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Are New York payday loans legal? I have several that I cannot pay and they are just too much. What do I do? I'm a NY state resident. I got two payday loans online in February. I've already paid hundreds more , and am well over the principal balance. I don’t know what I'll do to pay these loan off. Do you have any advice on what I can do? For more information, contact Askbill. Show less The small loans, sometimes called "cash advance loans," "check advance loans," or "deferred deposits on check loans" are a common occurrence for consumers. A loan amount of $300 is subject to a fee of $15-$30 for each $100 borrowed. The borrower will sign an unpostdated check and present the check to the lender. The lender uses this information to electronically transfer any payment or the total loan amount from the bank account of the borrower. A particularly sly practice is to take a part of a payment from the account as a "customer service." The partial payment is then a perpetual installment that continues regardless of the borrowers' best efforts to halt it. With rates this high and the terms of the loan being so brief, there is no wonder that a very high proportion of these loans are carried over by the borrower repeatedly and again so that the fees accumulated equal an effective annualized interest rate of between 390% and 780% APR based on the number of times the principal is rolled. A fun fact about payday loans is that Wikipedia.org, the leading online encyclopedia, list payday lending under Loan Shark, stating that "if the defining characteristic of loan sharking is high interest rates, and a credit product that is a trap for debtors then the term "loan shark" is certainly applicable." Quick Tip New York law makes payday loans illegal. No debt collector is allowed to collect any New York resident's payday loan. The New York State Dept. of Financial Services was commanded by the governor to inform the debt collectors that payday loans are not legal in New York. Financial Services to inform creditors that New York's law does not permit the collection of payday loans. You can file a complaint with the Department. of Financial Services if a you are a New York resident and a collector attempts to collect a payday loan from you. The Federal Trade Commission offers a excellent website on payday loan options. Consumer Rights and Payday loans A payday lender might try to collect the amount. The payday lender can transfer the loan to an agent to collect the debt if the borrower does not pay. If the payday lender (or collection agency in this case) cannot get you to pay the debt through conventional collection techniques like phone calls and letters or letters, the payday lender could decide to bring lawsuits against you in order to secure a judgment to settle the balance of the due. If the lender files a lawsuit and wins a judgment against you, it may then proceed to enforce the judgment according to the procedures required by your state law in civil court. The most common methods to enforce a judgement are wage garnishment (or bank account levies) as well as property lien. It is crucial to remember that enforcement actions such as calling your employer, contacting neighbours, or obtaining warrants for your arrest aren't included in this list. The failure to pay back the loan is a civil issue and is not a criminal offense. Payday lenders are frequently warned of arrest for fraud on checks. This is a false threat, as the payday lender must have evidence that the borrower never intended repaying the payday loan. It's very difficult to prove that the contrary is the case. It is important to keep in mind that no one has ever been held or imprisoned in the United States for debt since the time of the Civil War. The borrower must repay any balance if the payday loan company decides to sell the account to a collection agency. Editor's note Comments on this webpage are no longer accepted. Payday Loans provides detailed information about how to collect payday loans. For more information on payday loan laws for the states of California, Florida and Illinois, Massachusetts, Missouri (New York), Texas, Virginia, and Massachusetts, please visit Bills.com. Federal law, the Fair Debt Collections Practices Act or FDCPA (Fair Debt Collections Practices Act) stipulates that third-party collection companies should stop calling you once they are informed in writing. Several states, such as California, New York, and Texas have extended many of the rules that are in the FDCPA to protect the original creditors, as well. Take a look at the advice if you're victimized or accused by an Agent for Collections to learn what steps you can take if a collection representative is in violation of the FDCPA. The debtor may send a cease-communication demand letter to the collection agent if the payday loan company decides to sell the account. There are sample cease and desist letters at the Bills.com Debt Self-Help Center. How can I handle payday loan collections? In order to intimidate borrowers, a lot of payday loan companies use intimidation tactics. It doesn't necessarily mean that a person who is who is in debt is no longer entitled to be an individual consumer. As we've already discussed that many payday lenders require the borrower to provide their checking account numbers in order for payments to be automatically withdrawn from the account of the borrowers through the Automated Clearing House. The payday loan in new york lender may continue to attempt withdrawals even when the borrower's bank account isn't sufficient. Overdraft charges may be charged by the borrower. If this happens often enough, the lender may end the borrower's account. A common approach to deal with payday lenders who regularly withdraw funds from a account of the borrower is to ask the borrower to close the account and then open a new one with the same bank. This works if the bank links all transactions from the old account to the new. In this scenario, the bank can simply access the new account to take out the funds. This is why it's essential to make sure the bank doesn't allow electronic withdrawals made from an existing account to be automatically transferred to the new account. To learn more about the rights you have as a New York resident, read the Bills.com article New York Collection Laws. New York Payday Loan New York has several laws against payday loans. According to New York General Obligations Law SS 5-501 , the civil usury limit is 16 percent APR. New York Penal Law SS 190.40 and 190.40 contain an amount of 25% for criminal usury. New York law bars check cashers who have a deferred date to cash. Payday lending is illegal in New York. How can payday lenders legally be operating in New York? A lot of New York payday lenders have partnered with banks in other states. They make loans through electronic money transfer. They claim that the local storefront is brokering loans for the bank, which exports the state's interest rates as well as other terms to New York. This is known as renta-bank lending. The New York City Department. Consumer Affairs Tips about Payday Loans. This article discusses New York law as well as providing tips on how to avoid payday loans. The New York State Prevention of Dangerous or Predatory Loans is also available. More Information on Payday Loans For more details on strategies and tactics to negotiate with creditors, check out the Bills.com article: Debt Negotiation and Settlement Advice. Bills.com has additional information on their Payday Loan Information page. They also answer reader questions regarding payday loans in California and Florida, Illinois, Massachusetts and Missouri. The payday loan company can take legal actions against you if the loan isn't paid back. For more information about the rights you have as a creditor as well as a creditor, go to the Bills.com site for information on Collections Advice. Also, check out the Bills.com Budget Guide and Financial Planning Guide to get them free. These can help you control your finances as well as provide information about budgeting and prudent financial management.