Best Direct Lenders in New York of September 2024
If you are a New York interested in consolidating debt, funding an unexpected expense, or paying for a wedding, then applying for loans from the best direct lenders in New York is a sound idea.
Today, direct lenders offer favorable rates and terms for NY borrowers of all credit scores.
After researching more than 40 NY-based direct lenders, comprising roughly 12 banks, 15 credit unions, and 25 online lenders, we narrowed our top recommendations to eight of the best. The main criteria used were the strength of APRs, repayment terms, eligibility requirements, and extra perks like debt protection programs and consumer education. Continue reading to learn our top picks below:
| Lender: | Loan Amount: | APR: | Min. Credit Score/Fees: | Best For: |
|---|---|---|---|---|
| NextDayPersonalLoan | $100 – $40,000 | 5.99% – 35.99% | 0 | Bad credit |
| LifeLoans | $100 – $40,000 | Not Listed | 0 | Bad credit |
| Upgrade | $1,000 – $35,000 | 8.49% – 35.99% | 560 | No prepayment fees on an unsecured loan |
| LendingPoint | $2,000 – $36,500 | 7.99% – 35.99% | 580 | Bad credit |
| Earnin | Up to $150/Day or $500/Period | 0% | $0/mo; Up to $3.99 per $100 for same-day cash advances (first is free) | Bad or no credit |
| Alliant Credit Union | $1,000 – $50,000 | 6.24% – 27.24% | 640 | People who prefer online-only banks |
| Wells Fargo | $3,000-$35,000 | 5.74% – 19.99% | 660 | Wells Fargo customers |
| PNC Bank | $1,000- $35,000 | 5.98% – 35.99% | 660 | Online and in-person service |
| Navy Federal Credit Union | $250 – $50,000 | 7.49% – 18% | Undisclosed | Navy Federal Credit Union customers |
| Mid Hudson Valley Federal Credit Union | $1500 – $25,000 | As low as 8.49% | Undisclosed | Mid Hudson Valley Federal Credit Union customers |
Our Marketplace
ElitePersonalFinance allows you to compare quotes from multiple lenders. Make a well-informed decision with insights from our top finance experts from ElitePersonalFinance.
Why Trust ElitePersonalFinance Guides?
ElitePersonalFinance adheres to the highest editorial standards, researching bank products and services with a magnifying glass to the fine print. We carefully evaluated APRs, repayment terms, fees/penalties, and dozens of other variables to round out our selections. Presenting only the top New York direct lenders is our goal.
Need help finding a lender that you would highly recommend? Send us an email at info@elitepersonalfinance.com, and we’ll be glad to review it and compare it with our picks for potential inclusion in a future update.
Best Direct Lenders in New York of September 2024: Key Findings
The best direct loans in NY start as low as $250 and go up to $100,000.
New Yorkers with bad credit can still obtain personal loans. However, APRs on these loans can reach as high as 35.99%.
Bad credit NY borrowers can take advantage of loan apps like Earnin, which offer up to $150 per day ($500 per period) for no-interest loans paid back by your next paycheck.
To qualify for a good credit direct loan in New York, you must have a credit score of at least 640 with recurring income and debt-to-income ratio of 50% or less.
Some credit unions in NY offer payday alternative loans of up to $1,000 with APRs capped at 28%
NextDayPersonalLoan
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| Loan Amount: | $100 – $40,000 |
| APR: | Not Listed |
| Min. Credit Score: | Not Listed |
| Approval: | 1 – 7 Days |
| Terms: | Not Listed |
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| Average Borrower Profile: |
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| Best For: | Comparing bad credit loans |
| Check rates | |
NextDay is an excellent option for bad credit New Yorkers looking to compare hundreds of direct lenders offering loans from $100 to $40,000. These direct lenders specialize in traditional personal loans, debt consolidation loans, and alternative auto title and payday loans.
With NextDay, it’s equally possible to find a 5.99% APR lender with two to seven-year repayment terms and a second direct lender offering a $100 loan with a 30-day repayment term. Fees, repayment terms, and approval times of one to seven business days vary by lender.
To take advantage of a NextDay direct loan, you must be at least 18 years of age with a regular job/government benefits and complete an application through the NextDay website.
Pros:
- Soft inquiry
- Loans from $100 to $40,000
- Excellent way to cover short-term expenses
- Offers all types of loans (e.g. personal and debt consolidation)
Cons:
- Some lenders exceed 35.99% APRs
- No hardship/ forbearance programs
- Similar payday loan APRs for smaller loans
- Not all loan types available in all states (e.g., cash advances)
The impact of COVID-19:
Since NextDay is not a direct lender, it does not offer any hardship or forbearance programs for New Yorkers experiencing financial hardship. Visit each participating member’s website for guidance.
LifeLoans
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| Loan Amount: | $1,000 – $40,000 |
| APR: | 7.46% – 35.97% |
| Min. Credit Score: | 560 |
| Approval: | 1 Day |
| Terms: | 2 – 7 Years |
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| Best For: | High DTI ratios |
| Check rates | |
LifeLoans is a solid choice for bad credit New Yorkers looking to comparison shop hundreds of direct lenders for the best rates and terms, depending on their financial situation.
