Top Lenders & Best Picks for You

Best Personal Loans in New York, NY

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Updated: December 28, 2023

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MoneyGeek’s Pick for Best Lender in New York, NY: LightStream

To help you find the best personal loans in New York, MoneyGeek analyzed more than 30 data points to come up with our rankings and top picks. The best personal loan lender depends largely on the borrower’s needs and profile, so we broke down various factors to identify the best lenders for borrowers with good credit, bad credit history, those who want to consolidate their debt and those who want to apply for a home improvement loan.

Best Overall Personal Loan Lender in New York, NY: LightStream


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


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


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


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


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

In New York, the average personal loan debt is $17,892. Personal loans offer an alternative and easier way to fund big expenses like home improvements, weddings and medical emergencies. But before applying for this type of loan, you need to analyze your needs and financial situation. We recommend that you follow these simple steps when looking for the best personal loans in New York.


Ask Yourself the Important Questions

Getting a personal loan may seem like a good solution to your financial needs. However, you must first evaluate why you want to get a loan, the amount of money you need and your capacity to repay the loan. MoneyGeek recommends that you ask yourself the following questions to determine if a personal loan is a right option for you:

  1. How much funding do you need?
  2. What is your credit score?
  3. Can you make the monthly payments?
  4. What is your current debt-to-income ratio?

Do Your Research

Getting a personal loan means making a long-term commitment to paying it off. This type of financial obligation requires you to review your options carefully and acquire accurate information. One way to do this is to compare rates from multiple lenders before applying for a loan.

MoneyGeek’s comprehensive guide simplifies the process for you by summarizing all the details and steps to find the best personal loans in New York. However, you must keep in mind that our recommendations are generalizations for the average borrower. Your needs and circumstances may vary greatly from these. It is wise for you to evaluate other loan offerings and companies that may not be included in this guide but are a good fit for your needs and situation.



Even if you’ve equipped yourself with all the necessary information and identified your preferred lenders, you should still wait for a day or two before finalizing your decision. This is the perfect opportunity to reassess whether you truly need a personal loan and if that big purchase is not just an impulse buy. Use this time to pause and view your decision more objectively.


Read the Fine Print

You can avoid many borrowing traps by taking the time to go over the details of your loan agreement. Most lenders charge fees that you need to be aware of at the get-go. For example, some have origination fees. Also, you might think that it is to your benefit if you pay off your loan early, but there are some lenders who charge a penalty if you do this.

Take note of any questions you may have about the details of the loan and clarify these with the lender prior to applying.



Once you’ve completed all the necessary steps and are confident about your decision, you can start preparing the required documents for your application. You will need to get your identification cards, proof of income and documents for address verification. Most lenders have a convenient online application process but don’t hesitate to call or visit their office if you have questions or concerns that you want to ask them directly.

What to Do if You Can’t Get a Personal Loan in New York, NY

Personal loan applications get denied for a variety of reasons. If your application is rejected, don’t be discouraged. Some borrowers get denied due to having a low credit score, insufficient income, a huge outstanding debt or incomplete documents.

We suggest that you take a moment so that you can analyze your situation. You should contact your lender to inquire about the factors that influenced their decision. You can ask them how you might increase your chances of getting approved. A slight change in application details, like applying for a smaller loan, might be what you need to submit a stronger application.

Even if you need the extra cash immediately, we advise you to steer clear of predatory alternative loans, such as payday loans. These come with higher interest rates and short repayment terms.

Frequently Asked Questions About Personal Loans in New York

If you are looking for a personal loan in New York, there are many choices that are available to you. It can be challenging to identify the best option. MoneyGeek has simplified the process by providing answers to some of the most frequently asked questions to help you find the option that is best for you.

MoneyGeek found that LightStream is the best personal loan lender in New York. However, the best option for you may be different depending on your specific needs and borrower profile.

Upstart offers the lowest interest rates for personal loans in New York. Their interest rates could be as low as 3.22%.

Generally, you can use a personal loan to fund vacations. However, it is best to check with your lender if there are any restrictions on the use of loan funds.

Yes, you can use your personal loan for home improvement. MoneyGeek found that Best Egg is the best lender in New York for this purpose.

Several lenders impose restrictions on the usage of funds. For instance, Upgrade will not allow you to use your loan to fund your post-secondary education, investments and gambling activities. Check with your lender to find out what restrictions they have.

This depends on your lender. Some may let you borrow up to $100,000, while others could cap it at $50,000 or less.

The waiting time to get your loan approved and funded depends on your lender. With LightStream, you can receive your loan funds on the same day. However, with SoFi, the funding process could take up to a week.

Yes, you can pay off your personal loan in New York early. However, check with your lender if there are any penalties for paying off your loan early because some lenders do charge a prepayment fee.

Our Personal Loan 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 determined 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.

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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.