Personal loans in New York
Census ACS 2020–2024 5-year estimates; NCUA June 2026 call report; FDIC BankFind, Oct 2026.
New York personal loan rules at a glance
| Governing law | New York Licensed Lender Law. (Banking Law Article 9, sections 340-361) |
|---|---|
| Rate cap | A licensed lender may charge more than the 16% civil usury rate allowed to unlicensed lenders, but loans above 25% a year are criminal usury. (Banking Law 340; Penal Law 190.40) |
| License required | A license is needed to be in the business of making personal, family, household or investment loans of $25,000 or less (or business loans of $50,000 or less) at a rate above what an unlicensed lender may charge. (Banking Law 340) |
| Loan sizes covered | Consumer loans of $25,000 or less; business and commercial loans of $50,000 or less. (Banking Law 340) |
Bad credit loans in New York
Bad credit doesn't automatically rule you out in New York. Many lenders in our network look at your income and bank activity, not just your score, and offer personal installment loans of $500 to $5,000 to borrowers with fair or poor credit. Rates are higher than prime offers, so compare the monthly payment and total cost before you accept. More on bad-credit loans.
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Estimate only. Your rate depends on your credit, income and state; your lender shows the exact terms before you sign.
Compare neighboring states
Lenders must follow the law of the state where you live, not where you visit.
| State | Rate cap |
|---|---|
| Connecticut | 36% APR under $5,000; 25% APR $5,000-$50,000; all-in MLA-style APR. |
| Massachusetts | 23% APR plus $20 fee on loans up to $6,000; 20% usury above. |
| New Jersey | Licensed lenders set agreed rates; criminal usury caps loans to individuals at 30%. |
| Pennsylvania | Licensed consumer discount companies: $9.50 per $100 yearly add-on plus fees; unlicensed: 6%. |
| Vermont | 24% on first $1,000, 12% above (or 18% APR if higher). |
Personal Loans by city in New York
Counties in New York
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Also see: Payday Loans in New York · Title Loans in New York · All New York loan options
Frequently asked questions
Is there a cap on personal loan interest rates in New York?
Licensed lenders may exceed 16% civil cap; 25% criminal usury applies.
Do personal loan lenders need a license in New York?
A license is needed to be in the business of making personal, family, household or investment loans of $25,000 or less (or business loans of $50,000 or less) at a rate above what an unlicensed lender may charge.
Can I get a personal loan with bad credit in New York?
Yes, some lenders in our network work with fair or bad credit, but approval is not guaranteed and rates are higher. Licensed lenders in New York must follow the state's consumer-lending rules shown above; tribal and bank-partner lenders may follow different rules, so compare the APR on every offer.
How do installment loans work in New York?
You apply, the lender reviews your income and credit profile, and if you're approved you receive a lump sum deposited into your bank account. You then repay it in equal scheduled payments over an agreed term, with interest built in. Your agreement shows each payment amount and date before you sign. New York residents can see installment loan offers with our free 3-minute form.
Can I get a personal loan in New York with bad credit?
Yes, it's possible. Many lenders in our network work with borrowers who have fair, poor or limited credit, and they look at factors like income and employment, not just your score. Approval and rates depend on your full profile, and nothing is guaranteed, but checking your options is free. New York residents can see if they qualify for $100 to $5,000 in about 3 minutes.
Where can I find a loan for bad credit in New York?
You can apply at local banks and lenders in New York, or go online to reach more lenders at once. Banks often have stricter credit requirements, while many online lenders consider all credit types. Our free form sends one request to multiple lenders in our network, so you don't have to apply one by one. Many applicants get a decision within minutes.
How can I get an emergency loan in New York?
Unexpected bills happen, and an online emergency loan can help you handle them quickly. Fill out our 3-minute form with your income and bank details, and lenders in our network will review your request. Many make decisions within minutes, and approved funds are often deposited by the next business day. Amounts range from $100 to $5,000, and you're never obligated to accept an offer.