Regulator Details

New York State Banking Department

One State Street
New York, NY 10004
Phone: 1-877-BANK-NYS
Contact: Regina A. Stone, Deputy Superintendent

New York Payday Loan Laws

New York Payday Loan Laws Details

The data provided here is for general informational purposes and should not be used as legal reference. If you have questions regarding New York payday loan laws contact the New York State Banking Department.

Payday loans are prohibited in New York but there may be unlicensed lenders offering payday loans in New York.

There are basically four types of lenders: in-state licensed lenders, out-of-state unlicensed lenders, tribal lenders, and foreign-based lenders. In-state licensed lenders are regulated and monitored by each state's regulator for compliance. They must also adhere to federal regulations. Out-of-state and tribal lenders will operate in states unlicensed based on the practice of exporting their states' or tribes' laws into your state. They are regulated by their states or tribes, but as a resident of neither, you often have less recourse if things go wrong. These lenders must also adhere to federal regulations. The last group of lenders are foreign-based lenders. They operate on the premise that they export their countries' laws into your state.

So if there are lenders in your state they are offering loans under the assumption that they can export their tribal or state laws into New York. Not all states permit exportation of laws and some states enforce their ban more strictly but we do see lenders offering payday loans in states where it is prohibited. In any event remember these lenders are not licensed or regulated by New York and may even be operating illegally so proceed with caution.

See New York Payday Loans or New York Installment Loans to see if any of the lenders we have reviewed are offering loans in New York.