Northeast · Not permitted
Payday loans in New York
Payday lending is not permitted in New York. Any company offering two-week, high-fee loans here is operating outside state law — the state regulator is the right place to report it.
No license exists for this product in this state, so any lender offering it deserves a report.
The rules behind the numbers
Payday lending is illegal in New York under state civil and criminal usury caps.
Statute: N.Y. Banking Law § 340 / N.Y. Penal Law § 190.40
Regulator: New York State Department of Financial Services · www.dfs.ny.gov
Questions people ask here
Is payday lending legal in New York?
No. Payday lending is illegal in New York under state civil and criminal usury caps. Any storefront or site offering two-week, high-fee loans to New York residents is operating outside the law.
What are my legal alternatives in New York?
Federal credit-union small-dollar loans (PALs), installment lenders priced under the state cap, employer advances, and local assistance programs. Each costs a fraction of payday pricing.
A lender offered me a payday loan online anyway. Is that legal?
No. The ban applies to offers made to New York residents no matter where the company is based. Save the website, the contract and the payment details.
Who do I report an illegal lender to?
Complaints about a licensed lender go to the New York State Department of Financial Services (www.dfs.ny.gov) — keep the loan agreement and every fee disclosure you were given.
50 storefront lender locations listed statewide in the 2022-02-20 public directory snapshot — see the loan-companies guides for each chain's full address list.