There is no shortage of legit funding sources in New York, with the main draws being online lenders, banks, and credit unions. Each lending institution has its eligibility requirements, APRs, borrowing terms, and max loan amount limits for borrowers of all types, from no/limited credit to stellar 700+ credit score holders.After researching a little more than 100 NY-based lenders (~80 small/medium/large banks, ~40 credit unions, and ~15 online lending platforms) and carefully examining their pros, cons, amount, APR, terms, credit scores, and overall performance, we put the best below:

Lender:	Loan Amount:	APR:	Min. Credit Score:	Best For:	Apply:
NextDayPersonalLoan	$100 – $40,000	5.99% – 35.99%	0	Bad credit	Apply Now SSL No Credit Effect
LifeLoans	$100 – $40,000	Not Listed	0	Bad credit	Apply Now SSL No Credit Effect
Upstart	$1,000 – $75,000	6.6% - 35.99%	300	Low credit scores, high DTI ratios	Apply Now SSL No Credit Effect
SoFi	$5,000 – $100,000	5.74% – 20.28%	680	No-fee unsecured loans	Apply Now SSL No Credit Effect
Upgrade	$1,000 – $50,000	7.99% to 35.99%	580	No prepayment fees on an unsecured loan	Apply Now SSL No Credit Effect
ZippyLoan	$100 – $15,000	12.00% – 35.99%	0	Bad or no credit	Apply Now SSL No Credit Effect
Citibank	$600 – $50,000	9.99% to 23.99%	Undisclosed	Citibank customers	Apply Now SSL No Credit Effect
Santander Bank	$5,000 – $50,000	As low as 6.99%	Undisclosed	Santander Bank customers	Apply Now SSL No Credit Effect
Wells Fargo	$3,000 – $100,000	5.74% – 19.99%	660	Wells Fargo customers	Apply Now SSL No Credit Effect
Alliant Credit Union	$1,000 to $50,000	6.24% – 27.24%	640	People who prefer online-only banks	Apply Now SSL No Credit Effect
PenFed	$600 – $50,000	7.74% – 17.99%	610	PenFed customers	Apply Now SSL No Credit Effect

Those who want to find all loans in one place can visit our marketplace:

ElitePersonalFinance Marketplace

Loan Type: Personal Loans ▼

SuperMoney Debt Consolidation

5/5

$100 - $100,000

CS: 0 • 5.96% - 35.99%

Apply Now SSL No Credit Effect

LendingforBadCredit

5/5

$100 - $40,000

CS: 0 • 5.99% - 35.99%

Apply Now SSL No Credit Effect

SuperMoney

5/5

$100 - $100,000

CS: 0 • 5.96% - 35.99%

Apply Now SSL No Credit Effect

SmartAdvances

5/5

$100 - $20,000

CS: 0 • 5.99% - 35.99%

Apply Now SSL No Credit Effect

MoneyMutual

5/5

$100 - $5,000

CS: 0 • 5.99% - 35.99%

Apply Now SSL No Credit Effect

Visit EPF Marketplace: Personal Loans »

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’s guides are a by-product of extensive research and hands-on testing, written and verified by staff with more than ten years in the industry.

We constantly compare terms, rates, APRs, and fees from multiple lenders, providing only the most up-to-date information on our publication. Therefore, only reputable companies have a chance of being featured (goodbye, payday and outrageously high APR lenders!)

Know a lender not listed here that you highly recommend? Then, contact one of our ElitePersonalFinance experts by emailing – and lend us a hand!

NextDayPersonalLoan

Check Rates SSL No Credit Effect

Loan Amount

$100 – $40,000

APR

5.99% - 35.99%

Min. Credit Score

0

Approval

Instant Approval

Terms

1 Month - 180 Months

Fees

• NextDayPersonalLoan does not charge a fee for its loan-connecting service
• APR, interest charges, and lender fees vary by lender and loan offer
• Late payment, nonpayment, rollover, and other fees may apply according to the lender's agreement
• Actual fees are disclosed by the lender before the borrower accepts a loan
• NextDayPersonalLoan does not determine lender fees or loan terms
• No prepayment fee is stated by NextDayPersonalLoan; any applicable prepayment terms are determined by the lender

Qualification Criteria

• Minimum age: 18 or the age of majority in the applicant's state
• Must be a U.S. resident
• Typically, monthly income of at least $1,000 may be required
• Typically, applicants should have current employment for at least 4 weeks
• Must have a current bank account in the applicant's name
• Must provide current, valid home and work telephone numbers
• Must provide requested personal, banking, employment, and income information
• Credit history, credit score, income, employment history, loan amount, loan term, and state may be considered
• All credit types may be considered
• Credit checks may be performed by participating lenders
• Not available to residents of Connecticut, New Hampshire, Washington, or Vermont
• Not available to active members of the military
• Not all applicants will qualify

Average Borrower Profile

• NextDayPersonalLoan does not publish a current average borrower profile
• The marketplace considers applicants across a range of credit profiles
• Historically, most users presented with a loan offer were offered a short-term loan between $100 and $2,500
• Participating lenders may consider credit history, income, employment, loan amount, loan term, and state
• Actual loan amount, APR, fees, and repayment terms depend on the individual lender and the borrower's qualifications

Best For

• Comparing bad credit loans

NextDay is an excellent choice for bad credit, fair credit, good credit, and excellent credit New Yorkers looking to comparison shop hundreds of lenders to find the right personal loan for all types of expenses, such as unexpected medical bills and home improvement projects.

Unlike direct lenders, Nextday is an online marketplace acting as an intermediary. Participating lenders in its network offer loans from $100 to $40,000 with varying APRs and approval times of 1 to 7 business days. Origination, prepayment, and late payment fees vary by lender.

To qualify for a NextDay loan, you must be at least 18 years old with recurring employment income and a completed online application through NextDay’s online portal.

