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Personal Loans

Best Personal Loans in New York for 2025

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.

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    Filters
    Excellent (800 – 850)
    Very Good (740 – 799)
    Good (670 – 739)
    Fair (580 – 669)
    Poor (< 580)
    Less than $1,000
    $1,000 and $9,999
    $10,000 and $49,999
    $50,000 and $99,999
    $100,000 or more
    Best Marketplace
    Fixed APR
    6.49%35.99%
    Funding
    $1K – $200K
    Term (Yrs.)
    1 – 10
    Min. Credit Score
    Varies
    5.0
    Best for Good Credit
    Fixed APR
    8.99% – 35.49%*
    Funding
    $5K – $100K
    Term (Yrs.)
    2 – 7
    Min. Credit Score
    650
    5.0
    Includes all discounts.
    Best for Fair Credit
    Fixed APR
    7.99%35.99
    Funding
    $1K – $50K
    Term (Yrs.)
    2 – 7
    Min. Credit Score
    580
    4.9
    Best for Excellent Credit
    Fixed APR
    6.94%25.29%
    Funding
    $5K – $100K
    Term (Yrs.)
    2 – 12
    Min. Credit Score
    660
    4.8
    Table of Contents

    How personal loans work in New York

    Personal loans in New York work similarly to those in other states, but with these differences:

    Best online personal loans in New York

    Credible

    Best Marketplace

    5.0 /5

    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 – $200,000
    Repayment 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

    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 discounts
    Loan amounts$5,000 – $100,000
    Repayment 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

    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 – $50,000
    Repayment 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

    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 – $100,000
    Repayment 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®
    Erin Kinkade , CFP®, ChFC®

    Best local lenders in New York

    First New York Federal Credit Union


    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 – $25,000
    Repayment terms1 – 5 years

    New York Municipal Credit Union


    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 – $50,000
    Repayment termsUp to 6 years

    New York University Federal Credit Union


    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 – $20,000
    Repayment termsUp to 5 years

    Apple Bank


    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 disclosed
    Loan amounts$3,000 – $50,000
    Repayment 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:

    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:

    1. Check your credit score
    2. Compare lenders and prequalify
    3. Submit your application with supporting documents
    4. 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.