New York Cash Loans

State Law

New York state law prohibits payday loans. The law stipulates that payday loan lenders (and other small loan lenders) must comply with the state’s criminal and small loan usury laws which severally restrict the allowable interest rates and fees to levels much lower than what a payday lender usually charges.

Maximum Loan

Not stipulated

Loan Terms

Not stipulated


Not stipulated

Fee Limits

Companies may charge any interest rate and fees that the consumer is willing to pay. However state law caps small loans at a 25% fixed rate per year.

New York Cash Loan Debate

If you feel a payday lender is operating unfairly or engaging in illegal collection practices, you can contact your New York Attorney General:

Department of the Attorney General
The Capitol
Albany, NY 12224-0341