Pros:

• Soft inquiry
• Loans from $100 to $40,000
• Easy-to-use interface
• Good source of small loans (as little as $100)

Cons:

• Not a direct lender
• Highest APR loans match that of some payday loans
• Origination, prepayment, and late payment fees vary by lender

The impact of COVID-19:

Since NextDay is not a direct lender, all hardship and forbearance options are managed by each participating lender. Please call or refer to the lender’s website for more information. If you need assistance, NextDay can be reached by phone at 866-829-4551.

LifeLoans

Check Rates SSL No Credit Effect

Loan Amount

$100 - $40,000

APR

5.99% - 35.99%

Min. Credit Score

0

Approval

Instant Approval

Terms

1 Month – 180 Months

Fees

• No fee to use the Life Loans marketplace
• Origination fees vary by lender and loan offer
• Interest and finance charges are determined by the individual lender
• Late payment, rollover, extension, and other fees vary by lender
• Life Loans does not determine lender fees, APRs, or repayment terms
• All applicable lender fees and loan costs are disclosed in the lender's agreement
• No prepayment fee is specified by Life Loans; applicable terms depend on the lender

Qualification Criteria

• Minimum age: 18
• Must provide the personal and financial information requested on the loan request form
• Must have a stable source of income
• Employment history may be considered
• Credit history and creditworthiness may be considered
• Lenders may check consumer databases such as Teletrack, DP Bureau, or DataX, or the three major credit bureaus
• Loan amount and repayment term may affect eligibility
• State law and state of residence may affect available loan offers
• Income, employment, credit history, and ability to repay may be considered
• Individual lenders and lending partners may have additional requirements
• Residents of Connecticut, Nevada, New Hampshire, Washington, and Vermont are not eligible for cash-advance requests
• Not all applicants will be connected with a lender
• Not all applicants will qualify

Average Borrower Profile

• Life Loans does not publish a current average funded-borrower loan amount
• Life Loans does not publish a current average borrower credit score
• The marketplace considers applicants regardless of credit score
• Lenders may consider credit history, employment history, income, loan amount, and repayment term
• Actual loan amount, APR, fees, and repayment terms depend on the individual lender

Best For

• Comparing bad credit loans

Like Nextday, Lifeloans is a loan comparison site that allows good credit and bad credit New Yorkers to compare rates across hundreds of personal loan companies. Loans go from $100 to $40,000 with varying APRs and fee structures. Remember, LifeLoans is an intermediary, not a direct lender.

To qualify for a LifeLoans loan, you must earn a minimum $1,000 monthly and be employed for a minimum of four weeks. You must also have a valid checking account and complete an application through LifeLoan’s website.

Pros:

• Soft inquiry
• Loans from $100 to $40,000
• Excellent source of fast cash
• Some lenders offer instant approval
• APRs capped at 35.99% for some bad credit loans

Cons:

• Not a direct lender
• Required minimum of four weeks employment
• Some bad credit lenders offer 35.99%+ APRs

The Impact of Covid-19:

Like all loan comparison websites, LifeLoans does not offer a specific hardship or forbearance program. Please refer to each participating lender for more information on hardship options.

Upstart

Check Rates SSL No Credit Effect

Loan Amount

$1,000 – $75,000

APR

6.3% – 35.99%

Min. Credit Score

300

Approval

Instant Approval

Terms

3 or 5 Years

Fees

• Origination fee of 0% – 12% of the loan amount
• Late payment fee of 5% of the past-due amount or $15, whichever is greater, if payment is more than 10 calendar days late
• ACH return fee of $15 per occurrence
• Returned check fee of $15 per occurrence
• Paper copies fee of $10 if eSign consent is withdrawn and paper records are requested
• No prepayment penalty
• Exact fees are disclosed in the loan agreement and may vary by creditor, loan terms, and state

Qualification Criteria

• Minimum age: 18
• Must be a U.S. resident
• Minimum annual income of $12,000 is required to apply
• Must provide valid personal and financial information
• Must have sufficient income and ability to repay the loan
• Credit history and credit profile are considered
• Debt-to-income ratio and existing debt obligations may be considered
• Employment history and income stability may be considered
• Upstart may consider W-2, self-employment, gig, freelance, retirement, disability, Social Security, pension, and other eligible income
• Upstart's model considers income, employment, education, and other factors beyond credit history
• No minimum educational attainment is required
• Checking your rate uses a soft credit inquiry and does not affect your credit score
• A hard credit inquiry is performed if you proceed with the formal application
• Additional documentation may be required
• Minimum loan amounts vary by state: $3,100 in Georgia, $1,500 in Hawaii, and $7,000 in Massachusetts
• Not all applicants will qualify

Average Borrower Profile

• Upstart does not currently publish a current average funded personal-loan amount or average borrower credit score
• Upstart had more than 4 million customers as of June 30, 2026
• Upstart's underwriting model evaluates more than 2,500 variables
• In a 2026 comparison using Upstart data from 2025, the Upstart model approved 41% more applicants and produced rates 33% lower than a hypothetical traditional model
• More than 3 million borrowers had selected debt consolidation or credit-card refinancing as their use of funds as of June 30, 2026
• Actual loan amount, APR, fees, and repayment terms depend on the applicant's qualifications

Best For

• Low credit scores, high DTI ratios

Terms: Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000).

Although educational information is collected as part of Upstart’s rate check process, neither Upstart nor its bank partners have a minimum educational attainment requirement in order to be eligible for a loan.

The full range of available rates varies by state. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 18.44% and a 8.64% origination fee of $864, for an APR of 22.88%. In this example, the borrower will receive $9,136 and will make 60 monthly payments of $257. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.

While most loans through Upstart are unsecured, certain lenders may place a lien on other accounts you hold with the same institution. It is important to review your promissory note for these details before accepting your loan.

When you check your rate, we check your credit report. This initial (soft) inquiry will not affect your credit score. If you accept your rate and proceed with your application, we do another (hard) credit inquiry that will impact your credit score. If you take out a loan, repayment information may be reported to the credit bureaus.

