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If you're a New York resident and need extra cash, personal loans can be a viable solution. While national lenders that serve all U.S. residents offer some of the best personal loan options, it's worth noting that there are also numerous local and regional banks and credit unions operating in New York that provide personal loans. This means you have plenty of choices when it comes to finding the right loan for your needs.
From time to time, New Yorkers may find themselves looking for extra cash. Whether to cover a home repair, pay for education, or for extra medical bills, you may need some money to push you over the line. And of course, unexpected expenses may put you in a position where you need this money quickly.
New York personal loans may be the answer. Below, we've highlighted some local lenders who may provide the personal loan you’re looking for.
Biggest Personal Loans Lenders in New York, NY
If you want to go with a big brand name lender, you have plenty of choices if you live in NYC. The city hosts branches of nearly all of the major US banks, including JPMorgan Chase, Bank of America, Wells Fargo, and Citibank. Each bank offers a streamlined personal loan process. Plus, it’s easy to find information about them online. Furthermore, large banks have established reputations, meaning many New York residents feel comfortable borrowing from them.
Unfortunately, there are some downsides to working with the big banks. They often have stricter qualifying criteria than local lenders. Borrowers with bad credit might find it difficult to get a personal loan from a major bank. Additionally, these banks often provide little flexibility in their repayment terms, which could lead to some borrowers struggling if they fall behind on their repayments.
Loan Companies in New York
Assuming you don’t want to work with a national bank, there is a multitude of local lenders and credit unions in New York. This list includes some of the most prominent. Each has benefits and disadvantages to consider before you apply for personal loans near New York.
1. Popular Community Bank
Popular Community Bank offers three types of personal loans.
Popular's unsecured personal loans allow you to borrow up to $50,000 with no loan collateral required. The loans come with competitive rates, and if you participate in auto-pay, you get 0.25% of the rate offered with their loan. Of course, this discount isn’t applied if you choose to pay by other means, and it’s revoked if you cancel payments via auto-debit.
The bank also offers credit builder loans designed for first-time borrowers and those with poor credit scores. These personal loans let you borrow up to $10,000 and come with more flexible repayment terms than the lender’s unsecured loans. They’re ideal for building your credit score.
Finally, the bank offers personal loans of up to $100,000 with collateral. Typically, it accepts your savings account or a Certificate of Deposit as collateral for these types of loans.
APRs vary depending on the type of loan you choose. Popular’s 12-month unsecured loans start at 5.99% APR, though this rate increases if you don’t have good credit. Its credit builder and collateral-based loans have starting APRs of 5.25%.
Get in Touch With Popular Community Bank
Popular Community Bank has branches conveniently located in Manhattan, Brooklyn, Queens, and the Bronx. You can visit any of these branches to speak to a representative about New York personal loans. The below is a large branch in the center of Brooklyn:
539 Eastern Parkway
Brooklyn, NY 11216
Phone Number – (718) 773-7001
2. Apple Bank
Though it may sound like the banking arm of a more famous company that uses the Apple brand, Apple Bank is actually an independent New York-based lender. It offers New York personal loans for many purposes, including home repairs, repaying high-interest debt, and covering unexpected expenditures.
You can borrow between $3,000 and $50,000, with repayment periods ranging between three and five years. Apple Bank’s loans come with no late fees or origination fees. Plus, you can prepay your loan without worrying about a penalty. The application process is also simple, as you can complete it online without having to visit a branch.
The bank promises that its loans will have APRs of no more than 24.99%. You’ll likely achieve a lower rate than this, particularly if you have a good credit score. The bank has an online portal you can use to manage your loan and offers auto-pay options so repayments get handled with no intervention from you. You can check your rate via the Apple Bank website, with this check having no effect on your credit score.
Get in Touch With Apple Bank
As a New York-based lender, Apple Bank has branch locations throughout New York City, Long Island, as well as Westchester and Rockland Counties. One of its central locations in the heart of Manhattan is:
250 West 23rd St.
New York, NY 10011
Phone Number – 212-367-7830
3. Lendzi
Lendzi focus on helping people navigate the complexities of the world of lending. With over 10 years of direct experience in lending, they have a large presence in New York.
Lendzi has partnerships with over 60 top lending institutions, so getting in touch with them means direct access to an expert network. They offer a no-cost, no-obligation application, a quick funding timeline and a streamlined process. Borrowing amounts start at just $1,000 and can go up to hundreds of thousands.
Although Lendzi does not list APRs on its website, you can easily get in touch with them online and ask all of the questions you need to assess which personal loan is right for you.
Get in Touch With Lendzi
If you're looking for a 21st century lender that makes obtaining the money you need to meet your personal finance needs easy, feel free to get in touch with Lendzi. Their New York address is:
368 9th Ave., 6th floor
New York, NY 10010
Phone Number – (877) 511-6904
Top Online Lenders in New York
Fast & easy online application
500
Min Credit Score5.99-35.99%
APR. Fixed Rate5.99-35.99%
APR. Variable Rate$500-$35K
Loan Amount3-72 Months
Repayment termsNo
Soft Credit PullMarketplace
Lender TypeN/A
Other FeesVaries
Origination FeeVaries
Prepayment FeeVaries no. of days
Funding Time
Pros & Cons
-
Quick & simple online application
-
An extensive network of lenders
-
Use your loan for any purpose
-
Not BBB Accredited; F rating on BBB
-
Loans may contain origination fees
-
Highly thorough initial application
Loan Purpose
- Debt Consolidation
- Home Improvement
- Major Purchase
- Medical Expenses
- Household Expenses
- Relocation
- Vacation
- Wedding
- Other
Loan Type
- Secured Personal Loans
- Unsecured Personal Loans
- Fixed-Rate Personal Loans
- Variable-Rate Personal Loans
- Co-singer / Joint loans
Low Rates. No Fees are Required.
