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Are the New York payday loans legal? I have several I cannot repay that are overwhelming me. What can I do? I'm a NY state resident. I got a couple of Internet payday loan in new york (w-123.ru) loans back in February and, I've paid way over the principal balance on both of the loans, as well as hundreds of dollars. I'm not sure if can afford these loans any more. Are you able to offer any recommendations on what to do next? askbill show more Show less People are often caught off guard by these small loans. They can also be described as "cash advanced loans,"" "check advances" or "deferred-deposit check loans." A typical loan of $300 can be subject to fees of $15 to $30 for each $100 borrowed. The borrower must provide the lender a post-dated cheque, which the lender later will use to transfer electronically an amount of money or the total balance of the loan from the account of the borrower. An especially insidious practice is to remove a partial payment from the account to be used as an "customer service." This partial payment can be a permanant installment, that continues regardless of whether customers are unable to stop the payment. With interest rates this high and the terms so condensed, it's no wonder that loans are frequently repeated by the lender. So the annualized rate of interest for the borrower is between 390%-780 APR, contingent on the number of times the principal is rolled. One of the most interesting facts about payday loans is that Wikipedia.org includes payday lending under Loan Shark. According to Wikipedia.org's most popular online encyclopedia, it says that "if loan sharking has high interest rates and an enticement program for credit that entices the borrowers, then this label is applicable." Quick Tip New York laws prohibit payday loans. Debt collectors cannot collect from New York residents a payday loan. In February 2013 the governor of New York directed the New York State Dept. Financial Services to inform debt collectors in New York that payday loan collection is against the law. Register a complaint at the Dept. of Financial Services if a you are a New York resident and a collector attempts to take the cost of a payday loan from you. The Federal Trade Commission has an excellent Web page about payday loan alternatives. Payday loans and consumer rights A payday lender could attempt to collect the amount. A payday lender might attempt to recover the balance if the borrower defaults. The details will be discussed in the following paragraphs. If the payday lender (or collection agency, in this case) is unable to convince you to settle the bill using conventional collection techniques including phone calls and letters or letters, the payday lender could decide to file lawsuits against you in order to secure a judgment to settle the balance of the amount owed. If the lender sues you and obtains a judgment against you, it could take steps to enforce the judgment by civil court as required by the law of your state. Payroll garnishments, bank account levies, and property liens are the most popular methods for enforcing judgments. It is important to note that these enforcement actions do not involve contacting your employer, calling the neighbors, or getting a warrant to arrest you. The process of repaying a debt is a civil matter and not a criminal issue. Payday lenders often employ threats of arrest in case of check fraud. This threat is not valid if the payday lender doesn't have proof that the borrower had a plan to pay back the loan. It's extremely difficult to show that the contrary is the case. This is due to the fact that no one has been imprisoned or detained by the United States government for any reason since the Civil War. If a payday loan company sells an account to collection agents the borrower is required to pay the remaining balance to them. Editor's Note Comments on this page are no longer accepted. Payday loans explains how to get payday loan debts paid. Find information on payday loans and the laws that govern them in California, Florida, Illinois. Massachusetts. Missouri. New York. Texas. A federal law known as the Fair Debt Collections Practices Act (FDCPA) provides that a third party collection agency must cease calling you when you notify them in writing to cease calling. A large portion of FDCPA regulations are extended to original creditors in several states, including Texas, California, New York and New York. For advice on how to deal with an agent of collection who is harassing you, see the following advice if you're being harassed by a Collection Agent. If the payday lending company sells the account to a collection agent the debtor has the option of stopping phone calls by delivering an cease communication demand letter, commonly called a cease-and-desist notice to the collection agency. There are samples of cease and desist notices on the Bills.com debt Self-Help Center. How Can I Handle the collection of payday loans? To intimidate the borrowers, many payday loan companies use intimidation tactics. However, even if people are in debt doesn't mean that they're losing their rights as a consumer. Some payday lenders ask borrowers to provide their checking account numbers to enable automatic withdrawals through the Automated Clearing House. The payday lender will try to take money even if there are insufficient funds in the accounts of the borrower. Overdraft charges could be incurred by the borrower. If this happens often enough, the bank might close the borrower’s account. A common strategy to deal with payday lenders that repeatedly remove funds from a borrower's account is to close the account, and then reopen it at another bank. If the bank does not link all transactions from the old account with the new account, it's not feasible. In this situation the bank will be able to connect to the new account and withdraw the money. This is a lesson to make sure that the bank doesn't permit electronic withdrawals from the previous account to be automatically transferred to the new account. You can find out more about your rights and obligations as an New York resident by visiting the Bills.com New York Collection Laws article. New York: Payday Loan New York has several laws that ban payday loans. New York General Obligations Law SSS 5-501 places 16% per year rate for civil usury. New York Penal Law SS 190.40 & 190.40 include an amount of 25% for criminal usury. Check cashers are forbidden by New York law from cashing checks that have deferred dates. What is the legality of payday lending in New York? A number of New York payday lenders have collaborated with banks from other states. These lenders can provide loans through electronic transfers of funds. The local storefront will facilitate loans to banks exporting its home-state interest rates and terms to New York. This is known as rent-a bank borrowing. The New York City Department. Consumer Affairs Tips about Payday Loans. It provides a detailed explanation of New York law and provides tips on how you can avoid payday loans. Also check out the New York State's Avoiding dangerous loans or 'predatory' Lending. Additional Information on Payday Loans For more details on strategies and tactics to deal with creditors, check out the Bills.com article on Debt Negotiation & Settlement Advice. Bills.com also provides more information on the Payday Loan Information page, and has answered reader questions regarding payday loans in California, Florida, Illinois, Massachusetts, Missouri, Texas and Virginia. Payday loan companies have a variety of legal options if you are unable to pay back the payday loan. This includes the possibility of garnishing your wages, a lien and levies. For more information about the rights of creditors as well as debtors, check out the Bills.com guide Collections Advice. Also, make sure to check out the Bills.com Budget Guide and Financial Planning Guide to get them free. These can help you manage your finances and offer guidance on budgeting as well as prudent financial management.