The APR calculation compares the two models based on the average APR offered to borrowers up to the same approval rate. The hypothetical credit-score only model used in Upstart’s analysis was developed in connection with the CFPB No Action Letter access-to-credit testing program and was built from a traditional credit score only model trained on Upstart platform data. APR for the scorecard was averaged for each given traditional credit score grouping.

While automated recurring payments are easy to set up, payments by check or one time electronic payments can also be used to repay a loan. Borrowers have the flexibility to choose the repayment method that works best for them.

This information is based on actual borrowers as of 4/1/2023 who identified “credit card refinancing” as their primary use of funds and paid off at least 51% of their outstanding credit card debt within 3 months of taking out the loan. Out of these actual borrowers, some could have experienced an increase or decrease in their credit score. This information reflects the overall average change in credit score points experienced by this group of borrowers as identified above.

The majority of borrowers on the Upstart marketplace are able to receive an instant decision upon submitting a completed application, without providing additional supporting documents, however final approval is conditioned upon passing the hard credit inquiry. Loan processing may be subject to longer wait times if additional documentation is required for review.

Upstart is a legitimate choice for New Yorkers with excellent, good, or bad credit for a wide range of loan options. Loan APRs range from 4.6% – 35.99%, with repayment terms of 36 to 60 months, with funds deposited to your account in as little as one business day.

With 714 the average credit score in Manhattan (Experian), capturing the low end of the APR range (4.6%) is an excellent deal. However, Upstart is equally suitable for no to low credit score borrowers with instant approval.

Our only knock on Upstart is its higher-than-average origination fees (up to 8.99%) and 5% late fees ($15 minimum). However, 5% late fees are typical of online lending platforms, so we’ll let it pass.

Qualifying for an Upstart loan is easy. Applicants must be 18 or older with U.S. citizenship/permanent residency, a social security number, a bank account, and a U.S.-based address.

Meet all of these criteria? The next step is to complete a short online questionnaire, provide your contact information and income/employment status, and submit your application. Then, Upstart will perform a soft pull inquiry before presenting your approved rates, terms, and conditions.

Pros:

• No permanent fees
• Low minimum income ($12,000)
• Funds in as little as one business day

Cons:

• Origination fees of up to 12%
• A late fee of 5% ($15 minimum)
• No shorter loan terms than 36 months

The impact of COVID-19:

If you need to pause your loan payments because of the pandemic or other financial difficulties, avoid bad credit by submitting an online request through Upstart’s website. You may also call Upstart at (855) 451-6753.

For more information on late Upstart payments, visit Upstart – What happens if I am late?

SoFi

Check Rates SSL No Credit Effect

Loan Amount

$5,000 – $100,000

APR

6.99% – 35.49%

Min. Credit Score

620

Approval

< 1 Day

Terms

2 Years – 7 Years

Fees:

• Origination fee of 0% – 7% may apply
• Origination fee is deducted from the loan proceeds
• The APR range includes the applicable origination fee when an origination-fee option is selected
• No prepayment penalty
• No late fees
• No application fee
• 0.25% AutoPay rate discount may apply
• 0.25% Member/Direct Deposit rate discount may apply to eligible borrowers
• Actual APR and fees depend on the selected term, creditworthiness, income, and other factors

Qualification Criteria:

• Must be the age of majority in the applicant's state of residence
• Must live in an eligible U.S. state or territory where SoFi is authorized to lend
• Must be a U.S. citizen, eligible permanent resident, or eligible non-permanent resident with valid current documentation
• Must provide a U.S. residential address; P.O. Boxes are not accepted
• Must have employment, sufficient income, or an offer of employment beginning within 90 days
• Must have sufficient monthly cash flow to comfortably manage the loan payment
• Credit profile and responsible financial history are considered
• Monthly income compared with expenses is considered
• Existing SoFi loan history and whether previous loans are in good standing may be considered
• Individual applications use individual income; household income may be considered with a co-borrower
• Checking your rate uses a soft credit inquiry and does not affect your credit score
• A hard credit inquiry is required if you continue with the loan application
• Bank information may be requested to verify application information and the destination account for approved funds
• Initial review begins within 1 business day
• Most applications are completed within 2 business days
• Self-employed or income-verification applications may take 2 – 4 business days
• Co-borrower applications may take longer to verify
• Not all applicants will qualify

Average Borrower Profile:

• The average outstanding SoFi personal-loan balance was approximately $25,810 as of March 31, 2026
• SoFi reported approximately 2.1 million personal-loan accounts as of March 31, 2026
• The average SoFi Personal Loan funded in 2024 was approximately $33,000
• 57% of prospective borrowers surveyed by SoFi in 2026 cited debt consolidation as their primary reason for considering a personal loan
• Nearly 90% of prospective borrowers surveyed expected to borrow between $5,000 and $50,000
• The survey figures describe prospective borrowers, not necessarily funded SoFi borrowers

Best For

• No-fee personal loans

In business since August 2011, with 49 states served to date, SoFi is best reserved for New Yorkers with a minimum credit score of 680 who want access to a wide range of loan amounts and longer repayment terms of up to seven years. These loans can be used to pay for all expenses, including home projects and credit card debt.

APRs range from 7.99% to 23.43%. We love SoFi’s extra perks, such as a 0.3% discount when enrolling in autopay. It also disburses funds in as little as one business day upon loan approval. Our only knock on the platform is its higher-than-average gross income requirement of $50,000.

Unlike ZippyLoans, SoFi offers no origination fees and no prepayment penalties. In addition, its website is super easy to use, with rates viewable in as little as 60 seconds without hitting your credit.

Look to SoFi if you have a high credit score/good credit and lower-than-average APRs than your typical credit cards on the best personal loans NY.

Pros:

• 0.3% autopay discount
• Includes unemployment protection
• No origination fees or prepayment penalties
• Higher-than-average maximum loan amount ($100,000)

Cons:

• Minimum credit score of 680
• High required gross income ($50,000)
• No option for co-signers to enroll

The impact of COVID-19:

SoFi’s Special Handling Team was instrumental in supporting those affected by the pandemic. If you want to learn more about SoFi’s forbearance options, call (855) 456-7634.

