Good news for those with financial problems in New York: check-cashing centers may soon be allowed to provide short-term payday loans as well.
If the banking committees in the Senate and Assembly push through a new bill, these centers will be able to help those who would not be able to use banks to secure loans. The bill would give check-cashers a profit for each payday loan issued; the interest rates would vary but could reach around 25 percent.
Critics of the bill state that this would cause more problems in the long-run. Although there are currently 15 senators who are in support of the bill, it seems that nobody other than the check-cashing industry is actually in favor of it. One group, New Yorkers for Responsible Lending, has already taken a serious stand against the bill. Despite the stance, the need for short term loans is evident.
Get the money you need today by applying for a payday loan online!