Updated on

Best Personal Loans In New York

With over 8.8 million people living in New York City and over 19.5 million living in the state as a whole, New York needs financial institutions that can offer great rates and terms on personal loans. The best personal loans in New York typically come from national lending institutions across the...

Best Personal Loans In New York
Ann Schreiber
Written by:Ann Schreiber
Seasoned Copywriter & Content Marketer
Best Personal Loans with Cosigner

Many or all of the products featured here are from our partners who compensate us. This may affect which companies we write about and where the company appears on a page. However, any analyses, or reviews expressed in this article are those of the author’s alone, and have not been approved or endorsed by any partner.

New York is the third most populous state in the U.S., however, most people think of New York City when they think of New York as a whole. With Wall Street, a bustling economy, and over 200 banks in Manhattan alone, New York offers some of the best personal loans to U.S. residents age 18 or older. And with an average credit score of 722, most New York residents can take advantage of low-interest rates and high borrowing limits. 

Best Personal Loans with Cosigner

Personal loans can have both positive and negative implications on your financial situation. Applicants should be diligent in their review of options to ensure the best possible loan rates and terms. Comparing your rates across multiple lenders can ensure you get the best deal for your credit history and financial situation.

Our team of financial experts ranked lenders based on our rating methodology for personal loans and found the best loans in New York. This rating methodology evaluates lenders in New York and nationally based on loan length, APR, repayment terms, user experience, customer service, credit score history, banking and credit union use, and additional features.


Best Personal Loans in New York - Full Overview

Here are some of the best personal loans available to residents of New York City and the state of New York. 

Best Overall

Best Egg - Best for debt consolidation

5.99% – 35.99%
Loan Amount
Min. Credit Score
Key Features
  • Wide range of loan amounts available
  • Fast application process
  • Direct payments to creditors as an option
Pros & Cons
  • You can prequalify with a soft credit check
  • Unsecured and secured loan options
  • Direct payments for debt consolidation
  • Minimum credit score of 600
  • Origination fee of 0.99% to 5.99%
  • No rate discounts for autopay
  • Set payment date (no option to choose)

Best Egg offers online loans in New York, including unsecured and secured personal options for borrowers with fair to good credit. Loans are available for residents of New York and most states but are not available in Iowa, Vermont, West Virginia, or Washington, D.C. Best Egg loans are good for those who want to consolidate their debt, refinance credit cards to get a lower monthly payment, or cover large expenses. Best Egg offers both unsecured and secured loans, though secured loans require permanent fixtures (such as a water heater, shutters, or window coverings) in your home as collateral.


Main Features

Best Egg offers competitive interest rates (​​8.99-35.99%) for borrowers with fair credit. Repayment terms are available between three and five years, but the loan can take one to three days to fund. Further, Best Egg does charge an origination fee of .99% to 5.99% of the loan amount, and a returned check fee of $15 will be charged when applicable.

Best Egg is a suitable personal loan option for New York residents looking to consolidate their debt. However, as the minimum credit score for the Best Egg loan is as low as 600, New York residents with a closer-to-average credit score of 722 may be able to get better rates elsewhere.
 sofi review

SoFi - Best for borrowers with fair to good credit

6.99% to 21.78%
Loan Amount
Up to $100,000
Min. Credit Score
Key Features
  • No origination, prepayment, or late payment fees
  • Joint applications accepted
  • Offers .25% discount for autopay
  • Borrowers up to $100,000
Pros & Cons
  • Better Business Bureau rating = A+
  • No hidden fees
  • Discount on auto payments
  • Unemployment protection
  • Minimum credit score of at least 680
  • Loan funding takes two to seven business days
  • High annual income requirement

SoFi personal loans are best suited for those with a credit score of 680 or higher that want to borrow from a well-known lender, making them a good option for residents of New York. SoFi stands apart from other online lenders as it offers personal loan customer perks. SoFi borrowers can get referral bonuses, access free career and financial advising, estate planning discounts, unemployment protection to protect their credit score, and a mobile app for easy payments.


Main Features

This lender offers competitive interest rates and offers relatively flexible loan terms. However, those wanting to take out a loan from SoFi must know that they require a gross income of at least $50,000 per year ($961 per week) to qualify for a loan. And loan funds are not distributed on the same day. Typical loan disbursement takes two to seven business days.

SoFi is an excellent personal loan option for people in New York due to its competitive APRs, high borrowing limits, and lack of hidden fees. This lender is best for fee-free debt consolidation loans.