Upgrade

Check Rates SSL No Credit Effect

Loan Amount

$1,000 – $50,000

APR

7.74% – 35.99%

Min. Credit Score

580

Approval

Instant Approval

Terms

24 Months – 84 Months

Fees

• Origination fee of 1.85% – 9.99% of the loan amount
• Origination fee is deducted from the loan proceeds
• Late payment fee of up to $10 if the full payment is not received within 15 calendar days of the due date
• Failed electronic or check payment fee of $10 per occurrence
• One-time title transfer fee may apply to certain secured loans; amount is determined by the local motor vehicle agency
• No application fee
• No prepayment penalty

Qualification Criteria

• Minimum age: 18, or 19 in Alabama and certain other states
• Must be a U.S. citizen, permanent resident, or living in the U.S. on a valid visa
• Must provide a verifiable bank account
• Must provide a valid email address
• Credit score, credit usage, and credit history are considered
• Income and employment information are considered during the final review
• Debt-to-income ratio and existing debt obligations may be considered
• May be required to provide proof of income, identity, employment, or other documentation
• W-2 employees may provide gross income; self-employed applicants may provide net income
• Checking your rate uses a soft credit inquiry and does not affect your credit score
• A hard credit inquiry occurs after the loan is funded
• Certain secured loan offers may require collateral
• Loan amounts and terms may vary by state
• Not all applicants will qualify

Average Borrower Profile

• Upgrade does not currently publish a verified average funded personal-loan amount or average borrower credit score
• Loan offers depend on credit score, credit usage history, income, requested loan amount, and other financial information
• Upgrade's current personal-loan product is designed for borrowers across a range of credit profiles
• Actual loan amount, APR, fees, and repayment terms depend on the applicant's qualifications

Best For

• High DTI ratios

Started in 2016, Upgrade comes highly recommended if you have a low credit score and are looking towards debt consolidation in New York. All debt consolidation loans through Upgrade pay out each creditor directly with no funds deposited to your bank account. It’s an excellent way to stay accountable and on top of your finances.

However, Upgrade does differ from SoFi in three ways. One is its higher origination fees (1.85% to 9.99%), shorter loan amount range ($1,000 to $50,000), and lower minimum required bad credit score of only 580. Its APR range also edges slightly higher (7.99% to 35.99%), albeit with reasonable repayment terms of 24 to 84 months.

With Upgrade, funds are automatically disbursed in as little as same-day, straight to your creditors. Other perks include a 1% automatic payment discount, an intuitive mobile app, and a 15-day grace period before late fees kick in. Look to Upgrade if you have high DTI ratios and are looking to consolidate a minimum of two loans with all payments handled directly to creditors.

Pros:

• Intuitive mobile app
• 1% automatic payment discount
• Low credit score requirement (560)

Cons:

• Low $50,000 loan limit
• Origination fees of up to 9.99%

The impact of COVID-19:

Upgrade helped a lot of good credit and bad credit borrowers with loan assistance throughout the early stages of the pandemic. Some relief may be available. To learn more about Upgrade’s forbearance programs, email support@upgrade.com or call (844) 319-3909.

Upgrade Disclaimer:

Zippy Loan

Check Rates SSL No Credit Effect

Loan Amount

$100 – $15,000

APR

5.99% - 35.99%

Min. Credit Score

0

Approval

Instant Approval

Terms

1 Month – 72 Months

Fees

• No fee to use ZippyLoan's loan-connecting service
• No hidden fees for using ZippyLoan
• APR and loan fees are determined by the individual lender
• Loan costs vary based on lender, state, loan amount, credit profile, and repayment terms
• Late or missed payment fees may apply according to the lender's loan agreement
• No prepayment penalty
• All applicable lender fees and charges are disclosed in the lender's loan agreement

Qualification Criteria

• Minimum age: 18
• Must provide proof of identity
• Must have a regular source of income
• Must provide personal, income, employment, and banking information requested by the lender
• All credit types may be considered
• Credit score and credit history may be considered
• Monthly income may be considered
• State of residence may affect eligibility
• Lenders may verify identity, income, employment, bank-account information, and credit information
• Final eligibility requirements are determined by the individual lender
• Not available to residents of New York, West Virginia, or Oregon
• Not all applicants will qualify

Average Borrower Profile

• ZippyLoan does not publish a current average funded-borrower loan amount
• ZippyLoan does not publish a current average borrower credit score
• The lender network includes lenders serving excellent, average, and poor credit profiles
• Credit history, income, state of residence, requested loan amount, and other information may affect available offers
• Actual loan amount, APR, fees, and repayment terms depend on the individual lender

Best For

• Bad or no credit

ZippyLoan is an online platform that aggregates real-time quotes from hundreds of lenders. It’s best for N.Y. residents with all credit types (good to bad credit) looking for a wide range of loan types, with loan amounts by participating lenders ranging from $10 to $15,000. Each lender sets its own APRs (12.00% – 35.99%) and repayment terms of six months to five years.

Since ZippyLoan is not a direct lender like a traditional bank or credit union, it issues no origination fees or credit checks. Instead, all terms and fees are mandated by each respective lender.

The ZippyLoans application process is very straightforward. Complete an online application, preview a list of compatible lenders, and agree to loan terms with your preferred lender before e-signing any loan agreement. Depending on the lender, funds should go to your bank account in as little as one business day.

Pros:

• Soft credit inquiry
• No maximum credit score required
• Quick funds (in as little as one business day)

Cons:

• Little secured loan availability
• No guarantee of a loan match

The impact of COVID-19:

Since ZippyLoan is an online marketplace connecting prospective borrowers to lenders, forbearance and hardship programs fall under each lender. Please refer to your lender’s page for any forbearance options.

What Are The Best Banks and Credit Unions for Personal Loans in New York?

