New York Direct Payday Lenders Online
We have reviewed 5 New York payday loan lenders.
Direct payday lenders online can often provide quick access to cash overnight. They do not require collateral or good credit. Although convenient these loans are very expensive. These loans are due in full on your next payday. The fees for these loans are almost always much higher fees than those for loans from credit unions, banks, credit cards, friends, and family.
Direct payday lenders online are best used only if completely necessary. For example, a typical situation that might justify one of these loans is in an un expected, emergency situation where the loan can be paid off by your next pay period. We review direct payday lenders online based on their reputation, cost, and features. Reputation considers state licensing and Better Business Bureau scores. Cost is based on terms, fees, and rates. Features include things like credit reporting or fee transparency.
Our review of direct payday lenders online considers three areas: reputation, cost, and features. Reputation considers state licensing and Better Business Bureau scores. Cost is based on terms, fees, and rates. Features include things like credit reporting or fee transparency.
A listing in this table is not an endorsement. This table includes all lenders we have reviewed who offer loans to New York residents.
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Cash Advance Now
$300 - $1,500
Loan amounts
725%
APRs
All
Credit type ⓘ Visit Cash Advance Now for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores:
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Tribe Based Lender
Lender status
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East Side Lenders
$300 - $1,000
Loan amounts
550% - 780%
APRs
All
Credit type ⓘ Visit East Side Lenders for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores:
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Unlicensed Lender
Lender status
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Tremont Lending
$100 - $750
Loan amounts
495%
APRs
All
Credit type ⓘ Visit Tremont Lending for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores:
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Tribe Based Lender
Lender status
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NationalPayday
$200 - $1,500
Loan amounts
782%
APRs
All
Credit type ⓘ Visit NationalPayday for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores:
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Unlicensed Lender -- Costa Rica
Lender status
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Cash in a Wink
$100, - $1,000
Loan amounts
456% - 2,281%
APRs
All
Credit type ⓘ Visit Cash in a Wink for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores:
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Unlicensed Lender
Lender status
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- Based on our analysis these lenders offer loans to New York residents. Check each lender's website for up-to-date information.
New York Direct Payday Lenders Online Details
Direct payday lenders online are prohibited by New York regulators from offering payday loans to New York residents. This means there are no New York licensed or regulated lenders. Although Doshound discourages it, New York residents may be able to find payday loans from tribal, out-of-state, or foreign-based lenders. See New York Payday Loan Laws for links to New York banking and finance regulators. These links will provide more information on the legal aspects of New York payday lending. In states where payday lending is permitted, lenders are licensed and regulated by the state.
Unlicensed direct payday lenders online include tribe-based lenders, lenders licensed in other states, and foreign-based lenders. Tribal and out-of-state licensed direct payday lenders online operate under the interpretation that they can export their tribe or state laws into New York and are required to adhere to federal lending laws but not New York regulations. Federal laws may be less restrictive and less frequently enforced. The final group of lenders is foreign-based payday loan lenders. They export their countries' laws into New York and are highly unregulated. See How to Choose A Payday Loan for more details.
The above is our understanding of how payday lending works in New York, but we are not a law firm. Please contact the New York State Banking Department for more information.
What Are Payday Loans
These loans are short-term, employment-based loans. They do not require collateral and are typically available to people with all types of credit. Funds can be deposited into your checking account overnight. Full payment is due your next pay period. Fees range from around $9 to $45 per $100 borrowed. For example, if $300 is borrowed, then $327 to $435 will be automatically deducted from your account on your next pay period. If the full deduction is made, the loan is paid in full and you are done. If you are unable to pay in full some lenders allow loan renewals usually at the same rate. You will pay fees on the unpaid fees from the previous period. Now, at your next payday (the second payday since you took the loan) $356 to $631 will be automatically deducted from your account. The fees add up fast. Please be careful with these loans. If you think you will be unable to pay the loan off in one or two pay periods it might make sense to consider New York installment loans
Who are New York Direct Payday Lenders Online
They are direct lenders who offer loans based on your paycheck amount, pay date, and access to your checking account. Their loans are typical available to all credit profiles and do not require collateral.
They differ from companies who provide matching services because direct payday lenders online underwrite and lend money. Many sites will advertise loans and even take an application, but they are not lenders. Instead, they are matching services representing a network of lenders. These sites take your application and then pass them on to the lenders in their network. These networks can consist of hundreds of lenders. In some cases, if the lender may even pass your application on to another lender if they are unable to make a loan to you. One can distinguish direct lenders from matching services by looking at the fine print of most websites. Matching services will say something like, "the operator of this website is NOT A LENDER." Direct lenders will not include this disclaimer.
New York Direct Lenders Versus Matching Service
The main advantage of using a matching service is that only one application is required to apply to multiple lenders. This can save time and effort as each application can take 5 to 15 minutes to complete. It can also increase your chances of getting approved as you will hit multiple lenders all at once.
The downside to using a matching services is you are unable to pick the lenders. This means the lenders may include unlicensed lenders as well as licensed lenders. We prefer state-licensed lenders. It also means you may not get the best loan possible as the matching service generally sells the loan to the highest bidder versus the lender with the best deal for you. If you use a matching service, once you are offered a loan, make sure you are comfortable with your lender and the terms. You are never under an obligation to accept the loan you are offered.
Whether you use a matching service or a direct lender there is a high likelihood that your data will end up with other lenders. An NPR article recounts a story where after applying via a matching service (with fake data) the author received calls months later from possible lenders.
We generally do not see anything wrong with a matching service in concept but one should be aware of how the services work. For more information see Direct Lenders or Matching Service.
Licensed Versus Unlicensed Lenders
We prefer New York lenders licensed in your state because they are typically more closely regulated and monitored. State-licensed lenders generally must apply, register, and remain compliant in every state in which they operate. As a result, state-licensed lenders are typically larger more permanent companies.
Unlicensed direct payday lenders online operate in New York by exporting laws from their state or tribe into New York. Tribes are formally recognized American Indian Tribes and generally treated as separate federal entities that operate under their own laws. We have seen an increase in the number of tribal-based lenders. Doshound believes in transparent markets, fair regulations, and consumer choice. To the extent, the existence of tribal lenders increase consumer choice we like this. The creation of the self-regulating Native American Financial Services Association (NAFSA) is also a good thing. We hope to see continued transparency and enforcement to create safer choices for borrowers. For more information see New York Payday Loan Laws.
The above is our understanding of how payday lending works in New York but we are not a law firm. Please contact the New York State Banking Department for more information.