It is also illegal for a debt collector to collect, or attempt to personal finance loans indianapolis, on a payday loan in New York State. To File a Complaint. File a complaint with the Department of Financial Services at (800) 342-3736 if you believe payday loans are being made in New York or to New York residents, or if a debt collector is seeking to collect on a payday loan in New York. What is a Payday Loan. A payday loan is a relatively small, high-cost loan, typically due personal finance loans indianapolis two weeks and made with a borrowers post-dated check or access to the borrowers bank account as collateral.
Payday lending is illegal in New York for a number of reasons : Payday loans are designed to trap borrowers in debt. Due to the short term, most borrowers cannot afford to both repay the loan and pay their other important expenses. If the loan cannot be paid back in full at the end of the term, it has to be renewed, extended, or another loan taken out to cover the first loan.
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Some approach loan sharks, although that is certainly dangerous.
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