Upgrade - Best for smaller loans

5.94% to 35.97%
Loan Amount
Min. Credit Score
Not disclosed
Key Features
  • Funding as soon as the next day
  • Can be approved with fair credit
  • Variety of discounts on rates
Pros & Cons
  • Multiple rate discounts
  • Secured and joint loans are available
  • Mobile app to help manage your loan payments
  • You can opt for direct payment to creditors
  • Long repayment terms for home improvement
  • Minimum credit score of 580
  • Origination fee of 1.85% to 8.99%
  • No option to choose initial payment date
  • Loans are only available up to $50,000
  • High-interest rates compared to competitors

Upgrade offers a good option for people in New York with less than stellar credits who want access to a small loan. These loans can help borrowers with fair credit get approved for a loan, but those with higher credit scores may want to look for an alternate lender. Upgrade requires a minimum credit score of 580, making it relatively easy to qualify for. You can use loan funds for debt consolidation, credit card refinancing, large purchases, and small expenses.


Main Features

Borrowers can get a secured or joint loan through Upgrade. Plus, you may receive a 0.5 percentage point discount for setting up automatic loan payments. If you are taking out an Upgrade personal loan for debt consolidation, you may get a rate reduction of 1 to 5 percentage points when you have Upgrade pay off your debts directly. To top it off, Upgrade offers a reward checking account that gives borrowers up to 20% off of their rate. Note, Upgrade loans are not available to residents of Washington D.C., which is important for people who spend time equally between New York and our nation’s capital to know.

Upgrade is a good choice for those with fair credit looking for personal loans in New York. This lender provides a convenient mobile app, making it simple and efficient for borrowers to make monthly payments. And the lower credit score requirement of 580 makes it a good choice for those who want an alternative to a true credit builder loan.

LightStream - Best for home improvement projects

2.99% to 19.99%
Loan Amount
Min. Credit Score
Not Disclosed
Key Features
  • Funding as soon as the same day
  • Allows joint applications
  • No origination fee
Pros & Cons
  • Low-interest rates
  • No hidden fees
  • Fast approval
  • Easy application process
  • Quick funding - possibly same day
  • Minimum FICO credit score of at least 660
  • Rate beat program
  • High minimum loan amount
  • Requires several years of credit history
  • Must have a well-balanced mix of accounts
  • No pre-approval process

Lightstream personal loans are best suited for New York residents who wish to pursue a home improvement or renovation project. They offer competitive rates for customers with good to excellent credit scores but also have great solutions for consumers with a credit score of around 660.


Main Features

LightStream offers fast funding (potentially as soon as the same day you sign the loan agreement), low APRs, and a fast New York state loan application process. APRs are competitive, and there are no fees for loan origination, late payments, or early loan payoff. Finally, LightStream’s rate beat program will beat a competitor’s interest rate by 0.10 percentage points if borrowers can show the competitor approved them for an unsecured, fixed-rate loan with matching loan terms.

LightStream is a good personal loan option for people who live in New York that want to either consolidate debt or take on big home improvement projects. You can get your money fast and don’t have to worry about a complicated application process.
TD Bank logo

TD Bank - Best for those who want a NY presence

7.99% to 21.99%
Min. credit score
Loan Amount
$2,000 to $50,000
Key Features
  • Borrow up to $50,000
  • Loan term 36 to 60 months
  • No origination fee and no prepayment fee
Pros & Cons
  • Vast network of branches across New York
  • APRs as low as 6.99%
  • Loans as high as $50,000
  • No origination fee
  • No prepayment fee
  • Late fee of $5

TD Bank operates in 15 states (including New York) and Washington D.C., and boasts 145 branches across the state. TD bank is considered one of the most convenient banks in the country and offers loans to consumers wanting to finance anything from vacation to home renovation to debt consolidation. This lender has a great reputation with the New York Better Business Bureau, and customer reviews are generally quite positive.


Main Features

Customers can borrow $2,000 - $50,000 and can get one to five years to pay off their loan. There is no origination fee; though a late fee can apply, it is only $5. Borrowers may be able to access their loan funds as soon as the next business day after approval. Personal loan APRs range between 7.99% - 21.99%, making them quite competitive compared to more traditional online-only lenders.

TD Bank is well-rated with consumers and the BBB, making them a very reputable and trustworthy personal loan option for people in New York who want the convenience of a brick-and-mortar location.
Alt Example

Neighborhood Trust Federal Credit Union - Best credit builder loans

8.00% to 18%
Loan Amount
$500 to $10,000
Min. Creditt
Key Features
  • Credit unions are capped at an APR of 18%
  • You can open a checking or savings account
  • Auto loans, credit cards, and home loans
  • Better customer service
Pros & Cons
  • Secured and unsecured loans available
  • Apply online, over the phone, or in a branch
  • Customizable repayment term
  • Downloaded app to manage loan terms
  • Access to financial education
  • Access to credit counseling
  • Unclear membership requirements

Neighborhood Trust Federal Credit Union is a community development credit union that was established in New York in 1997. They offer low-cost financial services, affordable loan rates, and financial education to underserved communities of New York.


