Personal Loans in New York

Personal loans are a flexible form of financing you can use for a variety of purposes, including paying for home improvements and consolidating credit card debt. New York residents have several options for personal loans, whether you opt for a national lender or a local bank or credit union. 

To help you find your best offer, we’ve reviewed leading personal loans in New York. Here are our top picks, based on interest rate, fees, repayment terms, and other loan features. 

In this guide:

• What to know about personal loans in New York state
• Online personal loans in New York
• Local New York personal loans
• Pros and cons of personal loans in New York
• How to apply for a personal loan in New York
• FAQ

What to know about personal loans in New York state

Personal loans in New York are similar to those in other states. They’re often unsecured loans that don’t require collateral and allow for repayment over a period of several years. You may be able to find secured personal loan options, which borrowers without sufficient credit to qualify for an unsecured loan might prefer. 

The state of New York limits the interest rate a lender can charge on unsecured personal loans to 25%. In other states, personal loan rates can be as high as 36%. Creditworthy borrowers may be able to access much lower rates—starting around 7% or 8% in November 2023. 

Online personal loans in New York

Online personal loans are an introvert’s dream. You can complete the whole application process online. Even better, it doesn’t take long. Sometimes, you can get your money the same day you’re approved. 

Check out these well-known lenders that offer personal loans in New York.

	SoFi	LightStream	Credible	Upgrade
Loan amounts	$5,000 – $100,000	$5,000 – $100,000	$600 – $200,000	$1,000 – $50,000
Term lengths	24 – 84 months	24 – 144 months	12 – 84 months	24 – 84 months
APR	Starting at 8.99%	Starting at 7.99%	Starting at 5.20%	Starting at 8.49%
Fees	No fees, but you can opt to pay an origination fee up to 6% and potentially get a lower rate	0%	0% – 12%	1.85% – 9.99%
Minimum credit score	680	660	Often 550 or higher (varies by lender)	560
Funding time	As soon as the day you’re approved	As soon as the day you’re approved	1 – 7 business days	Within a day of approval
	View rates	View rates	View rates	View rates

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SoFi – Best for good credit

View Rates

Editorial rating: 5 out of 5

• No origination fees, late fees, or prepayment penalties 
• Can fund your loan the same day you’re approved 

SoFi is an online lender that offers personal loans in all 50 states, including New York. Rates start at 8.99%, and you can choose repayment terms anywhere from two to seven years. 

You won’t have to worry about any fees, not even late fees, on a SoFi personal loan. However, you may see offers with an optional origination fee that offer better rates. 

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LightStream – Best for excellent credit

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Editorial rating: 4.8 out of 5

• Competitive rates start at 7.99%
• Allows for lengthy repayment terms of up to 12 years 
• No option to prequalify with a soft credit check

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. 

Our expert’s advice

Erin Kinkade

CFP®

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.

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Credible – Best marketplace

View Rates

Editorial rating: 5 out of 5

• Compare prequalified rates from multiple lenders¹
• Some partner lenders accept poor or fair credit 

Credible is an online loan marketplace that makes it easy to compare prequalified rates from multiple lenders at once. You can submit some 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. 

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Upgrade – Best for fair credit

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Editorial rating: 4.9 out of 5

• Accepts credit scores starting at 560 
• Can fund your loan within a day of approving your application
• Charges an origination fee 

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 amount to 1.85% to 9.99% of your loan amount. 

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Local New York personal loans

If you like a more personal touch or to keep your business local, you might want to check out one of the companies below. They are local financial institutions that only offer personal loans in New York. 

You won’t have as many options as you would when you cast your net nationally, but you may get a better deal with a local lender. Some banks and credit unions, for instance, offer rate discounts to customers they have a relationship with. 

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First New York Federal Credit Union

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• Offers personal loans up to $25,000 
• Allows loan terms as long as 5 years 
• Serves 33,000+ members in Albany, Saratoga, and other New York counties 

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. 

• Loan amounts: $500 – $25,000 
• Term lengths: 12 – 60 months  
• APR: Starting at 8.99% 
• Funding time: Not disclosed 

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New York Municipal Credit Union

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• Offers personal loans up to $50,000
• Loan terms as long as 72 months, depending on the loan amount 
• Offers unsecured and secured personal loans 

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, mortgages, credit cards, and various banking accounts. 

