Payday Loans in NY?

Not a lot of information out there, but the Huffington post is pissed…..and that’s a good thing.  The proposed bill is sponsored by State Senator Hugh T. Farley of Schenectady.  What NY is realizing that the easy money for check cashing is gone and they need the ability to offer new products, like small consumer loans.

Technically, they’re not payday loans b/c the terms will range from 90-180 days.  I guess we’ll see if this passes.

Here is the Senate Bill 3841.

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