Main Features

Neighborhood Trust Federal Credit Union offers fixed interest rates ranging from 8% to 18%, and a discount is available if you select their direct deposit option. You can pay back your loan over 48 months, and though there is an origination fee, it is only 1% of the total loan amount. Applicants will be charged a $20 application fee and can anticipate approval in 72 hours. This credit union's bonus is that they offer an app that allows you to manage your loan terms easily.

This credit union is a great choice for those who want customizable repayment terms and the friendly experience offered by a neighborhood financial institution. Use your loan for home improvements or to finance another large purchase. And credit builder loans are available for those who need help improving their credit.

Main Features of The Best Personal Loans in New York

If you are seeking personal loans in New York, pay attention to what is most important to you. Most borrowers want a low APR, a low credit score threshold, fast funding, and high borrowing limits. Check out this terms comparison of the lenders we discussed above.

Best Egg4.3
TD Bank4
Neighborhood Trust Federal Credit Union4
  • Est. APR - 8.99% to 35.99% 
  • Min. credit score - 600 
  • Loan Amount - $2,000 to $50,000 
  • Loan term - 36 to 60 months

Main Features of The Best Personal Loans in New York

How to Choose the Best Personal Loans in New York 

Finding the right loan places in New York can take some time and a bit of research. However, the team at FinImpact has documented helpful and easy-to-follow best practices to help you choose the best personal loan for your needs. Our experts use these parameters to rank lenders, whether you are looking for bad credit loans in New York or personal loans for good credit. 

Here’s what to look for:

  • Loan features - Ensure you understand the loan terms, amount of the loan and any use limitations. Some lenders restrict how you use the money from their loans so make sure you know how you will use the money before you apply.
  • Interest rates and fees - Understand your minimum monthly payment and how much of that payment is comprised of interest. Also, be on the lookout for fees such as origination fees, late payment fees, or early payoff penalties.
  • Application process - Loan applications are pretty consistent across lenders, but you should know that when you apply for a loan from a New York loan company, you will be subject to a hard credit check which can impact your credit score by five points. This inquiry will remain on your credit report for up to two years.
  • Qualification process - Find out about any minimum credit score requirements and if the lender has income requirements, a membership requirement, or allows a co-signer or joint application should you need it.
  • Customer support - Look at their hours of operation and see if they have a chat, phone, or even a text option to schedule a call. If you want a brick-and-mortar location, check their open hours to see if they are convenient for your schedule and needs.
  • Online user reviews - Check Google and TrustPilot for reviews from customers that have used the lender you are considering. Some lenders even include reviews and testimonials right on their websites.
  • Perks and Bonuses - Check for perks and bonuses such as payment flexibility or advanced technology for your communication preferences. Your lender may even offer you free access to your credit score too.


Reasons to Get a Personal Loan in New York

New Yorkers’ debt per capita totaled $53,830 at the end of 2021, slightly lower than the national figure of $55,810. And though this amount is indeed less than the national average, New Yorkers seek personal loans to give them additional financial freedom. Specifically, New Yorkers often seek personal loans for the following:

  • Financing a large project such as home improvements, a dream vacation, or a wedding
  • Securing a debt consolidation to combine the balances of other credit cards and loans into one balance with one easier-to-manage monthly payment  
  • Finding an alternative to a payday loan which often has interest rates of 400% or higher
  • Funding a move or relocation
  • Paying for unexpected expenses such as medical bills, funeral costs, etc.
  • Purchase a new or new-to-you vehicle


How to Get a Personal Loan in New York 

The process to get a personal loan in New York is similar to the approach in other states.

  • Consider the lender(s) you might like to work with - do you want an online lender or one with a brick-and-mortar location?
  • Jot down how you will use the loan - writing down some of this first, along with some napkin math to understand the amount you have available to put towards a personal loan payment each month will ensure you don’t bite off more than you can chew.
  • Narrow down your list of lenders after you have compared rates, loan terms, and how you can use the loan - keep in mind that every time you apply for a loan, a hard credit inquiry will be conducted, so don’t just apply for all the options out there.
  • Fill out the application and include any requested documentation (such as the identification information listed below).
  • Wait for your loan approval - depending on the lender, this can take several minutes to several days. 
  • Review your loan agreement - after you have been approved - review all loan terms and what will be expected of you throughout the loan. Specifically, look to ensure the date of the agreement is accurate and that the interest rate and repayment terms are called out as part of the Truth in Lending Agreement.
  • Sign the loan agreement and submit it as requested - ensure you meet the loan requirements before signing.

To obtain a personal loan in New York, you will need to be prepared with the following documentation:

  • A government-issued photo ID  such as your driver’s license, passport, permanent resident card, etc.
  • Proof of income which could include bank statements, pay stubs, income statements, invoices, etc.
  • Proof of your residency in New York or a surrounding community, such as bank statements, a utility bill that has come in the mail, etc.


