Best Personal Loans in New York, NY

Municipal Credit Union stands out as the best personal loan lender in New York, New York, with a MoneyGeek score of 94 out of 100. It offers several appealing features for borrowers. First, it is federally insured by the NCUA, giving borrowers extra peace of mind regarding their funds. Additionally, it provides a 0.25% rate discount for direct deposits, which can save borrowers money over the loan term. However membership is required to apply, which may be a hurdle for some potential borrowers, and the borrowing limit is capped at $50,000, which might not meet the needs of those looking for larger loan amounts.

Laurel Road is acknowledged as the best online lender for personal loans in New York, boasting a MoneyGeek score of 93 out of 100. Customers can access personal loans ranging from $5,000 to $45,000, with flexible repayment terms of 36 to 60 months. The lender also stands out for making funds available within seven days of approval. When considering Laurel Road, borrowers should note that it offers a 0.25% autopay discount, and you won't face any origination fees. However, the minimum loan amount is set at a higher threshold which could be a disadvantage for those seeking smaller sums. Another factor to keep in mind is the lender charges a late fee of 5% or $28.

Ridgewood Savings Bank ranks as the runner-up for the best personal loans in New York, New York, with a MoneyGeek score of 93 out of 100. It offers several compelling factors for borrowers. For instance, it is a member of the FDIC, which provides a sense of security, and it boasts a BBB rating of A+, reflecting its commitment to quality service. However, borrowers should be aware of its high minimum loan amount of $5,000, which may not suit smaller borrowing needs, and the absence of rate discounts for personal loans, which can be limiting for those seeking lower interest rates.

Apple Bank is a suitable choice for personal loans in New York, New York, with a MoneyGeek score of 92 out of 100. It offers solid options for borrowers. It, a member of the FDIC, does not charge any origination, late, or prepayment fees, making it a cost-effective option. Borrowers can prequalify for personal loans and manage their accounts through a mobile app, adding convenience. However, its borrowing limit is capped at $50,000, which might not meet the needs of some borrowers. Additionally, it has limited options for repayment terms, which could be restrictive for certain financial situations.