subject: New York Payday Cash Advance Loans [print this page] Payday Cash Advance Loans or How to Get Cash Till Payday in New York
While the idea of getting a payday cash advance may not seem like much of an issue to the average American, to those in New York it may seem impossible. With the state having outlawed cash advances, New York residents are looking for a way to procure they loans they need. Thankfully, there does exist an alternative for those in New York unable to get loans but are still looking to have enough cash till payday.
New York residents looking to get cash advance payday loans in their own state are indeed out of luck. That doesnt mean, however, that all hope is lost. New Yorkers can still get their loans, yet they might have to be willing to travel outside of the state lines. Neighboring states still offer the services to get the sort of cash advance New York outlawed. People also have the option of looking online to get an advance, since services over the Internet dont follow the same regulations as the state. One distinct advantage of online loans is their speed. After applying, its possible to get the requested money within the hour. This sort of speedy service is a great option, especially when the alternatives are driving outside of the state or simply not getting a loan at all.
Laws and regulations
There are some specific laws in place for those who loan money through the Internet. Article 9 of the New York Banking Law states that the maximum a non-banking company can charge for interest on their advances is a 25% rate. In addition, lenders can only provide loans to New York residents if they are partnered with a banking company that has a headquarters outside of New York. Those who make loans are also lawfully required to protect the privacy of their clients. The names of such clients are protected against third parties. In short, those looking to get cash advance loans outside of the state remain protected by law as long as theyre dealing with a legitimate, reputable loan lender.
Although it may be difficult to get payday loans New York residents still have options. By looking both outside the state and on the Internet, there are still ways to get a payday cash advance in New York.
by: B. Barnhart
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