Best Personal Loans in New York

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If you need to cover a large expense but don’t quite have enough money, a personal loan may be your solution. A personal loan is a one-time cash infusion that you pay off over time with an installment payment plan. Find a suitable lender using Benzinga’s list of the best personal loans in New York.

Best Personal Loans Through a Credit Union in New York

The appeal of getting a personal loan through a credit union lies in their typically low rates and flexible terms. Credit unions are member-owned and not-for-profit, so revenue is returned to you, often as more competitive offerings.

Loan Amounts
Up to $15,000 unsecured
Terms Offered
12–84 months

Best for Debt Protection: Bethpage Federal Credit Union

Serving its members for more than 75 years, Bethpage Federal Credit Union operates 60 branches in New York and Long Island. Unlike many credit unions, becoming a Bethpage member is open to anybody. You can open an account online in select regions, or visit one of their 2,900 shared service centers throughout the U.S.

Choosing the Bethpage Personal Loan means low, fixed rates with highly flexible terms. Also, you won’t pay application or prepayment fees. You can use your funds for anything, like medical and dental expenses or unexpected emergencies. The application process is painless and you’ll benefit from a dedicated point of contact to help walk you through it.

You may purchase Debt Protection from Bethpage when you sign for your loan. If something unfortunate occurs, like losing your job, Debt Protection will cancel the balance or monthly payment of your loan without consequence. Choose from 4 tiers of coverage billed at a monthly dollar amount per $1,000 of your loan amount.

Current APY
Checking: 0.25% APY and Savings: 0.90% APY
Minimum balance

Best for Fast Funding: Alliant Credit Union

Alliant Credit Union is a highly-rated online credit union with a wide range of financial products. There are several ways you can qualify to be a member. If you don’t meet any of them, sign up to donate with its affiliated charity to gain access. 

Get an unsecured personal loan for up to $50,000 from Alliant. Use it to pay for whatever you want, including debt consolidation. Benefit from a quick application process and funding the same day if approved. 

You won’t pay an origination fee, so you’ll get every dollar you’re approved for. There aren’t prepayment fees, either, so you can save money by paying off the loan as early as you’d like. 

Best Banks in New York Offering Personal Loans

Unlike credit unions, banks are for-profit institutions. That doesn’t mean they don’t give back to their customers. Banks typically adopt new technology and offer new products at a quick pace. Plus, they typically rank high in accessibility, with numerous branches and comprehensive online banking and financial tools.

6.24% – 12.99%
Loan Amounts
$2,000 – $50,000
Terms Offered
Up to 84 months
Origination Fee

Best for Fast Approval: M&T Bank

M&T Bank boasts 690 branches dotting the Eastern seaboard, including many in New York. 

M&T believes in anticipating and meeting customer needs, so it guarantees a fast application process. Rates and terms are competitive. Fees are minimal — you’ll pay late fees and returned payment fees, but no origination fee, application fee or prepayment fee. 

Save more money by paying your loan from a qualified M&T banking account — you’ll get relationship discounts on interest.

You can apply easily online, over the phone and by stopping by a branch.

Best for Relationship Perks: HSBC Bank

A global bank, HSBC Bank serves clients in New York and several other states.

The HSBC Personal Loan is general use with fixed, low rates and terms ranging from 2 to 5 years. If you’re already an account holder with HSBC when you apply for your loan, you’ll enjoy perks like a lower rate and instant transfer. 

You can check your rates for any loan in less than 5 minutes without hurting your credit score. There’s no origination fees, prepayment fees or annual fees associated with this personal loan.

You don’t have to be an HSBC customer to borrow, but being one has major benefits. HSBC offers 3 relationship tiers: Advance, Premier and Jade. Each offers ascending incentives, like better deals on loans, rewards, financial management and fee-less banking.

Best Personal Loans in New York from Online Platforms

Online lenders and loan comparison services make it easy to apply for a loan from the comfort of your couch. 

from 5.95% APR (with autopay)*
Loan Amounts
Terms Offered
2–7 years
Minimum Credit Score

Best for Loan Comparison: Credible

Connect to lenders using Credible’s free loan comparison service. Credible has a fluid, easy-to-use platform. By answering a few questions, you can prequalify for loans without hurting your credit score. This takes less than 2 minutes.

Credible will link you with lenders offering several types of credit and loans: credit cards, mortgages, private student loans, personal loans and refinancing options. 

Loans range from $1,000 to $100,000. Terms and rates depend on individual lenders and your creditworthiness. You can use most personal loans from Credible whatever you choose though some lenders do offer targeted use loans.  

Streamline your loan search using Credible. Choose whichever loan works for you. Credible is so certain it can get you the best possible deal they’re willing to bet on it. If you find a better rate elsewhere, you’ll get $200.

5.99% – 19.96%
Loan Amounts
$5,000 – $100,000
Terms Offered
5, 7, 10, 15 and 20 years
Origination Fee

Best Online Application Process: SoFi

SoFi is a digital lending platform. SoFi offers home loans, private student loans and personal loans. You can also apply for mortgage and student loan refinancing.

SoFi’s personal loan is great for debt refinancing and covering home improvement costs. Borrow anywhere between $5,000 to $100,000. This loan has low, fixed rates and terms ranging from 2 to 5 years.

There are no fees associated with a personal loan from SoFi, like origination fees or prepayment fees.

Prequalify without checking your score and then finish your application online in an easy, 3-part process. Checking your rates doesn’t show up on your credit report. 

Loan Amounts
Terms Offered
3 – 36 months
Minimum Credit Score
Origination Fee

Best for Imperfect Credit: BadCreditLoans.com

When you have poor credit that makes borrowing difficult, an unexpected or emergency expense can affect your financial well being more than it has to.

BadCreditLoans.com is a service linking borrowers to lenders willing to work with poor credit. These loans are designed to provide relief during hard times — not recommended for frivolous purchases, though you can use your fund how you’d like. Loans range from $500 and $5,000, though lenders sometimes cap the loans at $1,000. 

You can improve your credit with these smaller loans. Establishing a history of on-time payments will reflect positively with lenders. And, you can raise your overall credit limit, which also looks good on your credit report. 

The online application process is simple. Get your answer and your funds quickly if you’re approved for a loan.

Personal Loan Considerations

A personal loan is best if you need a lump sum deposit to fund a larger expense or refinance your debt at a lower interest rate. Look for personal loans with low rates, flexible terms and minimal fees. Make sure to only accept a loan with terms that you know you can meet. Be cautious of predatory lenders or bad loans, especially online. 

Personal Loans vs. Credit Cards

Choose a personal loan if you have a specific expense or goal that requires 1 lump sum payment. A credit card is better for small, everyday purchases. Personal loans often have rigid terms and low, fixed interest rates while credit cards are revolving lines of credit and have variable rates that can be quite high.

Frequently Asked Question

Q: What happens if I can’t repay my personal loan on time?

A: It will hurt your credit score, and could hurt your chances of accessing credit in the future. You may also face collateral seizure and hefty fees. Make sure you can meet the terms of your loan before you agree to it.

Q: Can I get a personal loan with bad credit?

A: Some lenders do work with borrowers with poor credit. Some have a minimum credit score. Use a loan comparison service to find a loan that works for you. Also, look for lenders who offer small credit-building personal loans to amp up your borrowing power.

Find a Personal Loan Today

No matter what you need it for, a personal loan is a financially sound way to get extra money when you need it. Low rates and flexible terms often make them a more appealing alternative to credit cards. Get in touch with one of our vetted lenders to apply today.