Good to excellent credit
American Express
- Credit profile
- Excellent
- APR range
- 6.99% – 19.99%
- Loan amount
- $3,500 – $40,000
Personal finance / NY
Personal loans, banking, insurance, and debt help in New York
New Yorkers use personal loans for debt consolidation, unexpected expenses, home improvement, and major life events, under a size-gate rate structure that gets stricter, not looser, as loans get larger.
25lenders in the dataset
NYstate guide
$1,455/yraverage homeowners premium in dataset
51jurisdictions in the dataset
01 / Personal loans
Personal loans in New York
New Yorkers use personal loans for debt consolidation, unexpected expenses, home improvement, and major life events, under a size-gate rate structure that gets stricter, not looser, as loans get larger.
Interest-rate law
Licensed lenders can charge up to 25% (the criminal usury threshold) on any personal loan of $25,000 or less, with no tiering, versus a bare 16% civil usury cap for unlicensed lenders. Above $25,000, loans fall back to the general civil usury framework: 16% for most lenders up to $250,000, 25% criminal ceiling as the outer bound, and no cap above $2.5 million. Banks are exempt via federal rate exportation.
| Loan range | Rate | Statute |
|---|---|---|
| Up to $25,000 (licensed lender) | 25% flat | Licensed Lender Law, Banking Law Article 9 |
| $25,000 – $250,000 | 16% civil cap | General civil usury framework |
| Up to $250,000 | 25% criminal ceiling (outer bound) | N.Y. Penal Law |
| Above $2.5 million | No cap | Not specified in dataset |
Lender complaints: New York Department of Financial Services (DFS)
02 / Lender directory
Lenders by credit profile
Good to excellent credit
Axos Bank
- Credit profile
- Excellent
- APR range
- 11.79% – 20.84%
- Loan amount
- $7,000 – $50,000
Good to excellent credit
Citi
- Credit profile
- Good - Excellent
- APR range
- 9.99% – 17.49%
- Loan amount
- $2,000 – $30,000
Good to excellent credit
Discover
- Credit profile
- Good - Excellent
- APR range
- 6.99% – 24.99%
- Loan amount
- $2,500 – $40,000
Good to excellent credit
KeyBank
- Credit profile
- Not specified
- APR range
- 8.99% – 22.99%
- Loan amount
- $2,000 – $100,000
Good to excellent credit
LightStream
- Credit profile
- Good - Excellent
- APR range
- 6.74% – 25.39%
- Loan amount
- $5,000 – $100,000
Good to excellent credit
M&T Bank
- Credit profile
- Not specified
- APR range
- 7.74% – 13.94%
- Loan amount
- $2,000 – $5,000
Good to excellent credit
PNC Bank
- Credit profile
- Not specified
- APR range
- 7.89% – 24.99%
- Loan amount
- $1,000 – $35,000
Good to excellent credit
PenFed
- Credit profile
- Good
- APR range
- 7.99% – 17.99%
- Loan amount
- $500 – $50,000
Good to excellent credit
Prosper
- Credit profile
- Good
- APR range
- 8.99% – 35.99%
- Loan amount
- $2,000 – $50,000
Good to excellent credit
Reach Financial
- Credit profile
- Not specified
- APR range
- 5.99% – 35.99%
- Loan amount
- $3,500 – $40,000
Good to excellent credit
Rocket Loans
- Credit profile
- Good
- APR range
- 8.01% – 29.99%
- Loan amount
- $2,000 – $45,000
Good to excellent credit
Santander
- Credit profile
- Not specified
- APR range
- 7.99% – 24.99%
- Loan amount
- $5,000 – $50,000
Good to excellent credit
USAA
- Credit profile
- Good - Excellent
- APR range
- 9.89% – 18.51%
- Loan amount
- $2,500 – $100,000
Good to excellent credit
Wells Fargo
- Credit profile
- Good - Excellent
- APR range
- 6.74% – 25.99%
- Loan amount
- $3,000 – $100,000
Good to excellent credit
Woodforest National Bank
- Credit profile
- Not specified
- APR range
- 7.99% – 11.99%
- Loan amount
- $1,000 – $10,000
Fair credit
Achieve
- Credit profile
- Fair
- APR range
- 6.25% – 35.99%
- Loan amount
- $5,000 – $50,000
Fair credit
Best Egg
- Credit profile
- Fair
- APR range
- 6.99% – 35.99%
- Loan amount
- $2,000 – $50,000
Fair credit
Happen Bank (formerly LendingClub)
- Credit profile
- Fair
- APR range
- 7.04% – 35.99%
- Loan amount
- $1,000 – $60,000
Fair credit
LendingPoint
- Credit profile
- Fair
- APR range
- 7.99% – 35.99%
- Loan amount
- $1,000 – $36,500
Fair credit
Navy Federal Credit Union
- Credit profile
- Fair - Excellent
- APR range
- 8.74% – 18%
- Loan amount
- $250 – $50,000
Fair credit
TD Bank
- Credit profile
- Fair - Excellent
- APR range
- 9.99% – 23.99%
- Loan amount
- $2,000 – $50,000
Fair credit
Upgrade
- Credit profile
- Fair
- APR range
- 7.74% – 35.99%
- Loan amount
- $1,000 – $50,000
Poor or limited credit
Mariner Finance
- Credit profile
- Poor
- APR range
- 15.49% – 35.99%
- Loan amount
- $1,000 – $25,000
Poor or limited credit
OneMain Financial
- Credit profile
- Poor
- APR range
- 18% – 35.99%
- Loan amount
- $1,500 – $20,000
03 / Debt consolidation
Debt consolidation
New York's licensed-lender cap sits at 25% for loans up to $25,000, so a debt consolidation loan should land well under that ceiling, ideally under 15%; for larger loans above $25,000, rules actually get tighter, so comparing lenders matters even more.
