Of the 18 states that ban or strictly regulate payday loans, New York’s is the toughest. But that hasn’t stopped online lenders from finding customers in the Empire State and charging sky-high rates for small loans.
For borrowers with poor credit, there are alternatives to payday loans, but they come with strings attached.
The online payday loan surge is driven in part by online lead generators who sweep cyberspace for prospective borrowers and, for a fee, steer them to Internet lenders.
City Limits uses investigative journalism through the prism of New York City to identify urban problems, examine their causes, explore solutions, and equip communities to take action.
Founded in 1976 in the midst of New York’s fiscal crisis, City Limits exists to inform democracy and equip citizens to create a more just city. The organization is a 501(c)(3) nonprofit funded by foundation support, ad sponsorship and donations from readers.
Support local, investigative journalism that has informed and empowered New Yorkers for 45 years.
Support local, investigative journalism that has informed and empowered New Yorkers for 45 years.
