Best Personal Loans in Rochester, NY

Family First of NY Federal Credit Union stands out as the best personal loan lender in Rochester, New York, with a MoneyGeek score of 100 out of 100. As a lender, it is federally insured by the NCUA, providing added security for borrowers, and it offers an attractive APR starting at 8.24%, making it competitive in terms of interest rates. However, potential borrowers should be aware that membership is required to apply for a loan, and there is no option to prequalify, which could make the application process less convenient. Despite this, it remains a strong choice for those who meet the membership requirements and are comfortable proceeding without prequalification.

Laurel Road is the best online lender for personal loans in Rochester, New York, with a MoneyGeek score of 93 out of 100. It offers personal loans with amounts ranging from $5,000 to $45,000 and repayment terms between 36 to 60 months. As a lender, Laurel Road provides a 0.25% autopay discount which can be an incentive for borrowers looking to save on interest. Additionally, it does not charge origination fees, which means lower upfront costs when securing a loan. However, borrowers should consider that it has a high minimum loan amount, possibly limiting accessibility for those who need smaller loans. Also, there is a late fee of 5% or $28, which could be a significant additional cost if a payment is missed.

The Summit Federal Credit Union ranks as the runner-up for the best personal loans in Rochester, New York, earning a MoneyGeek score of 99 out of 100. It offers an APR as low as 7.95% and is federally insured by the NCUA, making it an appealing choice for borrowers looking for security and cost-effective loans. Borrowers can also take advantage of joint applications, making it easier for them to qualify for a loan. However, the lender charges a late payment fee of $35, and lacks an option to prequalify for a loan. Additionally, there is little information about its loans on the website, which may make it harder for potential borrowers to gather the necessary details upfront.

ESL Federal Credit Union is a strong option for personal loans in Rochester, New York, earning a MoneyGeek score of 98 out of 100. It offers no prepayment penalties, making it an attractive choice for borrowers who want to pay off their loans early without incurring extra costs. Additionally, its APR starts at a competitive 9.95%, providing potentially lower interest rates for qualified borrowers. However, prospective applicants should be aware that there is no option to prequalify, which might make the initial loan application less convenient. The credit union also charges a late fee of 10% on overdue payments of interest and principal, which can add up quickly if payments are missed.

Consider Rochester and Monroe County Employees Federal Credit Union for personal loans in Rochester, New York. It received a MoneyGeek score of 94 out of 100. As a lender, it offers some appealing points such as being federally insured by the NCUA and providing an option to skip a loan payment, which can be quite flexible for borrowers. However, it has some potential downsides that borrowers should be aware of, such as no prequalification process and a $25 late payment fee.