PenFed

Check Rates SSL No Credit Effect

Loan Amount

$600 – $50,000

APR

8.99% – 17.99%

Min. Credit Score

580

Approval

Instant Approval

Terms

12 Months – 60 Months

Fees:

• No origination fee
• No application fee
• No early payoff fee
• No balance transfer fee
• No hidden fees
• Late payment fee may apply if a monthly installment is not paid on time
• 0.25% AutoPay discount may be available before loan funding
• Rates without AutoPay are 0.25 percentage points higher
• Actual APR depends on creditworthiness, loan term, credit history, and length of PenFed membership
• Rates quoted assume excellent borrower credit history

Qualification Criteria:

• Minimum age: 18
• Must become a PenFed Credit Union member
• Anyone can join PenFed; membership can be created during the loan application
• Must meet PenFed's credit and underwriting requirements
• Credit score and credit history are considered
• Verifiable income is required
• Employment and income information may be verified
• Debt-to-income ratio and outstanding debt may be considered
• Assets and overall ability to repay may be considered
• Applicants may be asked to provide pay stubs, W-2s, bank statements, or other supporting documentation
• Checking your rate uses a soft credit inquiry and does not affect your credit score
• A hard credit inquiry is required if you proceed with the full loan application
• A credit score of 580 is typically needed for a personal loan
• Not all applicants will qualify

Average Borrower Profile:

• PenFed does not currently publish a verified average funded personal-loan amount
• PenFed does not currently publish a verified average borrower credit score
• PenFed evaluates credit history, income, debt, assets, and ability to repay
• Borrowers with stronger credit profiles may qualify for lower APRs
• Actual loan amount, APR, fees, and repayment terms depend on the applicant's qualifications

Best For

• High DTI ratios

Short for Pentagon Federal Credit Union, PenFed is one of the most well-known credit unions in the country. It is best for New Yorkers with average credit scores (minimum: 600) looking for smaller loans in the $500 to $500 range or a co-borrower option.

Eligibility requirements for a PenFed personal loan are straightforward. All borrowers must be 18 or older with a U.S. citizenship/social security number and a minimum credit score of 600. If you do not have a good credit score, PenFed offers joint and secured loan options using co-borrowers. Add a higher income/credit score person, such as a parent, to a plan and enjoy better rates.

Our only knock on PenFed is that you have to be a member. However, that’s the same case as Alliant Credit Union and accurate for all credit unions. It’s also easy to deposit $5 to a savings account to qualify for any personal loan.

All in all, look to PenFed if you have a less-than-stellar credit score and prefer to work with a co-borrower to enjoy higher APRs.

Pros:

• Co-signer option
• Minimum credit score of 600 required
• Excellent loan amount range ( $500 to $50,000)

Cons:

• Need to be a PenFed member

The impact of COVID-19:

PenFed has a dedicated page with instructions on how to submit a hardship application to Loss Mitigation Analysts who will review your case. Lets avoid bad credit. Visit PenFed’s Financial Hardship Center to learn more.

Wells Fargo

Check Rates SSL No Credit Effect

Loan Amount

$3,000 – $100,000

APR

6.74% – 26.74%

Min. Credit Score

Not specified

Approval

Same Day

Terms

12 Months – 84 Months

Fees

• No origination fee
• No closing fee
• No application fee
• No prepayment penalty
• Late fees may apply
• Florida residents may be subject to a documentary stamp tax
• A 0.25% relationship rate discount may be available with a qualifying Wells Fargo consumer checking account and automatic payments
• Actual APR depends on credit history, loan amount, loan term, and other factors
• The lowest advertised APR assumes excellent credit history

Qualification Criteria

• Minimum age: 18
• Must be an existing Wells Fargo customer for at least 12 months
• Must have a qualifying Wells Fargo consumer product that has been open for at least 12 months
• Must meet Wells Fargo's credit qualification requirements
• Must provide employment and income information
• Must provide information about other financial qualifications requested during the application
• Credit history, loan amount, loan term, and ability to repay are considered
• Income verification may be required
• Checking your rate uses no impact to your credit score
• Final application is subject to credit qualification and income verification
• Must meet Wells Fargo's applicable state and product requirements
• Not all applicants will qualify

Average Borrower Profile

• Wells Fargo does not publish a current average funded-borrower loan amount
• Wells Fargo does not publish a current average borrower credit score for its personal-loan customers
• Wells Fargo states that APR is based on credit history, loan amount, and loan term
• The lowest advertised rate assumes excellent credit history
• Actual loan amount, APR, fees, and repayment terms depend on the applicant's qualifications

Best For

• Wells Fargo customers

One of the largest banks in the country, Wells Fargo is an excellent choice for New Yorkers with a minimum credit score of 690 seeking excellent APRs on unsecured and secured personal loans NY.

For example, borrowers with good credit can enjoy interest rates on a 1-year loan from 9.47% to 11.96%.

We love Wells Fargo’s competitive APRs (5.74% – 21.74%) and longer repayment periods of 12 to 84 months. Another benefit is its 0.25% relationship discount for existing customers who enroll in autopay.

Qualifying for a Wells Fargo personal loan is easy. You must be a current Wells Fargo customer 18 years or older with a 690_ credit score, maximum DTI ratio of < 43%, and currently employed. Approvals for loans usually wrap up within three business days, with some approvals occurring within minutes.

Look to a Wells Fargo loan if you have excellent credit and are looking for a sub 6% APR, an impressive rate.

Pros:

• Solid APR range (5.99% – 19.99%)
• No loan origination or prepayment fees
• 0.25% relationship discount for autopay enrollment

Cons:

• Hard credit pull
• Insufficient funds/late payment fee of $39

The impact of COVID-19:

Call Wells Fargo at (866) 828-5047 if you are interested in payment deferrals for qualifying lending products such as personal loans.

