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I live in new york and have several payday loans are payday loans in ny illegal am i to assume that living in ny you shouldnt take out payday loans
i ahave quickest cash advance
nation wide cash
cash direct express
my cash now
discount advances
payday max
what can i do




Hiya and welcome to the community! We have several members here from NY who can offer you good advice, meanwhile I will post you pdl laws. :)
Quote:

New York State Information

Legal Status: Prohibited

Citation:
Licensed lender law applies but interest rate is that agreed to by contract. N.Y. Banking Law ???? 340 et seq. A check casher licensee cannot make loans nor cash or advance any moneys on a post dated check unless it is a payroll check. N.Y. Banking Law ???? 373. Criminal law sets the usury cap at 25%. N.Y. Penal Code ???? 190.40.

Small Loan Rate Cap
25% per year

Where to Complain, Get Information:
Regulator: New York State Banking Department
Address: One State Street New York NY 10004
Phone: 1-877-BANK-NYS
Fax:
Regulatory Contact: Regina A. Stone Deputy Superintendent
Regulator????????s Website
Complaint Form

Sub: #1 posted on Sun, 08/10/2008 - 01:09

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.88)

We need more information please. :)

-Whether they are store front or Internet.
-How much you borrowed.
-How much you paid so far.

Sub: #2 posted on Sun, 08/10/2008 - 01:10

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.88)

Welcome! You are right, PDLs are prohibited in NY. I, too, live in NY so I have been through this as well. Taking out PDLs shouldn't be done in any state, but to answer the question, they should not be offered to NY State residents. In order to help you with this, could you pleae list how much you borrowed and how much you have paid on each of these loan? I am also assuming that they are all internet. Have you closed you bank account yet? You will need to do that before you send anything to the PDLs. If you give any indication to the PDL that you are going to deny them access to your money, they will go in and take whatever they can. You will need to also draft and send a C and D letter and file complaints with the AG's office, the BBB, and the FTC. Here is what I sent off to them. It also includes the NY State Law.

To Whom it May Concern:


After doing research on internet payday loan laws in the state of New York, I have found that your internet payday loans are actually illegal. I have also found the following laws to be true applying to payday loans in the state of New York in general:



------------------------------------------------------------------------ --------

New York State Information

Legal Status: Prohibited

Citation:
Licensed lender law applies but interest rate is that agreed to by contract. N.Y. Banking Law ???? 340 et seq. A check casher licensee cannot make loans nor cash or advance any moneys on a post dated check unless it is a payroll check. N.Y. Banking Law ???? 373. Criminal law sets the usury cap at 25%. N.Y. Penal Code ???? 190.40.

Small Loan Rate Cap
25% per year

Where to Complain, Get Information:
Regulator: New York State Banking Department
Address: One State Street New York NY 10004
Phone: 1-877-BANK-NYS
Fax:
Regulatory Contact: Regina A. Stone Deputy Superintendent
Regulator????????s Website
Complaint Form
Complaint Instructions


I have contacted the New York State Banking Department and the New York State Attorney General????????s Office regarding your internet payday loans and was informed they are indeed illegal in New York and have been advised to pay what is due according to principal amount only of the loan.

A physical address is necessary, as you are no longer authorized to debit my bank account. I will not Money Gram or Western Union any payment. If no physical address is provided for me to mail payment to, no payment will be made.

Any contact must be made through the US Postal Service or email only. I need everything in writing to keep accurate records of all communication as per instruction from the state Attorney General's Office.



I prohibit you or your affiliates from contacting me via telephone at my place of employment or my home telephone number. I also prohibit you from calling my references listed on my loan. Once I inform you of this, you must stop the telephone contact immediately or you will be once again breaking the laws of the state of New York.

You are also hereby notified that I am revoking any voluntary wage assignment I may or may not have signed. I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes.

I am revoking your right to debit my checking account any longer. You, your company, or your affiliates are not authorized to debit my checking account from this point on. Please be aware that I have informed my financial institution of this situation and they will also be receiving a copy of this correspondence. Any further attempts at debiting my account will be rejected by my financial institution as my account has been flagged as having fraudulent activity.

I must also inform you that I have filed complaints with the Better Business Bureau, the Federal Trade Commission, my state Attorney General's Office, the New York State Banking Department, as well as my State Senators, Jim Alessi and Hillary Rodham Clinton.

In regards to this matter, I expect a response from your company no later than 10 days from the date of this communication. This response may only come via US Postal Service or email. No telephone contact is permitted.

