Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Personal Loans Best Personal Loans in New York for 2025 Updated Jul 09, 2025 8-min read Expert Approved Expert Approved This article has been reviewed by a Certified Financial Planner™ for accuracy. Written by Rebecca Safier Written by Rebecca Safier Expertise: Student loans, personal loans, home equity, credit, budgeting Rebecca Safier is a personal finance writer with nearly a decade of experience writing about student loans, personal loans, budgeting, and related topics. She is certified as a student loan counselor through the National Association of Certified Credit Counselors. Learn more about Rebecca Safier Reviewed by Erin Kinkade, CFP® Reviewed by Erin Kinkade, CFP® Expertise: Insurance planning, education planning, retirement planning, investment planning, military benefits, behavioral finance Erin Kinkade, CFP®, ChFC®, works as a financial planner at AAFMAA Wealth Management & Trust. Erin prepares comprehensive financial plans for military veterans and their families. Learn more about Erin Kinkade, CFP® If you’re looking for extra cash to cover an emergency, pay off debt, or fund a big purchase, a personal loan could help. New Yorkers can choose from online lenders with fast funding or local banks and credit unions offering competitive rates. In this guide, we’ll cover the best personal loans in New York, state-specific rules, and what to consider before you apply so you can find the right financing for your needs. Best Marketplace 5.0 View Rates Fixed APR 6.49% – 35.99% Funding $1K – $200K Term (Yrs.) 1 – 10 Min. Credit Score Varies 5.0 View Rates Best for Good Credit 5.0 View Rates Fixed APR 8.99% – 35.49%* Funding $5K – $100K Term (Yrs.) 2 – 7 Min. Credit Score 650 5.0 View Rates Includes all discounts. Best for Fair Credit 4.9 View Rates Fixed APR 7.99% – 35.99 Funding $1K – $50K Term (Yrs.) 2 – 7 Min. Credit Score 580 4.9 View Rates Best for Excellent Credit 4.8 View Rates Fixed APR 6.94% – 25.29% Funding $5K – $100K Term (Yrs.) 2 – 12 Min. Credit Score 660 4.8 View Rates Table of Contents How personal loans work in NY Best online loans available in NY Credible SoFi Upgrade LightStream Best local NY lenders First New York Federal Credit Union New York Municipal Credit Union New York University Federal Credit Union Apple Bank Personal loans for bad credit in New York Pros and cons How to apply FAQ How personal loans work in New York Personal loans in New York work similarly to those in other states, but with these differences: Interest rate cap: New York limits rates on unsecured personal loans to 25% APR, lower than the 36% max in many states. Secured vs. unsecured loans: Most are unsecured, but some lenders offer secured options if you have poor credit. Uses: Consolidate debt, pay for home improvements, cover emergency expenses, and more. Best online personal loans in New York Credible Best Marketplace 5.0 /5 View Rates Why Credible is one of the best Credible is an online loan marketplace that makes it easy to compare prequalified rates from multiple lenders at once. You can submit basic information and see whether you prequalify for personal loans in New York without affecting your credit score. Rates and terms will vary by lender, but some accept credit scores as low as 560. Compare loans from multiple curated lenders Get prequalified loan offers in as little as 2 minutes Get funded within a few business days Origination fee of up to 12% No option to apply for joint loans Rates (APR)6.99% – 35.99%Loan amounts$1,000 – $200,000Repayment terms1 – 10 years Eligibility requirements Soft credit check? Yes Minimum credit score: 580 Minimum income: Not disclosed States: Loan partners may not be available in all states Repayment terms Credible loans have repayment terms ranging from 1 to 10 years. Some lenders may charge a prepayment penalty if you pay your loan off early. SoFi Best for Good Credit 5.0 /5 View Rates Why SoFi is one of the best SoFi® is an online lender that offers personal loans in all 50 states, including New York. Fixed rates range between 8.99% and 29.99% with all discounts applied1, and you can choose repayment terms anywhere from two to seven years. You won’t have to worry about fees, not even late fees, on a SoFi personal loan. However, you may see offers with an optional origination fee with better rates. No origination fees, late payment fees, or prepayment penalties Check rates in as little as 60 seconds Some borrowers may qualify for same-day funding Higher minimum loan amount Autopay discount is lower than what some lenders offer Fixed rates (APR)8.99% – 29.99% with all discountsLoan amounts$5,000 – $100,000Repayment terms2 – 7 years Eligibility requirements Soft credit check? Yes Minimum credit score: 660 Minimum income: Not disclosed States: All 50 states and Washington, D.C. Repayment terms SoFi personal loans feature terms from 2 to 7 years. If you enroll in autopay, you’ll receive a 0.25% rate discount. There’s no penalty if you decide to pay your loan off early. Upgrade Best for Fair Credit 4.9 /5 View Rates Why Upgrade is one of the best Upgrade’s personal loans in New York may be a solid option if you have fair credit. The lender accepts scores starting at 560. Upgrade can fund your loan fast and lets you choose repayment terms of up to seven years. However, Upgrade charges an origination fee on its personal loans, which could be 1.85% to 9.99% of the loan amount. Choose your monthly payment and loan term Joint applications accepted Loan funds may be