Cash advance lending is prohibited in New York. This is because the state's usury laws make it impossible for payday loan businesses to operate there. The law does not specify the number of outstanding loans that a borrower can have at a time.
New York's law does not prescribe a maximum loan amount.
The loan term is not specified under New York law.
New York's statutes do not state how many rollovers or extensions a borrower may request.
Cash advance companies are authorized to charge any fee or interest rate that the borrower is willing to pay. It is within the parties' discretion to set the fees by contract. However, payday loan creditors must comply with the small loan rate cap which is fixed at 25% per year. New York's criminal statutes also set the usury cap at 25%.
New York law does not prescribe the fee schedules and APR.