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Are Payday Loans illegal in NY?

Submitted by on Mon, 07/09/2007 - 12:53
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Hi guys!

I am new to these forums and have to say, they are wonderful!!

I am currently in Payday loan hell. Have about 5 loans, and am working on trying to pay them off, even though some of them have collected way more from me than they should have.

I was wondering if anyone let me know if these idiots are even licensed to operate in NY?

I have 1 with Staradvance (400), 1 with ameriloan (500), 1 with OneClickcash(400), 1 with United Cash loans (200), and the final with Discountadvances (400).

I am thinking of taking out a loan from my 401k to pay these people off. I don't need them calling me and harrassing me at work either.

Any help would be appreciated.


i agree, shazzers - that happened to me before i have gotten different answers from different employees as well. i am guessing the company is making threats and scaring the poster, which is sad because they take advantage of the fact that the laws are so commonly unknown that even several agencies are not familiar with the laws.
i know i never came across a bank in my state, for example, who knew these loans were not legal. even when i settled up i could tell they did not believe me that they were not legal, in the end they just told me to make arrangements on my own to pay them.


Submitted by bea2ls on Fri, 10/16/2009 - 06:14

bea2ls

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Does anyone here have any info on Cash Supply. I took a loan and I want to pay them back but not at 4,000 percent interest. They called today because I disputed with my bank and they returned the money into my bank account. You know you can do that right? Just go to your bank and tell them you did not authorize this. They will not dispute it, trust me. I am going to pay back the principal with their collections dept....until it's paid off and I already paid a ton of interest so that's all they're getting. They won't send it to an attorney as it would cost them more and I'm sure they do know that it's crazy for them to come to NY. However, I wondered if anyone had any experience with this particular company. Thanks!


Submitted by on Sun, 10/25/2009 - 18:27

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