available in as little as 1 day Smaller loan maximum limit 1.85% to 9.99% origination fee Rates (APR)8.49% – 35.99%Loan amounts$1,000 – $50,000Repayment terms2 – 7 years Eligibility requirements Soft credit check? Yes Minimum credit score: 580 Minimum income: Not disclosed States: All 50 states and Washington, D.C. Repayment terms Upgrade loans have repayment terms from 2 to 7 years, and your monthly due date is adjustable to fit your budget. A short-term financial hardship program is available if you’re temporarily unable to manage payments. LightStream Best for Excellent Credit 4.8 /5 View Rates Why LightStream is one of the best LightStream offers personal loans in New York up to $100,000 with repayment terms as long as 12 years, which is longer than many other lenders offer. Strong-credit borrowers may also qualify for competitive rates. LightStream doesn’t charge origination fees on its personal loans and can fund your loan the same day your application is approved. One downside: LightStream doesn’t let you prequalify for a loan online. That means you must submit a full application to see your loan offers, which could affect your credit. Rate match guarantee ensures that you get the best rate possible Same-day funding may be available Take advantage of a longer repayment term if you need lower payments No option to prequalify or check rates with a soft credit pull Minimum loan amount is $5,000 Rates (APR)7.49% – 25.49%Loan amounts$5,000 – $100,000Repayment terms2 – 12 years Eligibility requirements Soft credit check? No Minimum credit score: 660 Minimum income: Not disclosed States: All 50 states and Washington, D.C. Repayment terms LightStream offers some of the longest repayment terms of any lender, giving you up to 12 years to repay your loan. You can pay your loan off early, without a prepayment penalty and rate discounts can help bring the cost of your loan down. I suggest not going with a company that doesn’t allow you to prequalify unless you know you have excellent credit and clear credit reports from all three credit bureaus. Erin Kinkade , CFP®, ChFC® Best Online Personal Loans Best local lenders in New York First New York Federal Credit Union View Rates What to know When it began operations in 1937, First New York Federal Credit Union provided services to Schenectady City School District teachers. Now, the credit union has more than 34,000 members and branches in Schenectady, Saratoga, Schoharie, Rensselaer, and Albany counties. First New York offers a wide range of loan options, including unsecured and secured personal loans, car loans, mortgages, student loans, and more. Rates (APR)Starting at 8.99%Loan amounts$500 – $25,000Repayment terms1 – 5 years New York Municipal Credit Union View Rates What to know In operation since 1916, New York Municipal Credit Union now serves nearly 600,000 members. Some of the credit union’s offerings include personal loans (secured and unsecured), mortgages, credit cards, and various banking accounts. MCU says it can approve personal loan applications in a few minutes. You can join if you live, work, worship, or attend school in New York City, work for the state of New York or a federal employer, or are an immediate family member of a current member. Rates (APR)Starting at 7.99%Loan amounts$1,000 – $50,000Repayment termsUp to 6 years New York University Federal Credit Union View Rates What to know With more than 5,000 members, NYU’s FCU offers personal, home, vehicle, and student loans. It also offers credit cards, independent retirement accounts, and savings account options. You can join if you’re a staff member, student, or faculty member of New York University. Membership is also open to retired employees and alumni, as well as the immediate family of an NYU FCU member. Rates (APR)Starting at 7.50%Loan amounts$500 – $20,000Repayment termsUp to 5 years Apple Bank View Rates What to know Open since 1863, Apple Bank has an ongoing commitment to neighborhood banking. It offers personal loans up to $50,000 with repayment terms of three or five years to qualifying New York State residents. Apple Bank will let you prequalify for a loan online with no impact on your credit score. It charges no origination fees, late fees, or prepayment penalties, and it can fund your personal loan the next business day. Rates (APR)Not disclosedLoan amounts$3,000 – $50,000Repayment terms3 or 5 years Personal loans for bad credit in New York Some lenders accept scores as low as 560, but options are limited. Alternatives include: Applying with a cosigner Choosing a secured personal loan Avoiding payday lenders and no-credit-check loans with high rates Pros and cons of personal loans in NY Pros Unsecured options don’t risk your property Potentially lower rates than credit cards Fast funding and flexible terms Cons Good credit needed for best rates Some loans carry fees Higher rates than secured home equity loans How to apply To apply for a loan in New York, follow these steps: Check your credit score Compare lenders and prequalify Submit your application with supporting documents Receive funds and start repayment FAQ Can I get a personal loan with bad credit in NY? Yes, but the options are fewer. Compare lenders accepting fair credit or consider adding a cosigner. Are rates higher in NY? Not necessarily. New York caps rates at 25% APR, potentially lower than in states allowing up to 36%. What are state-specific requirements? You must meet general lender eligibility, be at least 18 years old, and provide proof of income and identity.