Santander Bank

Check Rates SSL No Credit Effect

Loan Amount

$5,000 – $50,000

APR

7.99% – 24.99%

Min. Credit Score

Not specified

Approval

Instant Approval

Terms

36 Months – 84 Months

Fees

• No origination fee
• No closing fee
• No prepayment penalty
• 0.25% APR increase applies if automatic payments through ePay are not elected or are discontinued
• No application fee is stated
• Same-day funding may be available in many cases, depending on application timing, creditworthiness, and funding instructions
• Actual APR depends on creditworthiness and use of automatic payments
• Personal loans cannot be used for post-secondary educational expenses

Qualification Criteria

• Must meet Santander Bank's individual approval and credit standards
• Primary residence must be in an eligible state
• Eligible states include AZ, CA, CT, CO, DC, DE, FL, GA, IL, IN, MA, MD, ME, MI, MN, MO, NC, NJ, NH, NY, OH, OR, PA, RI, TN, TX, VA, VT, or WA
• Creditworthiness is considered
• Must provide requested personal and financial information
• Income and ability to repay may be considered
• Employment and financial information may be verified
• Automatic payments from any Santander deposit account or other eligible deposit account may affect the APR
• Checking the rate can be done without affecting your credit score
• 100% online application is available
• Additional verification may be required
• Not all applicants will qualify

Average Borrower Profile

• Santander Bank does not publish a current average funded personal-loan amount
• Santander Bank does not publish a current average borrower credit score
• Loan pricing depends on creditworthiness and whether automatic payments are used
• Actual loan amount, APR, fees, and repayment terms depend on the applicant's qualifications

Best For

• Santander Bank customers.

Spain-based Santander Bank is an excellent choice for those with good credit seeking personal loans NY between $5,000 and $50,000 who are looking toward debt consolidation to fund major expenses. It offers a well-rounded set of perks, starting with rates as low as 6.99%, same-day funding, and generous three to seven-year repayment periods.

Compared to Prosper and Citibank, Santander offers more load amounts and lower APRs.

We love the fact Santander Bank is one of the most fee-less lenders we’ve come across, charging no origination, closing, or prepayment penalties. In addition, when setting up automatic payments, you can also enjoy a 0.25% savings on your rate.

Other perks available to Santander Bank customers include an interest rate discount in exchange for autopay enrollment and fixed interest rates on all personal loans in New York.

As for minimum qualification requirements, Santander Bank must explicitly state them on its website. However, you must have a source of income.

Pros:

• No prepayment fees
• Rates as low as 6.99%
• Interest rate reduction of 0.25% for autopay customers

Cons:

• No co-signer option
• Longer-than-average funding time
• Must be an existing Santander Bank customer

The impact of COVID-19:

Santander Bank offers a variety of ways to help borrowers who have fallen/are about to fall behind on their loan payments. Give them a call toll-free at (888) 486-4356.

Citibank

Check Rates SSL No Credit Effect

Loan Amount

$2,000 – $50,000

APR

9.99% – 17.49%

Min. Credit Score

Not specified

Approval

Instant Approval

Terms

12 Months – 60 Months

Fees

• No origination fee
• No application fee
• No late payment fee
• No prepayment penalty
• No hidden fees
• 0.50% APR discount for enrolling in automatic payments at loan origination
• Existing Citi Banking Relationship Tier customers may qualify for an additional 0.25% APR discount
• If the borrower defaults, the APR may increase by 2.00%
• Actual APR depends on creditworthiness, loan term, and existing relationship with Citi
• Citi discloses the applicable loan terms and fees before loan origination

Qualification Criteria

• Minimum age: 18; 21 in Puerto Rico
• Must be an eligible new or existing Citi customer
• Must have an established credit history
• Must have an established income history
• Credit score and credit history are considered
• Income and ability to repay are considered
• Debt-to-income ratio may be considered
• Payment history and existing debt obligations may be considered
• Must provide requested personal, employment, income, and financial information
• Existing Citi credit-card customers who have been Citi customers for less than 12 months and do not have a Citi deposit account are not eligible
• Co-applicants are not permitted
• Checking your rate uses a soft credit inquiry and does not affect your credit score
• A hard credit inquiry is performed if you proceed with the full application
• Must agree to electronic loan documents when applying online
• Not all applicants will qualify

Average Borrower Profile

• Citi does not currently publish a verified average funded personal-loan amount
• Citi does not currently publish a verified average borrower credit score
• Citi states that creditworthiness, income, debt-to-income ratio, and existing financial obligations can affect eligibility and pricing
• Higher credit scores and lower DTI may lead to more favorable loan terms
• Actual loan amount, APR, fees, and repayment terms depend on the applicant's qualifications

Best For

• Citibank customers

Citibank is a solid choice for people who want a wide range of repayment terms and a super easy-to-use mobile app that trumps the competition.

We like Citibank for its decent loan amount range ( $2,000 to $30,000). Fixed rates of 9.99% to 23.99% APR are also way more competitors like Zippyloan, whose lenders charge APRs of 12.00% – 35.99%. These New York personal loans have generous repayment periods from 12 to 60 months. There are no origination fees but a $25 late/returned check fee.

To be eligible for a Citibank personal loan, you must be 18+ years of age or older with U.S. citizenship/permanent residency, an annual income of $10,500+, and a high (albeit undisclosed ) credit score. However, one knock on Citibank is that you must have an eligible Citi deposit account active for at least twelve months. As a result, many consumers might miss that threshold, creating a greater barrier to entry than other lenders.

Look to Citibank if you have an above-average credit score and want competitive APRs, quick access to funds, and predictable monthly payments.

Pros:

• No origination fees
• Flexible repayment terms
• Generous 9.99% – 23.99% APR

Cons:

• No pre-qualification
• Cannot add co-signer
• Only for existing customers

The impact of COVID-19:

If you are interested in forbearance, do not hesitate to call Citibank’s Payment Assistance team at (800) 370-6730.

