Best Personal Loans in Yonkers, NY: Top Lenders & Best Picks for You

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Edited byMorgan Hull
Edited byMorgan Hull

Updated: December 28, 2023

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MoneyGeek's Picks for Best Personal Loan Lenders in Yonkers, NY

MoneyGeek identified the best lenders for personal loans in Yonkers based on several criteria, including each lender’s APR ranges, minimum and maximum loan amounts, credit score requirements, repayment terms and funds disbursement time.

Based on this evaluation, LightStream offers the best personal loans in Yonkers for the average borrower. Those with bad or good credit will get the best loan from Upstart and SoFi, respectively. Borrowers seeking to use their loan for debt consolidation or home improvements will fare best with Upgrade and Best Egg.

Best Overall Personal Loan Lender in Yonkers: LightStream

  • LightStream

    • 4.49% to 20.49%APR Range
    • 660Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Same DayTime to Receive Funds

    Of the lenders evaluated, we found that LightStream offers the best personal loans in Yonkers. LightStream was formed in 2013 as an online lending division of Truist Bank.

    LightStream’s loan products vary from $5,000 to $100,000. Depending on the intended use of the loan, borrowers can opt for repayment terms between 24 and 84 months, allowing them to pick a repayment schedule that best aligns with their financial goals.

    The lender’s straightforward online application makes it easy to apply for a loan. Furthermore, the lender doesn’t charge fees for loan origination, prepayment or late payments. With LightStream, you may also be able to receive your funds the same day that you’re approved, making it a great option for those that need funding quickly.

    While LightStream personal loans are advantageous in many ways, it may be difficult for some borrowers to qualify, as the lender’s minimum credit score requirement is 660. The lender also doesn’t allow co-signers, making it more difficult for those with limited or poor credit histories to obtain a personal loan with this lender.


    • Quick funding
    • High maximum loan amount of $100,000
    • Autopay discount
    • No prepayment, late payment or origination fees
    • Convenient online application


    • Restrictions on the usage of funds
    • Hard credit check
    • Co-signers not permitted
    • High minimum credit score requirement of 660
    • High minimum loan amount of $5,000

Best Personal Loan Lender for Bad Credit in Yonkers: Upstart

  • Upstart

    • 3.22% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    MoneyGeek found that Upstart offers the best personal loans in Yonkers to borrowers with bad credit. Those with a minimum credit score of 300 may be eligible for an Upstart personal loan.

    Instead of solely analyzing your credit score, the lender also considers your employment details and education history to assess your loan eligibility and rates. When you apply for a loan, the lender conducts a soft credit inquiry that doesn’t hurt your credit score. Once your loan application is approved, you may receive funds within one business day.

    While a poor credit score won’t preclude you from receiving an Upstart personal loan, those with bad credit may receive a high APR up to 35%. The lender doesn’t offer discounts for automatic payments, which would potentially offset a high APR. Furthermore, the lender charges high origination fees, between 0% and 10% of the original loan amount, that could significantly increase the cost of your loan.


    • Low minimum APR
    • Low minimum credit score requirement of 300
    • Soft credit check during the initial application
    • No prepayment fees


    • Limited repayment terms available
    • Low maximum loan amount of $50,000
    • No autopay discount
    • High origination fees
    • Employment requirement

Best Personal Loan Lender for Good Credit in Yonkers: SoFi

  • SoFi

    • 5.74% to 20.28%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime to Receive Funds

    SoFi offers the best personal loan in Yonkers to those with good credit. Borrowers with a credit score of at least 680 will be eligible for a personal loan that has a relatively low interest rate and flexible repayment terms.

    The lender’s personal loan products range in amount from $5,000 to $100,000 with repayment terms from 12 to 60 months. This permits borrowers to obtain a larger loan at a relatively lower interest rate. Furthermore, SoFi offers quick funding, making it an ideal option for those that need funds quickly. One unique feature of SoFi personal loans is its unemployment protection. In the event you lose your job, this feature allows you to modify or pause your loan payments.

    While a SoFi personal loan is a great option for those with good credit, you may find that the lender still isn’t best for your needs. For instance, those that want a loan that’s less than $5,000 should consider other lenders that offer the best personal loans for borrowers with good credit.


    • No prepayment, origination or late fees
    • Soft credit inquiry first
    • High maximum loan amount of $100,000
    • 24/7 customer support available


    • High minimum loan amount of $5,000
    • High minimum credit score of 680
    • Co-signers not permitted
    • In-person application not available

Best Personal Loan Lender for Debt Consolidation in Yonkers: Upgrade

  • Upgrade

    • 5.94% to 35.47%APR Range
    • 560Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    Upgrade offers the best personal loan in Yonkers for debt consolidation. This lender offers the option to pay third-party creditors directly.

    With an Upgrade personal loan, those with a fair minimum credit score of 560 can qualify for a personal loan between $1,000 and $50,000. This makes it an ideal lender for those seeking a small to moderate amount of funding.

    While only a fair credit score is required to qualify, it’s important to be aware that those with poor credit may be subject to a high interest rate in excess of 35%. Conversely, those with excellent credit may receive a low interest rate. To receive a discounted interest rate, you can sign up for automatic payments.

    You aren’t able to use an Upgrade personal loan to fund all types of expenses, so it’s important that you verify your eligibility with this lender. If you want to avoid paying fees for late payments or loan origination, you can also review our other choices for the best debt consolidation loan lenders.


