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


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


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


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


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

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.



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.



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.


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.