Best Personal Loans in New York for 2024

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Reviewed byAlvin Yam, CFP
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Reviewed byAlvin Yam, CFP
Edited byLukas Velunta
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Updated: April 30, 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. When looking for a loan, factors like your credit score, how much you earn and your debt-to-income ratio matter.

With New York's average credit score at 721 according to Experian's 2023 data, the typical borrower is in a good spot to find favorable loan terms. That's because a score over 700 is solid, and lenders tend to see these borrowers as trustworthy. MoneyGeek weighs lender reputation, interest rates, credit score requirements and flexibility in terms.

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    Overall Best Personal Loan Lender in New York

  • First Tech

    • 98MoneyGeek Score
    • 8.94% to 18.00%APR Range
    • UndisclosedMinimum Credit Score
    • $500 to $50,000Loan Amount Range
    • 6 to 84 monthsRepayment Terms

    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. The lender provides a wide array of repayment terms from 6 to 84 months, offering considerable flexibility. First Tech particularly excels in areas like competitive rates and a smooth application process, factors that significantly contribute to MoneyGeek's recommendation.

    Pros

    • Insured by the National Credit Union Administration (NCUA)
    • Doesn't charge an application or loan origination fee
    • Provides granular APR data for a variety of loan terms

    Cons

    • Need to be a member to apply
    • Provides limited details on loan application process
    • Little published information about credit score requirements
    First Tech

    Runner-Up for Best Personal Loan Lender in New York

  • PenFed

    • 96MoneyGeek Score
    • 7.99% to 17.99%APR Range
    • UndisclosedMinimum Credit Score
    • Up to $50,000Loan Amount Range
    • Up to 60 monthsRepayment Terms

    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.

    Pros

    • Offers some of the lowest APRs available
    • No origination fee
    • Has a no early repayment penalty policy

    Cons

    • Longer time to wait for loan approval than competitors
    • $50 minimum monthly loan payment requirement
    • No information available concerning credit score requisites
    PenFed
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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®

Calculate Your Monthly New York Loan Payment

According to our analysis, lenders in New York offer personal loan products averaging about 52 months. 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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    Best Personal Loan Lender in New York for Bad Credit

  • Happy Money

    • 94MoneyGeek Score
    • 11.72% to 17.99%APR Range
    • 640Minimum Credit Score
    • $5,000 to $40,000Loan Amount Range
    • 24 to 60 monthsRepayment Terms

    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.

    Pros

    • Works with 10 federally insured lenders to originate all loans
    • Transparent eligibility requirements, including credit score minimum
    • No application fee

    Cons

    • Partner lenders charge an origination fee
    • Longer time to wait for loan approval than competitors
    Happy Money
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    Best Personal Loan Lender in New York for Debt Consolidation

  • Alliant Credit Union

    • 96MoneyGeek Score
    • 10.99% to 13.99%APR Range
    • UndisclosedMinimum Credit Score
    • $1,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms

    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.

    Pros

    • Among the highest loan limits available in our analysis
    • Insured by the National Credit Union Administration (NCUA)
    • Wide variety of loan types available

    Cons

    • An online-only credit union, no physical branches
    • Must be a member for 90 days to apply
    Alliant Credit Union
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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

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 high-interest 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.

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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.

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?
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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.