Are payday loans illegal in New york state. I see their commercials all over the tv, but I dont see any companies.
Are payday loans illegal in New York State?
No, payday loans are not legal in the state of New York. The only way a resident of New York can receive a payday loan is via the Internet or an out of state call center.
If you are a New York resident and you default on a payday loan you will not be taken to court in New York because these payday loans are considered usury in NY (the act of lending money at an exorbitant rate of interest).
HOWEVER, they will place you in the SCAN (Shared Check Authorization Network) and Teletrack. This will make your life very difficult. You will not be able to write checks to most retailers and you not be able to open a bank account for 5 years.
Are payday loans illegal in New York State?
still a point of doubt. . i recomend that u apply to some onlin companies to get the answer. if the yapprove then its ok if they dont --- either way u got an answer
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