Payday loans in NYS – are they legal?
Question by val s.: Payday loans in NYS – are they legal?
I have several payday loans that I have more than paid back but because of the enormous interest rates I can’t seem to settle them – is there a way I can legally get rid of them – I’m told NYS does not allow for this overage of interest on payday loans – does anyone have info on this.
Best answer:
Answer by Dixie Darlin’
Since 2003 New York State payday loans are illegal, however some companies get around the law.
Below are a few links with very interesting articles on your question
http://www.makepersonalbudget.com/articles/11857-New-York-Laws-on-Payday-Loans.html
http://www.usurylaw.com/state/newyork.php
What do you think? Answer below!
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