Personal loan interest rates in New York currently range from about 3% up to 36%. Borrowing rates will vary depending on a multitude of factors including borrower credit score, income, and debt ratios. Our advice for finding the best rate possible is to shop around and compare personal loan rates from multiple lenders.
Our personal loan rate tool makes comparing rates — along with monthly payments and total interest — simple, helping you choose the most affordable loan. Take a look at our personal loan rate comparison tool to find personal loans in New York from online lenders, banks, and credit unions.
Online lenders in New York currently offer rates ranging from around 3% up to 36%. Borrowers with good to excellent credit will be offered the lowest interest rates while borrowers on the lower end of the credit spectrum will be offered higher interest rates or might be turned down.
Using a personal loan calculator can be helpful to visiualize estimated rates and payments from online lenders based on your credit score.
The APR (annual percentage rate) on a loan personal loan is the interest rate plus all fees, including origination fees. When shopping for a loan or any financial services product it is important to always check APRs for the best cost comparison.
An advantage to applying online in addition to the convenience is that online lenders typically conduct a soft credit check for pre-qualification. This enables consumers to compare rates without having an impact on their credit score. When applying in person at a bank or credit union, they typically do a hard credit check, which can temporarily shave points off your credit score.
Your score is the main determining factor of the rate you’ll pay on the loan. Knowing your credit score is an important part of the borrowing process. There are many ways to check your credit score, we recommend getting a free credit report from Experian.
Here’s what average estimated APRs on personal loans in New York, based on FICO score ranges, currently look like:
|Excellent credit (720 - 850)||13.9%|
|Good credit (690 - 719)||18.0%|
|Fair credit (630 - 689)||21.6%|
|Bad/Poor credit (300 - 629)||27.1%|
Here’s a look at some statistics on personal loan loans in New York.
|Average credit score in New York||712|
|% of New York consumers who have had a personal loan||18%|
|Average size of a personal loan in New York||$15,069|
|Average APR on a personal loan in New York||8.72%|
Pre-qualification is a great tool to use when shopping for a personal loan. Pre-qualifying enables you to qualify with lenders and see the terms and interest rate they are offering you. You can get connected with lenders for personal loans on eNYloans to compare real offers from multiple lenders to find the lowest rate, the process is simple and only takes a few minutes.
Our Goal at eNYloans is to provide access to personal loans, credit cards, student loans, and business loans in New York. We provide in-depth reviews, advice, and powerful tools for all things personal finance in New York. eNYloans.com is a LoanClose Company.
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****APRs, the amount you can borrow, and terms vary depending on the lending partner.
**Personal loans from our partners offer APRs ranging from 3.49% to 35.99% + applicable fees. Our partners personal loan partners offer terms between 2 to 8 years (24 to 84 months). We receive payment from lending partners. * Ex. of a personal loan: A $7,000 loan with an origination fee of 5% will have a funding amount of $6,650, repayable in 36 monthly installments, with an APR of 16.74% would carry monthly a payment of $164 over 3 years.