Alliant Credit Union

Check Rates SSL No Credit Effect

Loan Amount

$1,000 – $10,000

APR

Varies by Lender

Min. Credit Score

Not specified

Approval

< 1 Day

Terms

12 Months – 60 Months

Fees

• No origination fees
• No service charges are deducted from the approved loan amount
• No prepayment penalty
• APR is 0.40 percentage points higher without automatic payments
• APR is 1 percentage point higher when refinancing an existing Alliant loan
• Late fees may apply according to the loan agreement
• Actual APR depends on payment method, creditworthiness, and ability to repay
• Rates, terms, and conditions are subject to change

Qualification Criteria

• Minimum age: 18
• Must be an Alliant Credit Union member
• Must be an established Alliant member for at least 90 days before applying
• Must meet Alliant's credit and underwriting requirements
• Credit score and credit history are considered
• Debt-to-income ratio is considered
• Income and ability to repay are considered
• Payment method can affect the APR offered
• Must provide requested personal, income, employment, and financial information
• Additional documentation may be required
• Loans are subject to credit approval
• Not all applicants will qualify

Average Borrower Profile

• Alliant does not currently publish a verified average funded personal-loan amount
• Alliant does not currently publish a verified average borrower credit score
• Credit score, debt-to-income ratio, income, payment method, and ability to repay affect loan approval and pricing
• Actual loan amount, APR, fees, and repayment terms depend on the applicant's qualifications

Best For

• Same Day Funding

Alliant Credit Union is a worthwhile option for New Yorkers with good credit (minimum: 640) looking to enjoy low APRs on par with SoFi and Citibank (6.24% – 27.24%) with funds disbursed in as little as one business day. It’s also an online-only bank with membership open to anyone who can fund $5 to a checking or savings account.

Its lending program is also one of the more generous we’ve come across. Origination and prepayment fees are also out the window. However, it does charge insufficient funds and late payment fees, which is standard with most lenders.

Loan amounts are generous ($1,000 to $50,000), and applying will not impact your credit score.

Unlike other lenders on our list, Alliant offers a debt protection plan that cancels out debt for several months in case you die, become disabled, or are unemployed. Costs are also minimal ($1.99 per month for every $1000 you borrow) on consumer loans up to a 120-month term. What’s more – participating in this program will not hurt your credit score.

Look to Alliant Credit Union if you prefer an online-only bank for your personal loans NY, enjoy a 640+ credit score, and look to take advantage of sub-7% APRs.

Pros:

• Debt protection program
• Excellent APR range (6.24% – 27.24%)
• No origination fees or prepayment penalties

Cons:

• Requires 640 credit score
• Online-only (many may prefer visiting a branch)

The impact of COVID-19:

As of this writing, Alliant Credit Union does not advertise any forbearance programs on its website. If you wish to learn about hardship policies, call Alliant Credit Union at (800) 328-1935.

Best Personal Online Installment Loan Rates for Good Credit in New York of September 2026

All of our top picks for best personal online installment loans in NY for good credit were selected on the basis of APR range, loan amount range, and fee structure. To view all of our top recommendations for this type of loan in one place, visit our Marketplace.

• Upstart
• Upgrade
• SoFi
• Alliant

Best Personal Online Installment Loan Rates for Bad Credit in New York of September 2026

Bad credit borrowers who take out personal installment loans NY for bad credit have no or low credit scores. Think <600. With bad credit, expect APRs in the 15%+ range, stricter monthly payment terms, and longer wait times for funds to be deposited into your account. Visit our Marketplace for a complete list of recommended lenders.

Here are our picks for the best personal loans for bad credit in NY:

• Upgrade
• LifeLoans
• LendUp
• NetCredit

Best Debt Consolidation Loan Rates in New York of September 2026

The best debt consolidation personal loan NY rates are typically extended to borrowers with credit scores of 690 or higher. Nailing a sub-9 % APR with no origination fees, prepayment fees, and higher loan amounts of up to $2 million is doable. Visit our Marketplace for our full list of best debt consolidation lenders.

Here are our picks for the best debt consolidation loans in NY:

• Upstart
• Upgrade
• SoFi

Best Secured Loan Rates in New York of September 2026

Secured loans are installment loans NY backed by collateral, lowering your APRs and risk profile in the eyes of the lender. For a complete list of our favorite secured lenders, visit our Marketplace.

Here are our picks for the best secured loan rates in NY.

• Upgrade
• Wells Fargo
• Citibank
• Santander Bank

Best Banks for Personal Loans in New York of September 2026

Our favorite banks in New York personal loans have generous APR ranges, wide loan amount ranges, fast approval times, and no loan origination or prepayment fees.

Here are our picks for the best banks in NY.

• Citibank
• Santander Bank
• Chase Bank
• M&T Bank
• Charles Schwab Bank
• Wells Fargo

Best Credit Unions for Personal Loans in New York of September 2026

The best credit unions offer APRs as low as 6.95% with generous loan amounts and no excess fees.

Here are our picks for the best credit unions in NY.

• Alliant Credit Union
• First New York Federal Credit Union
• Pentagon Federal Credit Union
• New York Municipal Credit Union (MCU)
• Bethpage FCU
• XCEL Federal Credit Union
• Connexus Credit Union
• PenFed Federal Credit Union
• ESL Federal Credit Union
• Teachers Federal Credit Union
• United Nations Federal Credit Union

How to Find The Best Loans in New York

Finding the best loans in New York requires exhaustive research for the following items.

Evaluating Your Options on Fees, Borrowing Terms, and Lending Limits.

Carefully review your installment loans NY or NY personal loans fine print for any flat fees, such as flat or percentage-based origination fees. For example, a 4% origination fee on a $10,000 personal loan will see an initial balance owed of $10400 plus that first month’s interest. Other costs to look out for include prepayment penalties and late payment fees on personal loans NY.

Second, look at borrowing terms. As a rule of thumb, longer terms (e.g., 60 months) equal lower monthly payments and higher interest rates. Shorter terms imply higher monthly payments and lower interest rates. Before applying for a loan, ensure manageable monthly payments by crunching the numbers.

