federal 36% APR cap (MLA)

Regulatory Authority: New York Department of Financial Services
Official Website: https://www.dfs.ny.gov/

Cities in New York

Frequently Asked Questions – New York

Are payday loans legal in New York?
Yes, payday loans are prohibited in New York. The state is regulated by the New York Department of Financial Services, which oversees all payday lenders. New York prohibits payday lending under Banking Law §340 et seq. Maximum civil rate 16%, criminal usury 25%.
What is the maximum payday loan amount in NY?
The maximum payday loan amount in New York is N/A (Prohibited). Finance charges are capped at N/A (Prohibited). Always verify with your lender before applying.
How long do I have to repay a payday loan in New York?
In New York, payday loans typically have a maximum term of N/A. Some lenders offer installment loans with longer repayment periods. Check specific lender terms.
Can I have multiple payday loans at once in NY?
New York prohibits payday lending under Banking Law §340 et seq. Maximum civil rate 16%, criminal usury 25%.
How do I find licensed payday lenders in New York?
All payday lenders in New York must be licensed by the New York Department of Financial Services. You can verify a lender's license at https://www.dfs.ny.gov/. Only work with licensed lenders to protect yourself.
What documents do I need for a payday loan in NY?
Most New York payday lenders require: (1) Valid ID (driver's license or state ID), (2) Proof of income (pay stubs or bank statements), (3) Active checking account, (4) Social Security number, (5) Proof of residence.
What is the typical APR for payday loans in New York?
In New York, the maximum APR is 25%. Actual APR varies by lender and loan amount. Always review the loan agreement for total cost before signing.
Are there alternatives to payday loans in NY?
Yes. Consider: (1) Credit union loans (often lower rates), (2) Payment plans with creditors, (3) Local assistance programs, (4) Employer cash advances, (5) Friends or family loans. Explore all options before committing to a payday loan.

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Important Legal Notice

This information is current as of January 2026 and is for informational purposes only. Payday loan regulations in New York may change. Always verify current regulations with the New York Department of Financial Services before applying. Credizen is a comparison platform – we do not directly provide loans.

We may earn commission from lenders when you submit a loan request. This does not affect which lenders you're matched with. Learn more in our methodology.

Emergency Financial Help

If you're experiencing financial difficulties, contact your local financial counseling service.

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