Best Personal Loans in New York 2024

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Updated: September 13, 2024

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First Tech and PenFed are MoneyGeek's top personal loan picks for New Yorkers, with scores of 98 and 96 respectively. They shine in customer service, loan terms and transparent fees. M&T Bank is a standout regional lender in New York for personal loans with a perfect MoneyGeek score, offering competitive APRs and a wide range of loan amounts.

MoneyGeek weighs lender reputation, interest rates, credit score requirements and flexibility in terms, making it easier to compare personal loans.

Key Takeaways

Your credit score, how much you earn and your debt-to-income ratio will impact personal loan rate offers.

The average New Yorker's credit score is 7211. A typical borrower with a score over 700 will be in a good position for favorable loan terms.

MoneyGeek has analyzed dozens of lenders in New York to find the best options for you.

MoneyGeek Logo IconBest PersonalLoan LendersNew York
2024

Best Personal Loan Lenders in New York

MoneyGeek's personal loans scoring system is designed to give a comprehensive overview of each lender’s performance in key areas that matter to borrowers, including loan options and terms of installment loans. We use a point-based system, assigning scores according to the presence or absence of certain desirable features in various critical categories, like customer service and annual percentage rate (APR).

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Our analysis was completed in March 2024 and considers banks and lenders that are licensed to do business in New York. We also consider loan companies who partner with federally insured institutions to offer competitive rates.

34Lenders Analyzed

Overall Best Personal Loan Lender in New York

Company logo for First Tech
First Tech

MG Score98
APR Range8.94% to 18.00%
Minimum Credit ScoreUndisclosed
Loan Amount Range$500 to $50,000
Repayment Terms6 to 84 months
Overview

First Tech is MoneyGeek's top personal loan lender in New York with a score of 98 out of 100. Its APR range of 8.94% to 18.00% is notably lower than the highest APRs compared by MoneyGeek. First Tech provides a wide array of repayment terms from 6 to 84 months, offering considerable flexibility. They particularly excel in areas like competitive rates and a smooth application process, factors that significantly contribute to our recommendation.

Runner-Up for Best Personal Loan Lender in New York

Company logo for PenFed
PenFed

MG Score96
APR Range7.99% to 17.99%
Minimum Credit ScoreUndisclosed
Loan Amount RangeUp to $50,000
Repayment TermsUp to 60 months
Overview

PenFed Credit Union is MoneyGeek's runner-up for the best lender for personal loans in New York, scoring 96 out of 100. PenFed’s APR range from 7.99% to 17.99% stands out, with its lower bound being notably competitive. This lender offers customer-friendly repayment terms, up to 60 months, which are more flexible compared to others. MoneyGeek especially recognizes its excellent customer service and a proven track record for integrity and clarity.

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UNDERSTAND YOUR DEBT-TO-INCOME RATIO

The amount of monthly debt payments you have relative to your monthly gross income is called your debt-to-income ratio, or DTI. Most lenders prefer to see a debt-to-income ratio of 35% to 40% or below for secured loans, and 40% to 45% or below for unsecured personal loans.

Debt includes items like mortgages, car loans, credit cards and existing personal loans. A debt-to-income ratio above 50% is considered high and so approval may be more difficult, or your loan may come with higher interest rates.

Alvin Yam, CFP®

Where To Get a Personal Loan in New York

Some local banks and credit unions offer personal loans in neighborhoods throughout New York. APRs among these loan companies range from 8% to more than 20%. Local lenders sometimes provide special discounts to community members that further reduce the overall cost of borrowing. M&T Bank stands out in MoneyGeek's analysis of New York personal loan providers, with a MoneyGeek score of 100 out of 100.

Data filtered by:Results filtered by:
Location:
Location:New York
Ridgewood Savings BankLoan APR Range8.50% to 16.99%Loan Offer Range$5,000 to $30,000MoneyGeek Score95
Apple BankLoan APR RangeUp to 24.99%Loan Offer Range$3,000 to $50,000MoneyGeek Score92
Municipal Credit UnionLoan APR Range7.99% to 17.99%Loan Offer RangeUp to $50,000MoneyGeek Score91

Calculate Your Monthly New York Loan Payment

According to our analysis, lenders in New York offer personal loan products averaging about 52 months, which can vary based on the financial institution and the borrower's credit profile. Explore your loan options with our personal loan calculator, a simple tool to calculate monthly payments and total loan costs based on amount, interest rate and term length, helping you make informed decisions before committing.

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Estimate the monthly payment for your loan.

Updated: Oct 4, 2024

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Although MoneyGeek partners with some of the companies we recommend, our content is written and reviewed by an independent team of writers, editors and licensed agents. Learn more about our editorial policies and expert editorial team.

