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NY hopes to put an end to predatory payday lenders
ALBANY -- Governor Cuomo says the state is expanding its efforts to protect New Yorkers from illegal payday loans.
The Department of Financial Services has sent subpoenas to 16 online "lead generation" firms suspected of collecting information from people looking for money and then selling it to illegal online pay-day lenders and scam artists.
CBS6 has investigated a number of payday loan companies in the past and our advice has always been to stay away from them. The interest rates are normally astronomical, much more than New York State allows, but many of the online companies operate from outside state lines.