    • Joint loans
    • Direct payment to creditors for debt consolidation
    • No prepayment penalty
    • Soft credit check during initial application
    • Autopay discount


    • High origination fees
    • Late payment fees
    • Co-signers not permitted
    • Restrictions on the usage of funds

Best Personal Loan Lender for Home Improvement in Yonkers: Best Egg

  • Best Egg

    • 4.99% to 35.99%APR Range
    • 700Minimum Credit Score
    • $2,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Based on MoneyGeek’s analysis, Best Egg is the ideal lender option for financing home improvement projects. Since it was formed, the lender has funded over 1.1 million loans and has received an A+ rating from the Better Business Bureau (BBB) for its superior customer service.

    Its loan amounts vary between $2,000 and $50,000, making it suitable for both small and moderately-sized home improvement projects. Interest rates on the lender’s loan products meant that you could receive a high APR depending on your credit score.


    • Easy and quick online application
    • No prepayment penalty
    • Low minimum loan amount of $2,000


    • High origination fees
    • High maximum APR
    • High minimum credit score requirement
    • Late payment fees
    Best Egg

Where to Start: How to Choose the Best Personal Loan Lender in Yonkers for You

Our research shows that borrowers in New York have an average personal loan debt of $17,892. In many cases, a personal loan can help improve your financial situation. However, before you apply for a loan, it’s important to make sure it’s the best option for you. MoneyGeek recommends taking the following steps to make a well-informed decision.

Ask Yourself the Important Questions

Prior to applying for a personal loan, you should ask yourself the following questions to understand your options and needs.

  • How much funding do I need? It’s important to accurately estimate your loan amount to avoid over- or under-borrowing money. This will help you avoid paying more in interest or having to take out a second loan.
  • What is my credit score? Your credit score will impact your lender eligibility and the terms, like the loan amount and interest rate, that you’ll receive on your loan. If you aren’t in urgent need of funds, consider improving your credit score before you apply for a loan to receive a lower interest rate.
  • Can I afford the monthly payment? While making a higher monthly payment will reduce the amount you pay in interest, you should ensure that you can still afford your other living expenses.
  • How much debt do I already have? If you already have existing debt, you may want to avoid taking on more.
Do Your Research

To find the best lender for your needs, you should compare lenders for their loan terms and eligibility requirements. Loan terms, like interest rates, loan amounts, repayment terms and fees, vary by lender. A personal loan is a significant commitment of your time and money, so it’s important to find the one that will help you best meet your financial goals. MoneyGeek’s guide is a great place to start, but our recommendations are based on general borrower profiles, rather than your unique situation. As such, there’s no substitute for your own research.


After choosing a lender, it’s important to wait a few days before you apply. During this time, you can review other lenders or consider alternative funding options. Because taking out a loan can have long-term implications on your finances, it’s important that it isn’t a hasty decision.

Read the Fine Print

MoneyGeek recommends thoroughly reading the fine print of your loan agreement to identify any hidden fees, like those for loan origination, late payment or early repayment. While seemingly small, these fees can add up over the life of your loan. If you aren’t sure about the terms of your agreement, you can reach out to your lender for clarification.


After understanding the necessary information and reviewing the lender’s fees, you can apply for a loan. You might have to provide personal information like proof of address, income, previous or existing loans and other financial details for the lender to verify. Some lenders only allow applicants to apply online, while others permit in-person or over-the-phone applications.

What to Do if You Can’t Get a Personal Loan in Yonkers

Qualifying for a loan might seem pretty straightforward once you have submitted the necessary information. However, the lender may deny your loan application because of factors like a bad credit history, low income, high DTI, unstable employment or incomplete application.

Most borrowers will prefer applying for a loan with a different lender in this situation. However, MoneyGeek first recommends contacting the original lender and asking them why your application was rejected. This way, you can improve the factor that caused your application to be initially rejected before you reapply with the same lender or apply with a different lender. Sometimes by modifying the terms of your loan agreement, like reducing the loan amount or increasing your repayment terms, your application will be approved.

MoneyGeek strongly advises against payday loans. These loans feature high interest rates and short repayment terms that often cost the borrower more money than the original loan itself.

Frequently Asked Questions About Personal Loans in Yonkers

MoneyGeek answered the following frequently asked questions to help you learn more about personal loans in Yonkers.

What is the best personal loan lender in Yonkers?
Which lender in Yonkers has the lowest interest rate?
Can I use a personal loan for vacations in Yonkers?
Can I use a personal loan for home improvement in Yonkers?
What can I not use my personal loan for in Yonkers?
How much can I borrow in Yonkers?
How long does it take to get a personal loan in Yonkers?
Can I pay off my loan early in Yonkers?

Our Personal Loan Methodology

MoneyGeek’s guides involve the analysis of several personal loan lenders using individual data points across these crucial categories: lender transparency, loan affordability, consumer friendliness, customer service, accessibility and flexibility.

For our analysis, we considered several data points within each category that significantly matter when choosing a personal loan lender. These factors include application fees, available loan amount, minimum credit score, APR ranges, income amount and disbursement time.

The consumer is immensely valuable for MoneyGeek, which is why we also factor in each lender’s features, customer support and business ratings. We consider features that make your experience more convenient, like payment options, prequalification and mobile apps.

Our picks are finalized after careful analysis and keeping your interests in mind. MoneyGeek gives personal loan recommendations and expert tips to help you decide when finalizing the perfect lender for your situation.

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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.