Lastly, consider your installment loans New York’s lending limits and disbursement period. Most lenders have lending limits as low as $500 to as high as $100,000, with fund disbursement periods of as little as one business day.

Compare Loan Terms with Credit Score. Most personal loans NY lenders look for a minimum credit score of 580. To check your credit, visit annualcreditreport.com. annualcreditreport.com offers full credit reports from TransUnion, Experian, and Equifax, the three major credit reporting bureaus.

Shop for Lenders.

Once you’ve nailed down preferred fees, borrowing terms, and lending limits, shop for different lenders. Although your bank may offer a first-mover advantage, online banks and credit unions may also work.

Our website provides N.Y. residents with hundreds of reputable lenders, complete with loan amount/APR ranges, minimum credit scores, and who it’s best for.

Outside of these key metrics, our website also provides approval turnaround times, terms, fees, qualification criteria, average borrower profile, and pros/cons for each lender and installment loans New York type.

How to Qualify For The Best Loans in New York

To qualify for the best personal loans in New York, it is important to understand how lenders evaluate your application.

Credit Score. When evaluating a NY personal loan application, the higher the credit score, the more likely you will enjoy low 5.99% APRs from lenders like SoFi. Based on a 300 to 850 scale, credit scores are calculated based on your payment history, credit card utilization ratio, and length of credit history. Therefore, aim for a credit score of 680 or higher for the best rates.

Income and Debt-to-Income Ratio. Another lending criterion for personal loans NY is income and debt-to-income ratio. For example, Citibank requires an annual income of $10,500+, and SoFi needs that all loaners have a $50,000 or higher yearly income and a 50% or less debt-to-income ratio for personal loans in NY. Debt-to-income ratio is a percentage of gross monthly income versus expenses like rent and utilities, painting a picture of a borrower’s ability to repay the debt on time.

Collateral. If you are applying for a secure best personal loans NY, lenders will ask you to pledge collateral, such as your home or auto. Other forms of collateral include investment accounts, stamps, collector items, and anything of value that a bank can use to recoup a lack of payments.

Average Credit Score in New York

According to Experian’s 2020 Consumer Credit Review, the average FICO score in New York was 718 in 2020 and 722 in 2021, representing a +4 point change year over year. Using Equifax’s credit scoring system, 718 is classified as ‘good.’

With the average U.S. credit score hitting a record high of 714, New York’s stats are respectable. The states leading in the highest average FICO score increases are Florida, Maine, Mississippi, and Nevada, each at +6 points —not too far off New York.

In turn, two states, Oklahoma and South Dakota saw the slowest growth in scores (+2 points)

The states with the highest credit scores include Vermont, Wisconsin, New Hampshire, Washington, North Dakota, South Dakota, Massachusetts, Nebraska, and Oregon.

The states with the lowest credit scores are Louisiana, Alabama, Oklahoma, Texas, Georgia, Arkansas, South Carolina, New Mexico, and West Virginia.

Even if you have a lower credit score than the New York average, you are still eligible for a wide range of loan types with favorable APRs, repayment terms, and minimal fees. Keep reading more about ElitePersonalFinance’s top choices for New York lenders.

Average Personal Loan Debt in New York

According to Experian, New Yorkers’ average personal loan balance is $14,112 (2021), representing a -2.2% change from the prior year ($14,431). This figure places New York about mid-range, with the top average personal loan balance belonging to Washington($29,997) and the lowest average personal loan balance going to the District of Columbia ($12.241)

Experian provides other hard-hitting stats, such as average personal loan balances by generation, which Generation Z having the highest YOY percentage change (+10.9%) and the Silent Generation with the lowest percentage change (1.2%)

With the rising cost of inflation and Federal Reserve interest, rates expect personal loan balances to stay consistent or grow. However, this should not disqualify creditworthy borrowers from securing personal loans. Remember that average personal loan rates have lower APRs than your typical credit card.

Frequently Asked Questions

What personal loan documents can I expect to share with any prospective lender?

The most common loan documents are the actual loan application, proof of identity (e.g., passport or driver’s license), employee/income verification (e.g., pay stubs), and proof of address. All of these documents help lenders determine your creditworthiness. Remember, the higher your income/credit score and the lower your debt-to-income ratio, the lower APRs and higher loan amount you can expect.

How do I increase my credit?

To secure the best installment loans NY terms possible, there are many ways New Yorkers can boost credit scores. Boosting your credit score means paying credit card balances strategically, asking for higher credit limits, paying your bills on time, and disputing any credit reporting errors.

Paying credit card balances strategically means keeping credit utilization below 30%. Avoiding late payments is critical, with a single blemish on your report remaining up to seven years. Never, ever miss a payment by more than 30 days on an installment loan NY

Remember to dispute credit reporting errors. It occurs more often than you think across all three credit bureaus. So be sure to sign up at annualcreditreport.com for free credit reports, absorbing every line with a fine-toothed comb.

All three activities should put you in the driver’s seat to obtain a good credit score.

How We Pick These Lenders?

Our hard-pickled selections for best personal loans New York and installment loans New York companies utilize an extensive research process. We thoroughly pour through the fine print from hundreds of online lenders, banks, credit unions, and other funding sources. They are chosen on the strength of APRs, loan amounts, repayment periods, and lending structure.,

Our lender recommendations also factor in state and average credit scores. With New Yorkers enjoying a higher-than-average credit score (722), our recommendations lean towards banks and credit unions which historically have offered lower APRs over online lenders.

The team at ElitePersonalFinance provides only the latest, up-to-date unbiased reviews on highly competitive lending products and services. We’d love to hear from you if you have any feedback or suggestions!

Send us an email at info@www.elitepersonalfinance.com, and we’ll get back to you as soon as possible.

Conclusion

All in all, New Yorkers have various online lenders, banks, and credit unions to choose from when taking out personal loans. With APRs as low as 5.99%, generous loan amount ranges, and favorable terms like no origination fees or prepayment penalties, there is no shortage of excellent lending programs.