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Are you able to take out payday loans in New York? I have several that I can't repay and they are too much. What do I do? I'm a NY state resident. I took out online loans to pay for payday loans. The principal amount of both loans was completed in February. I'm not sure how I'm going to pay the loan off. Do you have any advice on what I can do? Askbill - More Show less These loans are also called "cash advance loans,"" "check advance loans," or "deferred deposits on check loans" are a frequent pitfall for consumers. A typical loan of $300 could cost you about $15-30 for each $100 you borrow. The borrower signs an unpostdated check and present it to the lender. The lender will then use this information to transfer any payment or the total loan amount from the borrower's bank account. As a service to customers, a partial payment can be taken from the account. This is particularly dangerous. The partial payment is then an ongoing installment that will continue despite the borrowers' best efforts to halt it. With interest rates that high and the duration of the loan so short it is not surprising that a significant percentage of these loans are then rolled over by the borrower over and again, so that the total fees are an annualized rate of between 390% and 780% APR, based on the frequency the principal is transferred. Wikipedia.org is the largest online dictionary includes payday loans under Loan Shark. The label refers to payday loans that are subject to excessive interest rates, which can trap the debtors as well as other financial products. Quick Tip New York law prohibits payday loans. The debt collector isn't able to collect or attempt to recover the New York resident's payday loan. The New York State Dept. of Financial Services was directed by the governor to inform creditors that payday loans are illegal in New York. Financial Services to inform debt collectors in New York that payday loan collection is against the law. You may file a complaint with the Dept. of Financial Services if a you are a New York resident and a collection agent attempts to collect cash from you for a payday loan. The Federal Trade Commission has an excellent website on payday loan alternatives. Payday loans and consumer rights The payday lender might try to collect the remaining balance. The payday lender can sell the debt to an agent for collection in the event that the borrower defaults. If the payday loaner (or collection agency in this case) is unable to convince you to settle the bill using traditional collection methods, such as telephone calls or letters in the event of a dispute, the payday lender might decide to file an action against you in order to get a judgment against you to settle the balance of the amount owed. If the lender decides to sue you and wins a judgment, it can make the necessary steps to enforce your state's civil law. Payroll garnishments and bank account levies are the most common ways to enforce the judgment. Not included on the list are calls to your employer, making contact with your neighbors, and getting warrants for arrest. Failing to repay a debt is a civil issue and is not considered a crime. Arrest for fraud involving checks is a frequent threat payday lenders make use of. However, if the payday lender has evidence to show the borrower did not intend to pay back the payday loan, this is a criminal offense. It isn't easy to prove this. Remember, no one has been detained or arrested for financial debt in the United States since the Civil War. If a payday lender sells the account to a collection agency then the borrower will be required to repay the balance. Editor's note Comments on this page are closed. Payday loans offers details on how to collect payday loan collections. Look over the Bills.com resources for payday loans in California, Florida. Illinois. Massachusetts. Missouri. New York. Texas. To find out more about payday lending laws in those states, click here. Federal law, the Fair Debt Collections Practices Act or FDCPA (Fair Debt Collections Practices Act), states that third-party collection companies must cease calling you if they are informed in writing. A lot of FDCPA regulations extend to original creditors by several states including Texas, California, New York and New York. To learn more about what you can do if you believe a collection agency may be violating the FDCPA, please see Advice when you are being harmed by a Collection Agency. If the payday loan in new york (http://honda-civic.ru/10-7-proverka-sostojanija-i-zamena-napravljajuwego-podshipnika.html) lending company transfers the account to collection agencies, the debtor has the option to stop calls by sending an cease request letter, also known as a cease & desist notice to the collection agency. (See the Bills.com Debt Self-Help Center for examples of cease-and-desist letters. How do I deal with Payday Loan Collections? A lot of payday loan companies employ intimidation to instill anxiety among the borrowers. The fact that a person is in debt does not mean that the person is deprived of their rights as a consumer. As we've mentioned previously, many payday lenders require customers to supply their bank account numbers so payments can be made automatically out of borrowers accounts through the Automated Clearing House. The payday lender could continue to attempt withdrawals even when the borrower's bank account isn't sufficient. This could result in overdraft charges . If it occurs frequently enough the bank may close the borrower’s accounts. The borrower can close one account with a bank and reopen the other to resolve payday lenders that keep withdrawing funds. This is effective unless the bank links all transactions made in the old account with the new. In the event that this occurs, when the payday lender is able to make a withdrawal the bank will simply reach to the account to remove the money. This is why it is important to ensure that the bank does not allow electronic withdrawals made from an existing account to be transferred automatically into the new account. The Bills.com article New York Collection Laws explains your rights as New Yorker. New York Payday loan New York has several laws that prohibit payday loans. The civil usury limit is 16% under the New York General Obligations Law and SS 5501. New York Penal Law SS 190.40 & 190.40 has a 25% APR cap on criminal usury. New York law forbids check cashers to cash checks with delayed date dates. If payday lending is illegal in New York, how do payday lenders legally operate within the state? Certain New York payday lenders partnering with banks operating in deregulated states. They can offer loans via electronic money transfer. Local storefronts will broker loans for the bank exporting interest rates from its home state and terms to New York. This is known as renting a bank lending. The New York City Dept. Consumer Affairs Tips about Payday Loans in New York State outlines New York law and offers suggestions on how to avoid payday loan. Also check out the New York State's Prevention of dangerous loans or 'predatory' lending. More Information on Payday Loans To find out more about the strategies and tactics to deal with creditors, read the Bills.com article Debt Negotiation and Settlement Advice. Bills.com offers additional details on their Payday Loan Information page. They also answer reader questions concerning payday loans in California and Florida, Illinois, Massachusetts and Missouri. If you do not repay a payday loan the payday lender offers a variety of legal remedies such as wage garnishment, levy and lien. You can learn more about the rights and obligations of creditors and debtors on Bills.com. Go through the Bills.com Budget Guide and Financial planning guide. They will help you manage your finances and teach you how to budget and be smart in managing your money.