Interest Rates of Personal Loans in New York

The average personal loan interest rate as of early March 2023 was 10.71%. Consumers need to understand that their rates could be higher or lower depending on their unique financial circumstances. Further, there are no specific APR discounts for residents of New York regarding personal loans.

Credit ScoreAverage APR
300 to 62928.50% - 32.00%
630 to 68917.80% - 19.90%
690 to 71913.50% - 15.50%
720 to 850*10.73% - 12.50%


How to Deal with Loan Scams in New York 

Hundreds of consumers all over the U.S. fall victim to loan scams each year. And with over 8.8 million people living in New York City and over 19.5 million living in the state, New York creates a perfect opportunity for loan scammers. Understanding how to spot loan scams can save you time, money, and headache. 

Here is what to be on the lookout for.

  • The lender guarantees approval before receiving any of your personal information.
  • The lender isn’t registered in New York - check with the Attorney General, Better Business Bureau, or one of the two New York Better Business Bureaus.
  • The lender demands payment up front - even with a secured personal loan, you will not be asked to provide a deposit until you have signed your loan agreement.
  • The lender calls you, sends you a letter, or appears on your doorstep. According to the FTC, it is not legal for companies to over a loan in the U.S. over the phone or asks you to pay before the loan is delivered.
  • You are unable to locate a physical address for the lender.
  • The lender pressures you to take action immediately. A reputable lender will give you time to review the offer and loan terms and your loan agreement.
  • The lender has hidden fees.
  • The loan and terms sound too good to be true.

If you believe you have been the target of a loan scam, notify the Department of Financial Services at (800) 342-3736. Further, if you believe payday loans in New York are being offered to New York residents, or if a debt collector is seeking to collect on a payday loan in New York, file a complaint with the CFPB or by calling (855) 411-2372.


Personal Loan Alternatives in New York

If you are unable to get a personal loan in New York, there are installment loan alternatives. The best alternatives are:

  • Taking out a personal line of credit from your credit card issuer - however, note that this might come with a cost for a cash advance and may be subject to a higher interest rate
  • Using the available credit on your credit card - if you can keep your balance below 30% of your credit limit
  • Consider emergency loans in New York - however, understand that emergency loans often come with very high-interest rates and early payoff penalties
  • Taking out a home equity loan or home equity line of credit against your mortgage
  • Taking out a peer-to-peer (P2P) loan from an investor
  • Taking out a small business loan if you are a small business owner
  • Taking a 401(k) loan from your employer or investment firm
  • Asking for a salary advance from your employer
  • Getting a second job or a side hustle is a great way to earn some extra money to help you pay off debt or save up for a big purchase 

If you need temporary assistance (TA) in New York, contact the Office of Temporary and Disability Assistance. You may be eligible for family assistance which provides cash support to eligible needy families. You may also be eligible for safety net assistance that provides cash support to eligible needy individuals and families who are not eligible for family assistance.



New York is the third largest state in the U.S. and there is no shortage of great personal loan places for your financial needs. Whether you need a bad credit loan in New York or simply want to work with a loan company in New York with a brick-and-mortar presence, you won’t have trouble finding the right solution for you. The key to finding the right personal loan is to ensure the terms align with your financial goals and that you can always make your minimum monthly payment.

Frequently Asked Questions(FAQ)

Which bank will provide a personal loan easily?

All banks and financial institutions have different criteria that are used to determine your creditworthiness and eligibility for a personal loan. The lenders recommended in this article have a relatively easy to follow New York loan application process and you will be able to find out your approval status in a short period. Ensure you have all required documentation with you at the time of your application to simplify and speed up the process.

How hard is it to get a $5,000 personal loan?

Getting a $5,000 personal loan is relatively easy if you have a fair or higher credit score and can provide proof of steady income. The better your credit score is, the lower the interest rate you can obtain, and the higher your borrowing limit can be.

What is the easiest loan to get approved for?

The easiest loans to get approved for include payday, car title, pawnshop, and personal loans that do not require a credit check. These loans generally come with fast funding and may even be available for people who have no credit or bad credit. However, payday loans are not available to residents of New York. And, car title loans and pawnshop loans often come with fees and high interest rates that could be avoided with other loan types.

How can I get a $50,000 loan in one day?

Getting a personal loan for $50,000 can be easy if you can meet the qualification requirements. You will need a good to excellent credit score, a reliable source of steady income, and the ability to take on an incremental payment. To get a $50,000 loan in one day, lenders will need to be reassured of your creditworthiness and ability to meet their loan requirements. 

About the Author

Ann Schreiber

Written by: Ann Schreiber

Seasoned Copywriter & Content Marketer

Ann has been a marketer and a content writer for over 20 years. She worked for financial institutions such as FICO, Experian, and BlueChip Financial as a director of content and brand marketing.

More about me

Related Loan Picks

Show More