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Are payday loans in New York legal? I have several I cannot pay back and they are taking over my life. What can I do to do? I'm a NY state resident. I got a couple of Internet payday loans in February. I've paid well past the principal balance of both these loans, and hundreds of dollars more. I'm not sure how I'm able to afford to pay for these loans again. Are you able to offer any suggestions on what to do next? Askbill Show More Show less People are often caught off guard by these loans. They are also known as "cash advanced loans,"" "check advances," or "deferred-deposit check loans." For an average loan of $300, a charge between $15 and $30 per $100 borrowed is charged. A post-dated cheque will be presented to the lender by the borrower. It is then used by the lender to transfer electronically the amount of the payment or the total amount of the loan from the borrower's account. You can make a partial payment out of your account under the name of "customer Service". This is an especially perverse practice. The partial payment could be a perpetual installment that will continue even if customers try to stop it. A high rate and a short term loan makes it simple for borrowers to roll over loans repeatedly and repeatedly. The accumulated fees can yield an annualized rate of interest ranging from 390% and 780% dependent on the quantity and frequency of principal rolls. One slightly light-hearted fact regarding payday loans: Wikipedia.org is the most popular online encyclopedia of the world, lists payday loans under Loan Shark, stating that "if the defining features of loan sharking are high interest rates and a product that is a trap for debtors then this label is definitely applicable." Quick Tip New York laws prohibit payday loans. Collectors of debts are not able to take from New York residents a payday loan. In February 2013, New York's governor directed the New York State Dept. of Financial Services to inform debt collectors that any attempt to collect payday loans in New York is illegal. You can file a complaint with the Department. of Financial Services if you are New York resident and a collector attempts to get payday loans. The Federal Trade Commission offers a excellent website on payday loans and other options. Consumer rights and payday loans A payday lender could attempt to collect the debt. The payday loan in new york (finrec.ru) lender may transfer the debt to a collection agency if the borrower fails to pay. We will discuss this later. The payday lender, also known as a collection agency, can sue you to recover the entire amount of the debt. If the lender files a lawsuit and wins a judgment against you, the lender may follow up to enforce the judgment according to the procedures allowed by your state law in civil court. Wage garnishment is the most popular method for enforcing any judgment. The list does not include are phone calls to your employer, contacting your neighbors, and getting warrants for arrest. Refusing to pay a debt can be a civil, however, it is not a criminal offense. Payday lenders frequently employ the threat of arrest to deter check fraud. This threat isn't legitimate if the payday loaner does not have evidence that the borrower was planning to repay the loan. Proving that is very difficult. It is crucial to keep in mind that no one has been imprisoned or arrested in the United States for any debt since the time of the Civil War. If a payday loan company acquires an account, the borrower will be required to pay the balance back to the collection agency. Editor's Note Comments on this page have been deleted. Payday Loans provides specific information on how to collect payday loans. Find information on payday loan laws and regulations in California, Florida, Illinois. Massachusetts. Missouri. New York. Texas. Federal law, the Fair Debt Collections Practices Act or FDCPA (Fair Debt Collections Practices Act), states that third-party collection companies should stop calling you once they receive a written notice. California, New York, Texas and Texas have expanded many of the FDCPA's rules to include the original creditors. For advice on how to handle an agent of collection who is harassing you, see Advice if You're being Harassed by One. If the payday loan company sells the account, the debtor may stop telephone calls by writing a cease communication demand letter to the collection agency. It is also known as a cease and desist note. (See the Bills.com Debt Self-Help Center to find samples of cease-and–desist letters. How can I deal with the collection of payday loans? Collection agencies for payday loans often employ intimidation to intimidate the borrowers. Individuals' rights as a consumer are not affected by having the midst of a financial crisis. As stated above, payday lenders may ask borrowers to provide their checking account numbers in order to permit automatic withdrawals from their accounts using the Automated Clearing House. The payday lender could continue to attempt withdrawals even in the event that the account of the borrower isn't enough. Overdraft charges could be charged by the borrower. If this happens frequently enough, the bank might close the borrower’s account. Payday lenders that withdraw money from accounts of borrowers frequently are usually dealt with by the borrower shutting the account and opening another one with the same bank. If the bank is unable to connect all transactions made from the previous account to the new account, it's impossible. If that happens it will check the account in question for the money to be withdrawn by the payday lender. This is why it is important to ensure your bank doesn’t allow automatic withdrawals that automatically transfer to your new account. To know more about the rights you have as an New York resident, read the Bills.com article New York Collection Laws. New York: Payday Loan New York has several laws against payday loans. New York General Obligations Law Section 5-501 regulates the rate for civil usury at 16 percent. The criminal usury limit is 25percent under New York Penal Law SS 190.40, 190.40. New York law bars check cashers who have a deferred date to cash. What is the legality of payday lending in New York? Certain New York payday lenders partnering with banks located in deregulated states. These lenders provide loans via electronic funds transfers and claim that the local bank is brokering loans. This is known as rent-a bank borrowing. The New York City Dept. The New York City Department. Check out the New York State Guide to Avoiding Risky, or 'Predatoryloans. Find out more about payday loans. Find out more about strategies and tactics to deal with creditors in the Bills.com article on Debt Negotiation and Settlement Advice. Bills.com provides additional information in the Payday Loan Information section and answers readers questions about payday lenders in California, Florida. Illinois. Massachusetts. Missouri. Texas. The payday loan company can take legal action against you if your loan is not repaid. Learn more about creditors as well as debtors by visiting the Bills.com resource Collections Advice. The Bills.com Budget Guide and Financial Planning Guide are available for free and are able to help manage your finances. You can also learn about budgeting and fiscal management.