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. 

• Loan amounts: $1,000 – $50,000 
• Term lengths: Up to 72 months 
• APR: Not disclosed 
• Funding time: Not disclosed, but can approve application in a few minutes 

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New York University Federal Credit Union

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• Membership open to NYU students, faculty, and staff, as well as their immediate family members 
• Various types of personal loans available, including vacation loans, bill consolidation loans, and secured loans 
• Personal loans come with repayment terms up to five years 

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.

• Loan amounts: $500 – $20,000 
• Term lengths: Up to 60 months 
• APR: Not disclosed 
• Funding time: Not disclosed 

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Apple Bank

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• Lets you prequalify for a loan online with no impact on your credit score 
• Doesn’t charge origination fees, late fees, or prepayment penalties 
• Can fund your personal loan the next business day 

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 also provides other banking services and products, including checking and savings accounts and mortgages. 

• Loan amounts: $3,000 – $50,000 
• Term lengths: 3 or 5 years 
• APR: Not disclosed 
• Funding time: Next business day 

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Pros and cons of personal loans in New York

The pros and cons aren’t specific to New York, but here’s what to consider if you’re unsure whether a personal loan is right for you.

Pros

• Many personal loans are unsecured, so you won’t need to worry about losing personal assets, such as your home or car, if you miss payments.

• You may qualify for a much better rate than with a credit card. 

• Many lenders offer fast funding and flexible repayment terms that span several years. 

• Loan amounts can go up to $100,000 or more, depending on the lender. 

Cons

• You’ll generally need a good credit score to lock in a competitive rate and a reasonable monthly payment.

• Some personal loans come with origination fees or other fees that can add to your costs of borrowing. 

• The interest rates on an unsecured personal loan may be higher than you could get on a home equity loan or line of credit secured by your home. 

How to apply for a personal loan in New York 

The process to apply for a personal loan doesn’t tend to differ by state but by lender. Here are the general steps you’ll need to take: 

1. Check your credit. Your credit plays a major role in whether you get approved for a personal loan, so it’s worth checking your score before you apply. You can use a free credit monitoring service, check with your credit card issuer, or purchase your FICO scores online. You can also review your annual credit report to see your accounts and dispute any errors. 
2. Research lenders and shop around. Every lender sets its own borrowing criteria, so look for one that’s a good fit for your credit profile. You might also check out customer reviews to see what other borrowers have to say about their experience. 
3. Prequalify and compare offers. Many lenders let you prequalify for personal loans online, making it easy to check your rates without harming your credit score. As you compare loans, look for an affordable rate, low (or no) fees, flexible repayment terms, and other features that make one loan offer stand out above the rest. 
4. Submit an official application. Once you’ve chosen a lender, you’ll submit a full application. You’ll provide basic information about yourself, such as your address, full name, date of birth, and Social Security number. You may also need to upload verifying documentation, such as pay stubs or bank statements. 
5. Get your loan and start repayment. Once the lender has approved your application, it will send you the loan funds. You’ll typically pay your loan back on a monthly schedule over a set period. Consider setting up automatic payments so you don’t miss any of your personal loan bills. 

FAQ

Can you find a personal loan for bad credit in New York?

If you have bad credit, your options for personal loans in New York may be limited. But some lenders accept poor or fair credit, and others make it easier to qualify by applying with a cosigner or putting up collateral. 

Beware of payday loans or other predatory lenders that offer no-credit-check loans. These short-term loans carry steep interest rates that could leave you financially vulnerable. Opt for a traditional installment loan, such as those above, for a better deal.

Are interest rates on personal loans higher in New York than other parts of the country?

Interest rates on personal loans are not necessarily higher in New York than other parts of the country. They may even be lower for lower-credit borrowers because New York caps rates on unsecured personal loans at 25%. 

But your interest rate will vary by lender and largely depend on your personal credit score and other aspects of your financial profile. Before applying for any loan, compare personal loan rates. Shop around to find one that will cost you the least money in the long run.

Does New York have any specific rules or requirements to get a personal loan in the state?

Similar to other states, you’ll need to meet a lender’s rules and requirements to get a personal loan, which may include a minimum credit score, income, and debt-to-income ratio. You’ll likely also need to be at least 18 years old to take out a personal loan, which is the age of majority in New York.

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¹ Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.