680
Min Credit Score8.99-29.99%
APR. Fixed Rate8.99-29.99%
APR. Variable Rate$5K-$100K
Loan Amount24 to 84 months
Repayment termsYes
Soft Credit PullDirect
Lender TypeNone
Other FeesNone
Origination FeeNone
Prepayment FeeSame-day funding if approved before 7:00 PM ET days
Funding Time
Pros & Cons
-
Personal loan application process is easy and only takes a few minutes to complete
-
Soft credit check that doesn’t affect your credit score and gives you personalized rates
-
Fixed and variable rate loans available ranging from $5,000 to $100,000
-
No late or origination fees required
-
Excellent customer support team
-
Online autopay comes with a discount on interest
-
Exclusive benefits for members (ex. networking events and access to financial advisors)
-
Unemployment Protection feature comes with a temporary payment pause (up to 12 months)
-
No prepayment penalties
-
May take up to 4 days to receive funds after approval (longer than other online lenders)
-
High eligibility requirements (ex. good credit and sufficient income)
Loan Purpose
- Credit Card Refinance
- Debt Consolidation
- Home Improvement
- Major Purchase
- Medical Expenses
- Relocation
- Vacation
- Wedding
Loan Type
- Unsecured Personal Loans
Division of SunTrust Bank
660
Min Credit Score6.99-25.49%
APR. Fixed Rate$5K-$100K
Loan Amount2-7 years
Repayment termsNo
Soft Credit PullDirect
Lender TypeNone
Other FeesNone
Origination FeeNone
Prepayment Fee1 days
Funding Time
Pros & Cons
-
Get a loan for practically anything
-
Autopay discount available
-
Dedicated app to manage your loan
-
LightStream doesn’t charge any fees
-
Personal loan up to $100K
-
Requires steady income
-
1-3 Days till funding
Loan Purpose
- Car
- Major Purchase
- Household Expenses
- Vacation
- Wedding
- Other
Loan Type
- Secured Personal Loans
- Unsecured Personal Loans
- Fixed-Rate Personal Loans
- Variable-Rate Personal Loans
Over 100 Lenders at Your Fingertips
300
Min Credit Score5.99-35.99%
APR. Fixed Rate5.99-35.99%
APR. Variable Rate$500-$35K
Loan Amount2-72 Months
Repayment termsNo
Soft Credit PullMarketplace
Lender TypeN/A
Other FeesNone
Origination FeeNone
Prepayment FeeAverage of 24 hours
Funding Time
Pros & Cons
-
Receive offers from multiple lenders
-
Low minimum credit score required
-
No application fee
-
Hard credit pull
-
Maximum loan amount of $35K
Loan Purpose
- Credit Card Refinance
- Debt Consolidation
- Home Improvement
- Medical Expenses
- Vacation
- Other
Loan Type
- Unsecured Personal Loans
Find the Best Personal Loans in New York
When it comes to finding personal loans near New York, you have plenty of options. In addition to dozens of local lenders, you have access to branches of all major banks, in addition to online lenders.
The New York lenders on this list all offer something a little different - Popular Community Bank and Apple Bank are New York-based and understand the unique financial needs of New Yorkers. Popular offers secured, unsecured, and credit-building loans loans up to $100,000. Apple Bank's lack of fees and cap on its APR may make it a good choice for people who want to participate in a simple personal loan process. Finally, Lendzi's quick online application makes it easy to choose a loan.
FAQ
Which lender in New York has the lowest interest rate?
Though it doesn’t make our list of the best personal loans in New York providers, Upstart offers the lowest interest rates in the city. Its APR range starts at 3.22%, though you’ll only achieve this rate with an exceptional credit score. Note that the company’s APR range tops out at 35.99%, which may make it one of the most expensive lenders for some people.
How fast can I get a personal loan in New York?
It’s possible to receive a personal loan on the same day that you apply for it, especially if you work with an online lender. For example, LightStream often delivers funds on the same day that it approves your application. Reach Financial also has a rapid turnaround time from application to loan offer.
What to do if you can’t get a personal loan in New York?
If you need fast access to cash, you can apply for a credit card or payday loan. Both options tend to have lighter application criteria than personal loans, though they also come with fees and higher APRs. Alternatively, you can take steps to improve your credit score until you’re able to access a personal loan. Paying down your existing debt and creating a track record of on-time repayments both help here.
Article Topics
Personal Loans
Matthew is a freelance financial copywriter with 14+ years in financial services. He holds a Bachelor of Science degree in Economics with business and finance options and is a CFA Charterholder. He is from Vancouver, Canada, but writes from all over the world.
