NY Banking Law 373 bans check cashers from making loans or advancing cash, and NY Penal Code 190.40 caps interest at 25%. This effectively makes it illegal for payday lenders to operate, both in-store and online. Even though you can’t get a payday loan in New York, you should still familiarize yourself with the laws and read all the paperwork. Spotloan is a better way to borrow extra cash. It’s not a payday loan. It’s an installment loan, which means you pay down the balance with each on-time payment. Borrow $300 to $800 and pay us back a little at a time. Months, not weeks. Unlike payday loan agencies, at Spotloan you are able to pay us back over months, not weeks. Take as long. Payday Lending in New York: What You Need to Know. Payday loans are illegal in New York State. It is a violation of New York State law to make payday loans in-person, by telephone, or over the Internet. It is also illegal for a debt collector to collect, or attempt to collect, on a payday loan in New York State. We would like to show you a description here but the site won’t allow us. The term payday in payday loan refers to when a borrower writes a postdated check to the lender for the payday salary, but receives part of that payday sum in immediate cash from the lender. Get a pawn loan or apply in minutes for a cash advance at paydayloansikdc.com - Our stores offer payday loans with no credit check, fast payday loans, and payday cash advances up to $1,000. This organization is not BBB accredited. Payday Loans in New York, NY. See BBB rating, reviews, complaints, & more.