Best Personal Loan Lender in New York for Bad Credit

Company logo for Happy Money
Happy Money

MG Score94
APR Range11.72% to 17.99%
Minimum Credit Score640
Loan Amount Range$5,000 to $40,000
Repayment Terms24 to 60 months
Overview

The best personal loan lender for low-credit borrowers in New York is Happy Money, with a MoneyGeek score of 94 out of 100. Although Happy Money is not a traditional lender, it stands out by partnering with different federally insured financial institutions to offer loans. It boasts a minimum credit score requirement of 640 and an APR range of 11.72% to 17.99%, which is competitive. The company excels particularly in transparency, providing clear upfront information to consumers, and in customer service, ensuring accessible assistance and educational resources.

How does MoneyGeek score lenders for bad credit loans?

Best Personal Loan Lender in New York for Debt Consolidation

Company logo for Alliant Credit Union
Alliant Credit Union

MG Score96
APR Range10.99% to 13.99%
Minimum Credit ScoreUndisclosed
Loan Amount Range$1,000 to $100,000
Repayment Terms12 to 60 months
Overview

The best personal loan provider for debt consolidation in New York is Alliant Credit Union, with a MoneyGeek score of 96 out of 100. Alliant stands out due to its competitive APR range of 10.99% to 13.99%, lower than other rates analyzed by MoneyGeek. Furthermore, Alliant excels in providing detailed information for consumers and competitive interest rates and fees. Alliant is an online-only bank, and it requires membership for 90 days prior to eligibility for a personal loan.

How does MoneyGeek score lenders for debt consolidation?

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IS INTEREST ON PERSONAL LOANS TAX DEDUCTIBLE?

Interest on personal loans is generally not tax deductible because personal loans are considered consumer debt. But there are some exceptions where the interest may qualify:

  • When consolidating high-interest qualifying debts like credit cards or student loans, if used to pay off those debts.
  • If used for home improvements that increase the home's value.
  • If the loan proceeds can be demonstrated as used exclusively for business expenses or starting a business.
  • In some cases, if the loan is used for investment purposes related to income-generating assets.

Alvin Yam, CFP®

Impact of Credit Score on Loan Repayment in New York

When considering a personal loan in New York, you need to be aware of your creditworthiness, including your credit score, credit history, and debt-to-income ratio. These significantly impact the loan terms you may be offered. Lenders also value steady income and assess how much debt you currently carry relative to that income. MoneyGeek's best personal loan lenders in the state are selected based on their reputation and transparency, APR ranges, minimum credit scores required and flexibility in loan terms offered.

Your credit score is a critical factor in determining the terms of your loan; a higher credit score can lead to more favorable annual percentage rates (APRs), making it worthwhile to improve your score before applying. Use the table below to see how your credit score might influence your monthly loan payments.

Data filtered by:Results filtered by:
Credit Band:
Credit Band:690 to 719
Loan Amount:
Loan Amount:$2,000
$348Term Length (Months)6
$180Term Length (Months)12
$97Term Length (Months)24
$69Term Length (Months)36
$55Term Length (Months)48
$47Term Length (Months)60
$42Term Length (Months)72
$38Term Length (Months)84

This table approximates monthly payments, calculated using median personal loan interest rates typical for various credit score ranges. These numbers are median estimates provided for general guidance. They should not be taken as precise rates for everyone in each credit score category. Actual interest rates can differ due to lender-specific policies, prevailing market conditions and unique borrower profiles.

Pros and Cons of Personal Loans in New York

Personal loans offer the flexibility to consolidate debt into a more manageable single payment, and typically come with lower interest rates, which can be particularly attractive for qualified borrowers. The right lender could also provide rapid access to funds, making it easier to cover unexpected expenses or invest in life's important moments.

Despite their advantages, personal loans must be managed carefully because factors like origination fees and prepayment penalties can offset their initial appeal. First understand the benefits and drawbacks of personal loans before committing.

The pros and cons of personal loans

  • Lower APR than many credit cards
  • Consolidate multiple debts into one
  • Rapid funding after approval
  • Flexibility in how funds are used
  • Added costs due to origination fees
  • Prepayment penalty risks
  • Potential loss of collateral in secured loans
  • Risk of accumulating excessive debt

FAQ About New York Personal Loans

If you have questions about personal loans, MoneyGeek has answers to help you make an informed decision before applying for a personal loan.

What is the best lender in New York for personal loans?
Where is the best place to get a personal loan in New York?
What has the best personal loan interest rates in New York?
What can I use a personal loan for in New York?
What are some personal loan red flags to look out for?
Do lenders consider income level when applying for a personal loan?

About Zachary Romeo, CBCA


Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.


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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.