Loans in New York – Best Payday and Personal Loans in NY

The Best Loans in New York 2022: Compare Loan Rates

Written by: Financer.com

Reviewed by: Joe Chappius

Last updated: November 13, 2023

Financer.com helps you compare online loan rates in New York. Compare different loan options in New York and read more about the payday loan laws in the state.

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The Best Loans in New York for December 2023

Borrow $1,000 for a period of 1 Year.

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Amount: $1,000 | Period: 1 Year

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We found 10 personal loans

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Chosen 4,535 times

4.7

Read 5 reviews

Chosen 4,535 times

Loan amount

$1,000

APR:

3.00% - 25.00%

Total Payment

$1,026.32

for 1 year

Monthly payback

$85.53

for 1 year

4.7

Read 5 reviews

Lowest cost

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Customer Type

All

Borrow up to

$5,000

Estimated Payback

25/11/2024

Weekend Payout

Age

5 Reviews

4.7

Interest & Costs

Flexibility & Terms

Website & Functionality

Support & Service

View Company Profile

recommended

Chosen 91,355 times

3.5

Read 36 reviews

recommended

Chosen 91,355 times

Loan amount

$1,000

APR:

5.99% - 35.99%

Total Payment

$1,032.80

for 1 year

Monthly payback

$86.07

for 1 year

3.5

Read 36 reviews

Open right now

Most chosen

Get Started

Customer Type

All

Borrow up to

$10,000

Estimated Payback

25/11/2024

Weekend Payout

Age

36 Reviews

3.5

Interest & Costs

Flexibility & Terms

Website & Functionality

Support & Service

View Company Profile

recommended

Chosen 31,904 times

4.9

Read 14 reviews

recommended

Chosen 31,904 times

Loan amount

$1,000

APR:

5.99% - 35.99%

Total Payment

$1,032.80

for 1 year

Monthly payback

$86.07

for 1 year

4.9

Read 14 reviews

Open right now

Get Started

Customer Type

All

Borrow up to

$35,000

Estimated Payback

25/11/2024

Weekend Payout

Age

14 Reviews

4.9

Interest & Costs

Flexibility & Terms

Website & Functionality

Support & Service

View Company Profile

Chosen 301 times

N/A

Read 0 reviews

Chosen 301 times

Loan amount

$1,000

APR:

5.99% - 18.00%

Total Payment

$1,032.80

for 1 year

Monthly payback

$86.07

for 1 year

N/A

Read 0 reviews

Get Started

Customer Type

All

Borrow up to

$100,000

Estimated Payback

25/11/2024

Weekend Payout

Age

0 Reviews

N/A

Interest & Costs

Flexibility & Terms

Website & Functionality

Support & Service

View Company Profile

Important

Please note that loan amounts, interest rates and other loan terms may vary according to your state and credit profile.

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How to Compare Loans in New York

Choose your loan amount

Choose the amount of money you want to borrow

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Choose the best offer

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Complete the application

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As seen in

Best Rated Personal Loans

Find the best rated lenders for loans in New York

4.9

Based on 3 reviews

4.9

Based on 16 reviews

4.8

Based on 4 reviews

4.8

Based on 4 reviews

4.7

Based on 7 reviews

4.6

Based on 20 reviews

4.3

Based on 5 reviews

4.3

Based on 39 reviews

4.3

Based on 24 reviews

4.2

Based on 11 reviews

New York Payday Loan Laws

Are you thinking about getting a payday loan or other type of online loan in New York? Here is what you should know.

Payday loans are illegal in New York State. The state prohibits the making of payday loans in-person, by telephone or online. It is also a violation of the law for a debt collector to make any attempts to collect the debt on a payday loan. Payday lending is also illegal in New Jersey.

However, you can take out a small loan in New York from a registered lender, and rates will be capped at 25% APR.

The Department of Financial Services is the regulatory authority you can turn to if you believe payday loans are being issued in New York.

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The Advantages of Online New York Loans

Online Personal Loans Are Convenient

Get Funds As Soon As The Same Day

Apply Anywhere, Anytime

Less Paperwork Required

Why Is Payday Lending Illegal in New York?

Due to its short-term nature, borrowers often cannot afford to repay the loan in time. This may result in being trapped in debt;
If the loan cannot be paid back at the end of the term, a borrower is forced to renew or extend the loan term. Fees are charged for each of these transactions;
The APR on payday loans are extremely high, around 400% or higher;
If the borrower’s account does not have the required amount, this results in extra charges in the form of insufficient funds fee.

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New York Payday Loan Regulations

Legal Status	Prohibited
Interest Rate (APR)	25% small loan cap

Updated March 18 2022

Although payday lending is prohibited in New York, loans are still an option. Lenders need to be licensed to operate in the state and there is a small loan cap of 25% APR on all loans.

This means you can get a loan in New York, but lenders are prohibited from setting high APR rates.

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Get the Loan You Need

An online personal loan can help when you need cash for large purchases or unplanned expenses.

Holiday

Wedding

Home Renovations

Bills

Shopping

Education

Other Type of Online Loans Are Still Available

Although payday lending is illegal in New York, other loan types might be available.

You can apply for online personal loans, get a credit card, or take out a conventional loan from a bank.

Compare available online loan options in New York above on this page.

Laws Governing Lending in New York

The check cashing of postdated checks is not allowed in the state. Every lending business must obtain a license before starting its operations.

The state laws impose a small loan cap of 25% and not more than that. The New York banking law has enforced a civil usury cap that equates 16% per annum.

Keep in mind that it is always advisable to read all the paperwork including fine print before you apply for any kind of credit. In the same breath, have a solid plan to repay your loan on time to avoid accumulating debt.

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Why Compare Personal Loans at Financer.com

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Find the Cheapest Payday Loans in New York

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Compare New York Loans at Financer.com

Financer.com helps you compare the best personal loans in New York and get the best loan rates from leading lenders.

We look for lenders that offer full transparency and have a long track record of successful lending and satisfied customers. We are always improving our comparisons, but are confident in what we can bring to market, and we know you will be as well.

Use our free loan comparison tool to find the right personal loan in New York and take the guesswork out of doing all the legwork yourself.

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Loans in New York - FAQs

Are payday loans legal in New York?

Payday lending is prohibited in New York. You can take out a small personal loan instead.

What rates can I expect for a New York loan?

A small New York loan has a maximum APR of 25%.

Can lenders operate in the state of New York?

Yes. However, every lending business has to be licensed to operate in the state. State laws impose small loan cap of 25% APR for any loans, and debt collection or an attempt at debt collection on a payday loan is considered illegal as well.