This will pretty much revoke any authorizations you may have given to the PDLs. This board always encourages to pay back what the PDL deposited into your bank, as a moral issue.
If you can post those figures, you might find that things are not as bad as you imagine. Keep us posted and feel free to come back for help anytime.

Sub: #3 posted on Sun, 08/10/2008 - 01:16

llw1995 llw1995

(Posts: 1422 | Credits: 149.03)

if i payed them more in interest than what the prinicipal is do i still owe them

Sub: #4 posted on Sat, 08/23/2008 - 02:07

ca11375 ca11375

(Posts: 38 | Credits: 8.57)

You only owe them what you borrowed, ei., if you borrowed $300.00, deduct all interest and payments you have given them, and that would be your balance. :)

Sub: #5 posted on Sat, 08/23/2008 - 02:12

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.88)

ok so for example i have nationwide cash i burrowed 350
i have payed them in interest only 420
does that mean that i dont have to pay them no more and ifso how do i handle them they are obviously going to come after me for more money how do deal with them how do i i get them off my back and i am from ny so its ilegal here

Sub: #6 posted on Sat, 08/23/2008 - 02:24

ca11375 ca11375

(Posts: 38 | Credits: 8.57)

here is what you do file AG,FTC AND BBB complaints against these illegal pdl's.if you have overpaid these loans you are done.the fact that NY prohibits pdl's doesn't mean a whole lot to illegal lenders.best to take the tiger by the tail,if you know what i mean.just know these pdl's will say about anything to get you to pay.don't listen to them.

Sub: #7 posted on Sat, 08/23/2008 - 02:54

paulmergel paulmergel
Moderators Cum Industry Expert
(Posts: 15511 | Credits: 1357.03)

ok thanks but do i call them to pay off what i should pay and how should i pay them i have closed my bank account and so if i payed more in interest than what i burrowed than i dont owe them no more but wont they insist i pay them

Sub: #8 posted on Sat, 08/23/2008 - 03:53

ca11375 ca11375

(Posts: 38 | Credits: 8.57)

ca11375 below is some information that might be helpful to you.
[quote]
I hope the information below will help you. :)
You are only obligated to pay back the principal amount you borrowed from an unlicensed/illegal Internet Payday Lender.

What should you do?
Close your account asap, if you are unable to close your account, go into your bank and ask to speak with the Branch Manager, tell him/her you need a hard debit block placed on your account immediately! Explain that you are revoking ACH authorizations from unlicensed/illegal companies, and have learned these companies are notorious for ignoring revocation, therefore it is important to BLOCK any withdrawal attempts on your account to protect your interest. This is your privilege, do not accept no for an answer. The following link will provide you important information regarding closing accounts. CLICK HERE

What next?
AFTER your account is secure send each pdl (the unlicensed and illegal) an email similar to THIS (please scroll down to locate letter template). Tailor this letter to your needs, and try to write it with the same basic concept in your own words. You will need to research and locate email addresses/physical addresses if you don't already have them, I suggest that you type the name of the pdl (example: "oneclickcash address") in the search box in the upper right hand corner of this forum. You may also search for addresses HERE at the Better Business Bureau.

File complaints: Most of the time, you can file a complaint online with the following, I encourage you to follow through with doing so, you will need to search the Internet for your state Attorney General's website, however, here are links to file complaints for the FTC, Online complaints: Federal Trade Commission., and the BETTER BUSINESS BUREAU.

Keep in mind that you may not receive a response for days, or even weeks, or, you may receive harassing and threatening phone calls. I have found the best way to deal with this is not to respond or reply, simply hang up.

Side note: If you have paid an illegal/unlicensed payday lender above and beyond the principal amount you borrowed, it might be a good idea to demand a refund and a paid in full letter/receipt. You may or may not get one or both. It still doesn't hurt to include that tidbit in your letter. :)[/quote]

Sub: #9 posted on Sat, 08/23/2008 - 08:12

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.88)

Quote:

ok thanks but do i call them to pay off what i should pay and how should i pay them i have closed my bank account and so if i payed more in interest than what i burrowed than i dont owe them no more but wont they insist i pay them


Would you mind listing exactly how much you have borrowed from these lenders and how much you have paid back so far? Once you have calculated how much you actually owe them, send money orders via USPS.

Sub: #10 posted on Sat, 08/23/2008 - 19:48

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.88)

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