04 / Banking and credit unions
Banking in New York
National banks offer scale and convenience, while New York-based regional and community banks compete on relationship banking and faster local lending decisions.
Banks listed
- ChaseNational bank, headquartered in New York, NY.
- CitibankHeadquartered in New York, NY.
- Bank of AmericaNational bank.
- M&T BankHeadquartered in Buffalo, NY.
- KeyBankHeadquartered in Cleveland, OH.
- TD BankU.S. headquarters in Cherry Hill, NJ.
- Capital OneHeadquartered in McLean, VA.
- Santander BankU.S. headquarters in Boston, MA.
Credit unions
New York's credit unions are member-owned, not-for-profit institutions that often post lower loan rates and fewer fees than comparable bank products, with membership tied to living, working, or having other ties to a specific group.
About -0.8% year-over-year median membership growth (Q4 2025 NCUA data), close to a national median of about -0.5%, alongside solid asset growth (about 3.5%).
Shaped by the country's largest and most politically powerful banking industry on its own soil; New York's Banking Law allows the state superintendent to approve a multi-employer state-chartered credit union only if doing so would not be "destructive of competition within a municipality." Growth has been steady but never approached the market penetration of more permissive states.
Federally insured credit union deposits are protected up to $250,000 through the National Credit Union Share Insurance Fund.
Credit unions listed
05 / Debt settlement
Debt settlement
No, not for a typical for-profit company. Under N.Y. Gen. Bus. Law §§ 455-456, "budget planning" is prohibited except as authorized under Banking Law Article 12-C, which only authorizes nonprofit budget planners. A recurring bill (most recently A1427, 2025-2026) would create a real license but has not been enacted despite being reintroduced repeatedly since at least 2011-2012.
06 / Insurance
New York insurance
Regulator
New York Department of Financial Services (DFS)
Insurance regulator websiteAuto insurance
25/50/10
New York requires $25,000 per person / $50,000 per accident bodily injury liability plus $10,000 property damage liability. PIP, uninsured motorist, and underinsured motorist coverage are also required (no-fault state up to a threshold).
Homeowners and renters
$1,455/yr
- State requirement
- No
- National homeowners average
- $1,337/yr
- Renters average
- $164/yr
New York carries exposure to nor'easters and coastal flooding downstate, along with lake-effect winter storms and severe thunderstorms upstate.
07 / Questions
New York FAQs
How do I file a complaint against a lender in New York?
Contact the New York Department of Financial Services (DFS), which licenses and supervises consumer lenders and is also New York's insurance regulator.
How do I file a complaint against my insurance company in New York?
File with the New York Department of Financial Services (DFS).
What's the maximum interest rate a lender can legally charge on a personal loan in New York?
For a licensed lender, 25% flat on any personal loan of $25,000 or less. Above $25,000, a personal loan falls back to a tighter general framework: a 16% civil cap up to $250,000, a 25% criminal ceiling as the outer bound, and no cap above $2.5 million.
What credit score do I need for a personal loan in New York?
It depends on the lender. Banks and credit unions typically want a FICO score of 700+; FinTech lenders work with fair credit (low-to-mid 600s); some lenders serve poor or limited credit at higher APRs.
Are payday loans legal in New York, and are there caps on fees or loan amounts?
No. Payday loans are illegal under the state's 25% criminal usury cap (N.Y. Penal Law § 190.40). DFS has notified debt collectors statewide that they cannot legally collect on a payday loan made in New York since the underlying loan is illegal and void.
How long can a debt collector legally pursue an unpaid debt in New York before the statute of limitations runs out?
The Consumer Credit Fairness Act (effective April 7, 2022) cut the statute of limitations for consumer credit debt from 6 years to 3 years (CPLR § 214-i). Once that 3-year window fully expires, a later payment or acknowledgment does not revive it, unlike most states. Non-consumer written contracts carry a 6-year window (CPLR § 213); judgments remain enforceable for 20 years.
What's the difference between a debt consolidation loan and debt settlement for someone living in New York?
A debt consolidation loan pays off debts in full with newly borrowed money at a fixed schedule, letting credit recover quickly. Debt settlement negotiates reduced balances but requires stopping payments first, damaging credit, and forgiven amounts can be taxable. In New York, for-profit debt settlement isn't licensed, so a debt consolidation loan is the clearly available for-profit path.
