Best Payday Loan Alternatives in New York of February 2024

Ray Prince
Last Update: September 25, 2023 Personal Loans by States and Cities

If you are a New York resident needing quick cash, you might have heard of payday loans and related horror stories. With 400% APRs and outrageous fees, short-term payday loans are illegal in New York. At best, NY allows a 25% APR cap on short-term loans, an acceptable number that lowers fees and chances of entering a debt cycle.

Fortunately, there are many options available to New Yorkers with bad credit. Our recommended payday loan alternatives offer APRs as low as 5.99%, loan amounts up to $100,000, and generous loan repayment terms between 12 to 60 months. In addition, many of them require no minimum credit scores, DTIs, and other barriers to entry — just like payday loans minus the fuss.

Keep reading to learn more about the best payday loan alternatives in New York, our top recommendations, pros, cons, eligibility criteria, and the borrower profiles they are best for.

Lender:Loan Amount:APR:Min. Credit Score:Best For:
NextDayPersonalLoan$100 – $40,0005.99% – 35.99%0Bad credit
ZippyLoan$100 – $15,00012.00% – 35.99%0Bad or no credit
LifeLoans$100 – $40,0005.99% – 35.99%UndisclosedLow APRs
Earnin$100 – $5000%UndisclosedNo or bad credit
Brigit$50 – $2500%UndisclosedNo interest
KlarnaUndisclosedUp to 24.99%Undisclosed“Pay in 4” installment plan
NetCredit$1,000 – $10,000As high as 150%UndisclosedBad credit
LendUpUp to $500229.43% – 1,000%UndisclosedSmall, unsecured loans
Upstart$1,000 – $50,0004.6% – 35.99%300Low credit scores, high DTI ratios
GHS Federal Credit Union$200 – $1,000Up to 28%UndisclosedGHS Federal Credit Union customers
First Tech Federal Credit Union$500 – $50,0007.70% – 18%UndisclosedFirst Tech Federal Credit Union customers
Navy Federal Credit Union$250 – $50,0007.49% – 18%UndisclosedNavy Federal Credit Union customers
Mid-Hudson Valley Federal Credit Union$500 – $25,000As low as 8.49%UndisclosedMid-Hudson Valley Credit Union customers

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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 offers expertly written resource guides by industry experts, helping you make key decisions like choosing a legitimate alternative payday loan alternative in New York. In addition, we pride ourselves on our extensive research process, which assesses each lender based on APRs, repayment terms, fees, and other information consumers appreciate.

Only the most reputable companies make our bad credit lenders list. We are also continually updating our pages with the latest information in an ever-changing world of APRs, especially with rising inflation and other economic factors.

Please let us know if you would like to recommend a bad credit loan company outside our list. You may email ElitePersonalFinance at info @ and we’ll get back to you as soon as possible.

Best Payday Loan Alternatives and Laws in New York of February 2024: Key Findings

Bad credit New York borrowers can borrow as little as $100 per day with 0% interest using loan apps like Earnin.

To enjoy lower interest rates, bad credit borrowers have the option of taking out secured loans or enlisting the help of a co-signer on unsecured loans.

Buy Now, Pay Later (BNPL) services like Klarna offer a “Pay in 4” option and an interest-free “Pay in 30” option to pay for goods at participating online retailers, a nice alternative to borrowing cash.

Personal loans for bad credit from credit unions can reach up to $100,000 with APR capped at 18%.

Many payday loan alternative lenders charge origination fees from 0 to 8.99% of the loan amount.