Direct lenders under Lifeloans offer between $100 to $40,000 with varying APRs, many at 35.99% or less with approval anywhere from one to seven business days. Origination, prepayment, and late payment fees also vary by lender. Many also require no minimum credit or income, an excellent option for bad credit New Yorkers looking to get their financial situation in order.
To qualify for a Lifeloan loan, you must be 18 years or older with a minimum income of $1,000 and a regular job (minimum of four weeks). You must also have a valid checking account and complete an online application through LifeLoan’s website.
Pros:
- Soft inquiry
- Loans from $100 to $40,000
- Excellent source of small loans
- Many sub 35.99% APR loans are available
Cons:
- Some lenders charge prepayment fees
- Some lenders more transparent than others
- Required minimum $1,000 monthly income
- Origination and prepayment fees vary by lender
The Impact of Covid-19:
For more information on forbearance and hardship options, please refer to each lender, as LifeLoans is an online marketplace. However, you can give loan relief questions a shot by calling LifeLoan representatives at 833-321-7764.
Upgrade
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| Loan Amount: | $1,000 – $50,000 |
| APR: | 8.49% – 35.99% |
| Min. Credit Score: | 560 |
| Approval: | 1 Day |
| Terms: | 2 – 7 Years |
| Fees: |
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| Best For: | High DTI ratios |
| Check rates | |
Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 8.49% – 35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. The lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36 – month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower, and your loan offers may not have multiple term lengths available. The actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed-rate loan. There is no fee or penalty for repaying a loan early.
We highly recommend Upgrade for bad credit NY’ers with high DTI ratios not exceeding 75%. In a world where most lenders require 50% or lower, Upgrade’s 75% is pretty generous!
We like Upgrade for its versatility. It offers loan amounts ranging from $1,000 to $50,000, payable on two to seven-year terms. Loans typically incur 8.49% to 35.99% APRs. Those enrolling in autopay can further qualify for a 0.5% discount, all with no prepayment fees. However, there are higher-than-average origination fees not exceeding 9.99%. Its max 9.99% origination fee is the highest of all lenders on our list.
Qualifying for an Upgrade loan is pretty straightforward. On top of your prototypical age and US citizen/permanent residency requirement, borrowers need to have a minimum 560 credit score, a DTI ratio at or below 75%, an average monthly cash flow of $800, and an average annual income of $78,000. In a world with 50% or less DTI ratios as the standard, Upgrade’s 75% is pretty generous!
Pros:
- No prepayment penalties
- Generous DTI requirement (up to 75%)
- Solid loan amount range ($1,000 – $50,000)
- Lengthy repayment terms ( 2 – 7 Years)
- Instant approval
Cons:
- $10 insufficient funds fee
- Need to have recurring employment income
- Higher-than-average origination fees (1.85% – 9.99%)
The Impact of Covid-19:
Upgrade has a dedicated help center for Upgrade customers encountering financial hardship with options for catching up with payments. To learn more, please visit Upgrade – COVID-19 Help for Upgrade Customers.
LendingPoint
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| Loan Amount: | $2,000 – $36,500 |
| APR: | 9.99% – 35.99% |
| Min. Credit Score: | 580 |
| Approval: | 1 – 7 Days |
| Terms: | 2 – 5 Years |
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| Best For: | $25,000 annual incomes |
| Check rates | |
LendingPoint is a solid choice for New Yorkers with limited or bad credit to secure direct loans up to $36,500.
Consider LendingPoint one of our more well-rounded direct lenders, offering APRs from 7.99% to 35.99% on loan amounts from $2,000 to $36,500. Repayment terms are also generous, starting from upwards of seven years. What’s more – qualifying is easier than most of our leaders, with only a minimum required 580 credit score, one of the lowest qualifying credit scores on our list.
On the flip side, LendingPoint assesses origination fees of up to 6% and late fees of up to $30.
To qualify for a LendingPoint loan, you must be 18 years of age with a debt-to-income ratio that doesn’t exceed 50%. You must also have an annual income of at least $25,000.
Pros:
- Solid APRs ( 7.99% to 35.99% )
- Only need a 560 credit score to qualify
- No prepayment penalties
- Excellent repayment terms of 2 to 5 years
Cons:
- Late fees of up to $30
- Insufficient funds fee of $20
- Origination costs are anywhere from 0% to 6%
- Max loan amount is only $36,500
The Impact of Covid-19:
Although LendingPoint’s website does not explicitly state information on any financial hardship programs, you can contact LendingPoint by emailing customerservice@lendingpoint.com or calling (888) 969-0959.
Earnin App
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| Loan Amount: | Up to $100 per day and $500 per pay period. |
| APR: | 0% |
| Terms: | Repay manually via money order or with your next paycheck. |
| Fees: | Up to $3.99 per $100 for same-day cash advances (first is free). |
| Credit Check: | No |
| How to Qualify: | Have a checking account with frequent direct deposits. |
| Link External Bank Account: | Yes |
| Learn More | |
With more than 10 million downloads to date, Earnin is an excellent choice for New Yorkers who would prefer smaller cash advances up to $500, easily covered by your next paycheck.
Unlike most of the lenders on our list, Earnin is a loan app that is considered an excellent traditional payday loan alternative. It offers small loans up to $500 with 0% interest, although there is an optional “tip” you can give up to $14. One of the best things about Earnin is that you cannot be approved in as little as one business day.
Plus, no credit check is required. All you need to show proof that you have a