What is the best personal loan lender in New York?

In New York, LightStream is MoneyGeek’s top pick for a personal loan. However, depending on your requirements and situation, the ideal lender for you may differ. For example, if you have bad credit, Upstart is your best bet. Meanwhile, SoFi provides the best personal loans for borrowers with good credit, Best Egg may be a good fit for funding home improvement costs, or Upgrade to consolidate debts.

Which lender in New York has the lowest interest rate?

Upstart provides the lowest interest rate in New York for a personal loan — as low as 3.22%, depending on your loan and profile.

Can I use a personal loan for vacations in New York?

You generally can use a personal loan in New York to fund a planned getaway. However, some lenders may place restrictions on how the borrowed money is used, so don't forget to clarify this before you apply for a loan that you want to use for funding your vacation.

Can I use a personal loan for home improvement in New York?

Yes, you can. Personal loans in New York can be for house renovations. We suggest Best Egg as the lender for borrowers who want a personal loan for home improvement.

What can I not use my personal loan for in New York?

Depending on the lender, there may be different constraints on how you may use the borrowed money. Often, you cannot use a personal loan for illegal purposes or gambling. Some lenders may further limit your ability to use the loaned funds by including post-secondary education or investing.

How much can I borrow in New York?

When looking for a personal loan in New York, there are several aspects to consider that affect how much you can borrow. The first is that you have to meet the lender's qualifications. Some may require a minimum gross income amount, employment and credit score criteria, for example. The amount you may borrow varies per lender, but they typically lend from $1,000 to $100,000.

How long does it take to get a personal loan in New York?

The funding process for a personal loan differs by lender. Some may provide financing on the same day, while others may take up to a week.

Can I pay off my loan early in New York?

In most cases, you can pay off a personal loan early. But, a lender may impose a prepayment penalty, where you pay a charge for an early payoff. Check before deciding between paying off earlier than agreed or adhering to the payment schedule. You should also check whether there is a prepayment penalty before choosing a lender since another may be a smarter choice if they do not charge it.

Top Lenders & Best Picks for You

Best Personal Loans in New York

The best personal loans in New York are offered by LightStream. This lender offers quick funding and waives late fees, prepayment penalties and origination fees.

SoFi may offer the best loan in New York if you have good credit. If you have bad credit, you should opt for Upstart. For debt consolidation loans, borrowers should choose Upgrade. Best Egg provides the best home improvement loans.

WHAT WE’RE GEEKING OUT ON

The Best Overall Personal Loan Lender in New York
The Best Personal Loan Lender for Bad Credit in New York
The Best Personal Loan Lender for Good Credit in New York
The Best Personal Loan Lender for Debt Consolidation in New York
The Best Personal Loan Lender for Home Improvement in New York
How To Choose the Right Personal Loan for You
What to Do if You Can’t Get a Debt Consolidation Loan in New York
Calculate Your Monthly Payment
Frequently Asked Questions About Personal Loans in New York

MoneyGeek’s Picks: LightStream - Best Personal Loan Lender in New York

Depending on specific needs and circumstances, the best personal loan lender in New York may vary from person to person. MoneyGeek looked at over 30 data points to find the best personal loans for various borrower characteristics in the state. Better Business Bureau (BBB) ratings, loan amounts, payback terms, interest rates, fines, fees and minimum criteria are among the factors assessed and compared.

Best Personal Loan Lender Overall in New York: LightStream

LightStream
- 4.49% to 20.49%APR Range
- 660Minimum Credit Score
- $5,000 to $100,000Loan Amount Range
- 24 to 84 monthsRepayment Terms
- Same DayTime to Receive Funds
MoneyGeek gathered information on a number of different New York-based personal loan lenders and chose LightStream as the overall top option. It doesn't charge an origination fee, late payment fee or prepayment penalty. There are no employment or gross income requirements either. Moreover, if you request a loan on a banking business day and are approved, you may obtain the money the same day. It helps as well that LightStream has an A+ rating by the Better Business Bureau.
SunTrust Bank's online consumer lending business, LightStream, debuted in 2013. It provides personal loans nationwide. It's great for people who need a loan fast. The application is only accessible through the company's mobile app or its website.
That doesn't mean it's a good fit for everyone, however. Individuals with credit scores below 660, for example, are not eligible for a loan. You also won't be able to receive a LightStream loan if you have no credit history or it’s fairly new.
Pros
Immediate loan funding
No late fee
No prepayment penalty
No origination fee
Transparent rates disclosure on its website

