Updated: December 28, 2023
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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.
If you are looking for a personal loan lender in New York, you might want to consider LightStream. This lender is MoneyGeek’s top pick overall. It is the online consumer lending arm of Truist. Since its launch in 2013, the company has been making the lending process uncomplicated for borrowers with its convenient online application process, quick loan disbursement and a mobile app where borrowers can track their loan transactions.
LightStream offers generous loans of up to $100,000 and repayment terms of up to 84 months, which makes it a solid option for borrowers in New York. You can use the loan funds to finance a wide variety of purposes, such as weddings, home renovations, medical expenses and debt consolidation. This lender also offers a discount of 0.5% if you sign up for autopay.
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Most lending companies will look at your credit score when you apply for a personal loan. Having a bad credit history decreases your chances of getting approved. Fortunately, there are companies that accept applications from borrowers with poor credit scores. MoneyGeek found that Upstart is the best lender in New York for borrowers with bad credit.
Upstart is an online lending platform that uses artificial intelligence to evaluate and process personal loan applications. It was founded in 2012 and provides personal loans to borrowers in 48 states, including New York. To apply, you only need a minimum credit score of 300, which makes it a top choice if you are trying to build or improve your credit history.
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SoFi is an online lending platform that was founded in 2011. It is a solid choice for borrowers with good credit who are in search of a personal loan in New York. This company has relatively strict requirements that only people with good to excellent credit scores can meet. For example, borrowers need to have a yearly income of $50,000 and a credit score of at least 680.
There are many advantages to choosing this company if you are qualified. The company only does a soft credit check that is not visible to lenders, so it doesn’t have an impact on your credit report. Loan amounts can also reach up to $100,000 with generous repayment terms of up to 60 months.
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If you want to consolidate your existing debts, MoneyGeek recommends that you look into loan offerings from Upgrade. It is our top pick for lenders providing personal loans for the purpose of debt consolidation in New York.
The company accepts loan applications from people with fair credit scores. The application process is also convenient, and you have the option to do it either in-person or online. Upgrade is often able to fund loans the same day they're approved.
Established in 2016, the company operates online in all states.
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If you are searching for a personal loan in New York to finance your home improvement project, MoneyGeek recommends that you check out Best Egg. It is an online lender that started in 2014. It is backed by Marlette Funding, which is a leading fintech lending and credit operator.
Borrowers with a good credit standing will appreciate the convenient online application process as well as the quick loan disbursement, which usually only takes one day.
However, Best Egg charges a late fee and origination fees of up to 6% of the loan amount.
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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.
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:
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.
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.
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.
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.
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.
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
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