Cons
Does not allow co-signers
Won’t approve people with new or no credit
APR Range: 4.49%–20.49%
Minimum/maximum loan amount: $5,000–$100,000
Minimum credit requirements: 660
Repayment terms: 24–84 months
Time to receive funds: Same day
on LightStream Website

Best Personal Loan Lender for Bad Credit in New York: Upstart

Upstart
- 3.22% to 35.99%APR Range
- 300Minimum Credit Score
- $1,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Next DayTime to Receive Funds
In 2012, the Upstart AI financing platform was created. The corporation has made $20.8 billion in loans since then.
Upstart may be a suitable option for you if you're working on improving your credit score but need a personal loan in New York. It requires a credit score of 300, which is among the lowest available. Also, Upstart offers a grace period before charging a late payment fee, though paying on time is still preferable.
On the other hand, Upstart offers some rather modest loan amount limits. Unlike other lenders who give personal loans up to $100,000, Upstart only provides loans up to $50,000.
Pros
Low credit score requirement
As low as 3.22% interest rate
Credit check does not affect the score
Excellent BBB rating
Late fees have a 10-day grace period

Cons
Only gives loans up to $50,000
Doesn’t make it easy to find rates online
Up to an 8% origination fee
APR range: 3.22%–35.99%
Minimum/maximum loan amount: $1,000–$50,000
Minimum credit requirements: 300
Repayment terms: 36–60 months
Time to receive funds: Next day
on Upstart Website

Best Personal Loan Lender for Good Credit in New York: SoFi

SoFi
- 5.74% to 20.28%APR Range
- 680Minimum Credit Score
- $5,000 to $100,000Loan Amount Range
- 12 to 60 monthsRepayment Terms
- Two DaysTime to Receive Funds
MoneyGeek recommends SoFi as the best lender for a personal loan in New York for individuals with a minimum credit score of 680. There is no prepayment penalty, origination fee or late fees with SoFi, so you may save money. SoFi also offers a 0.3% discount with automatic payments. Depending on your profile, you can borrow up to $100,000. Borrowers may also be eligible for a temporary adjustment to payments if they lose their job.
However, SoFi has employment requirements and a $50,000 minimum gross income requirement as well.
SoFi was founded in August of 2011 and offers personal loans in 49 states, including New York.
Pros
No origination fee
No prepayment penalty
No late fees
0.3% automatic payment discount

Cons
Minimum gross income requirement of $50,000
No co-signers
Requires a good to excellent credit score
APR range: 5.74%–20.28%
Minimum/maximum loan amount: $5,000–$100,000
Minimum credit requirements: 680
Repayment terms: 12–60 months
Time to receive funds: Two days
on SoFi Website

Best Personal Loan Lender for Debt Consolidation in New York: Upgrade

Upgrade
- 5.94% to 35.47%APR Range
- 560Minimum Credit Score
- $1,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Same DayTime to Receive Funds
Upgrade is an online-only company and does not have a physical branch. The firm was established in 2016, making it a relative newcomer to the New York personal loan market.
If you choose Upgrade for a debt consolidation personal loan in New York, the company pays your creditors directly. For example, if you are paying off three credit cards with your personal loan, Upgrade sends the payoff balance directly to them — the money is not deposited into your bank account. Upgrade also provides a 15-day grace period before charging a late fee of up to $10.
You only need a credit score of 560 to apply for a debt consolidation personal loan in New York with Upgrade, but there is a $50,000 maximum loan amount. If you need a larger amount to consolidate debt, another lender may be a better option.
Pros
Provides a 1% automatic payment discount
Allows up to an 60 month repayment term
Has a mobile app
15-day grace period before charging a late fee
Moderate credit score requirement

Cons
$50,000 loan limit
High potential interest rate
2.9%-8% origination fee
APR range: 5.94%–35.47%
Minimum/maximum loan amount: $1,000–$50,000
Minimum credit requirements: 560
Repayment terms: 36–60 months
Time to receive funds: Same day
on Upgrade Website

Best Personal Loan Lender for Home Improvement in New York: Best Egg

Best Egg
- 4.99% to 35.99%APR Range
- 700Minimum Credit Score
- $2,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Next DayTime to Receive Funds
Best Egg may be the best lender if you need a personal loan in New York to finance home improvements. It's a startup that launched in 2014 and provides personal loans in 47 states.
Best Egg typically funds loans the next day after approval. A 0.5% automatic payment discount is available, and you may receive an interest rate as low as 4.99%, depending on your profile. It's also highly rated by the BBB.
This company, however, is far from being the best option for every borrower's needs. For example, you will not be approved for a home improvement personal loan if your credit score is less than 700. You also need a yearly gross income of at least $50,000. Moreover, it may not be ideal for you if you need a large loan amount, as it only provides up to $50,000.
Pros
No prepayment penalty
Rated A+ by the BBB
No debt-to-income limit
Readily discloses rates on its website
Automatic payment discount of 0.5%

Cons
Has a strict credit score requirement
1%–6% origination fee
$15 late fee
APR range: 4.99%–35.99%
Minimum/maximum loan amount: $2,000–$50,000
Minimum credit requirements: 700
Repayment terms: 36–60 months
Time to receive funds: Next day
on Best Egg Website

How to Choose the Best Personal Loan Lender in New York for You

The average amount of personal loan debt in New York is $17,892 as of 2021. A personal loan allows you financial freedom because it may be used for a variety of purposes, including home improvements, a big purchase or paying for emergency needs. Some lenders, however, have restrictions on how you may utilize the money, so verify with them first prior to closing your loan.

Before moving forward with a personal loan in New York, it's critical to think about a few things. For example, you must consider current debts and your monthly income in addition to your credit score. MoneyGeek's research outlines a general procedure to take before applying for a personal loan in New York.

Ask Yourself the Important Questions

You need to decide whether a personal loan is appropriate for you. Then determine which lenders' qualification requirements you fulfill. Take into account the following:

How much money do you need? Whether for home improvement, debt consolidation or another reason, know the exact amount you need for a personal loan.
What is your credit score? Personal loan lenders have credit score requirements. Check if your credit score is high enough to qualify or whether it is better to improve it before submitting an application for a personal loan in New York.
Can you afford the monthly payment? View your budget and make sure adding a monthly loan payment won’t cause financial hardship. Remember, payments could last many years, depending on the loan terms.
How much debt do you already have? If you’re already paying multiple debts, adding another may not be a good idea for your budget. Also, calculate your debt-to-income ratio; if it is high, you may not qualify for the loan until you reduce it.

Do Your Research

Take note that obtaining a personal loan requires dedication. You pay monthly for 2–4 years on average, depending on the duration of your loan.

That is why, before getting a loan, you should do research. Understand your alternatives and learn everything there is to know about the loan. Some lenders, for example, may do a rigorous credit check. That may affect your credit score. Also, compare rates from several lenders to find which gives the best deal for your situation.

MoneyGeek prepared this guide to fulfill our goal of providing relevant information to assist you with personal loans in New York. However, because your circumstances are unique, the suggestions may not be ideal for you. Therefore, you benefit from looking into other lenders and comparing them in order to discover the best personal loan for you.

Wait

Obtaining a personal loan means taking on a large financial commitment. As a result, you must be completely certain that acquiring one is the best decision. Consider your findings after conducting research. Don't make a hasty decision. It's advisable to put off making a decision for a day or two.

Read the Fine Print

Some borrowers make the mistake of overlooking crucial elements of a personal loan. When reviewing the loan terms, make sure you are aware of the relevant information in the fine print. Examine expenses like prepayment penalties, origination and late fees of potential lenders. Also, check the interest rate ranges. While they may appear to be little details, they can help you save money.

Apply

You submit your application after deciding which personal loan lender in New York is best for you and have the information you need. You may need to supply specific documents and information, such as identification, proof of income and residence verification. Most lenders accept online applications. But, calling or visiting in person may help you better comprehend the loan terms, agreements, etc., and address your concerns.

What To Do if You Can’t Get a Personal Loan in New York

Not getting approved by a lender doesn't spell the end of the world for you, nor does it mean the closure of your path to getting a personal loan in New York. Personal loan denials in New York happen for a variety of reasons. Maybe your credit score didn't reach the required minimum, or perhaps your income level didn't match the requirements for the loan amount.

MoneyGeek suggests contacting your lender to learn more about why your loan was denied. Ask whether there's anything you can do to change the terms of your loan. Perhaps lowering the amount or shortening the payback period produces a different loan application result.

If the decision is final, you may always look for a loan somewhere else. However, it is typically preferable to focus on addressing the reason for your personal loan denial first. Use the information the lender provides to determine what you should improve on before seeking another loan.

If you need money right away, a payday loan may seem appealing, but it's usually not a wise option. There are a few drawbacks, like high interest rates and short repayment periods.

Frequently Asked Questions About Personal Loans in New York

Individual needs, as well as credit and income considerations, all play a role in determining the ideal personal loan lender for you. MoneyGeek covers some of the most often asked questions regarding personal loans in New York to assist in determining the best choice.

METHODOLOGY

We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking criteria category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.

Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible — like prequalification, payment options and mobile apps.

After careful consideration and calculation, our picks are decided and chosen with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.

The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.