By: Loanclose Staff

About Personal Loans in New York

Personal loans are an unsecured loan that are deposited into your bank account as soon as the same day. These loan types have been gaining popularity over the past few years and are helping the citizens of New York take control of their finances. What are making personal loans so popular is the fact that they are unsecured so they don’t require collateral. What is also making personal loans so appealing is that they are a fixed loan, meaning that you will have the same exact same monthly payment for the life of your loan, the rates will not change. Personal loans have many uses and can be used to fund any large purchases whether it’s a home repair to a medical expense, personal loans are also popularly used to consolidate credit card debt.

How to get Personal Loan Online in New York

With the popularity of online personal loans, you might be asking yourself how someone gets a personal loan online in New York.  The first step to finding a personal loan online in New York is to find a reputable lender, this might be difficult due to the fact that not all online lenders are able to do business in New York, which can lead to frustration when after applying to a lender you find out you were denied because they don’t lend in your state. Thankfully, you’ve come to right place, we here at eNYloans.com can connect you with the best personal loan companies online in New York based on your exact customized financial situation. To be connect to your personal loan, click here.

Personal loans in New York

What to look for in Personal Loan in New York?

When looking for the best personal loan available there are many important factors you need to keep an eye on. The biggest factor involved in personal loans is the APR (often referred to as the rate). The APR is the percentage of interest that is charged for borrowing money. The APR of a personal loan can range anywhere between 5.99% up to 35.99%. The APR is calculated by a lender by looking at several data points. These data points are important for lenders decide your interest rate as they are run through a series of computer functions to decide risk. These data points include but are not limited to:

  • Your Credit Score (many lenders have strict cutoffs, usually 580+)
  • Your debt to income ratio
  • Your Credit History
  • Employment status
  • Your household or personal income (usually between $20,000 to $40,000 as a minimum)
  • Alternative data (ex. your education)

What is The Typical Interest Rate on a Personal Loan in New York?

Now that we know what factors go into lenders deciding an interest rate, its time to learn where do personal loan interest rates typically stand. While Your credit score is the largest factor in determining your interest rate, most consumers getting personal loans have a credit score between 640 and 720, they will see rates of around 10% to 20%. The following is a better break down of personal loan interest rates and on the spectrum of credit score.

 

Expected Personal Loan Interest Rate in New York by Credit Score

Credit Score RangeCredit ScoreExpected Interest Rate
850 – 720Excellent10.3% – 13.5%

720 – 680

Good13.5% – 15.5%

679 – 640

Average17.8% – 19.5%

640 – 300

Below Average19.5% – 36.99%

If you find yourself having below a 580-credit score, you might find it difficult finding a personal loan. This does not mean that you should turn to payday loans as they have extremely high-interest rates (in excess of 100%) and you can easily fall into a cycle of debt with a payday loan.

How do I get my Personal Loan in New York?

Since only certain United States lenders can lend online in New York, finding a lender who offers fair interest rates on personal loans online in New York might be difficult. Thankfully we here at eNYloans.com are here to help. We did our research so we don’t have to, here is a list of the best lenders online in New York who offer personal loans.

A few Personal Loan Lenders in New York (Select Below to See More)

Lender APR Range Available Terms Min Loan Amount Max Loan Amount
National Funding logo

15% - 30%

Estimated APR

Up to 1 Year

Available Terms

$5,000

Min Loan Amount

$500,000

Max Loan Amount
See Your Rate

Rate Range*

15% - 30%

Loan Terms*

Up to 1 Year

$5,000 up to $500,000

Loan Amount Range*

About National Funding Business Loans

National Funding, based out of San Francisco has originated over $1.5 billion in loans. They offer short term business loans, merchant cash advances and equipment financing

Loan Features

Loan Amount

National Funding offers Business Loans with a minimum loan amount of $5,000 and a maximum loan amount of $500,000.

Loan Term

National Funding offers Business Loans terms ranging from Up to 1 Year.

Good For

This loan would be ideal for This loan is good for businesses who need fast access to capital and don't want to hold the loan for a long time..

Features and Benefits

  • 2% origination fee
  • Requires no collateral, borrowers must sign a personal guarantee. This puts borrowers' credit and personal assets at risk in the case of default.
  • Fast funding, get you loan funded as fast as 24 hours
  • Daily or weekly payments of 6 to 15 months

Lender Requirements

  • Be in business for at least 1 year
  • A minimum credit score of 600
  • Make at least $100,000 in annual revenue
  • Three months of bank statements a requirement when applying

LendKey logo

3.49% - 7.75%

Estimated APR

5, 7, 10, 15 or 20 Years

Available Terms

$5,000

Min Loan Amount

$250,000

Max Loan Amount
See Your Rate

Fixed Rate*

3.49% - 7.75%

Advertised Rate*

1.9% - 8.65%

Terms*

$5,000 - $250,000

Loan amount

Types of Student Loan Refinance

Private Student Loan Refinancing

LendKey offers refinancing on private student loans.

Federal Student Loan Refinancing

LendKey also offers refinancing on federal student loans as well.

Features & Benefits

Loan Amount

LendKey offers a minimum loan amount of $5,000. The offer loans of up to:

  • Undergraduate: $125,000
  • graduate: $250,000
  • Medical, Dental or Vetenary: $300,000

Loan Term

LendKey offers loan refinancing terms of 5, 7, 10, 15 or 20 Years

Good For

Individuals who want a loan from a local or community bank at the lowest rate possible.

Features and Benefits

  • Comparison system
  • Large lender network
  • Private and federal student loan refinancing
  • Fast loan decision
  • Co-signers allowed

Lender Requirements

  • Minimum income of $24,000 to $12,000 per year (with co-signer)
  • A minimum debt-to-income ratio of 50%
  • Available, even if you've filled for bankruptcy
  • Must be a U.S. citizen
  • Minimum education level: Associates Degree
Kabbage logo

24% - 99%

Estimated APR

6, 12, or 18 Months

Available Terms

$2,000

Min Loan Amount

$250,000

Max Loan Amount
See Your Rate

Fixed Rates*

Variable Rates*

Loan Terms*

6, 12, or 18 Months

$2,000 up to $250,000

Loan Amount Range*

About Kabbage Business Loanss

Kabbage is an online lending leader for business loans that offers fast access to working capital. Kabbage offers a simple application process, higher approval rates than traditional banks and extremely quick funding.

Loan Features

Loan Amount

Kabbage offers Business Loanss with a minimum loan amount of $2,000 and a maximum loan amount of $250,000.

Loan Term

Kabbage offers Business Loanss terms ranging from 6, 12, or 18 Months.

Good For

This loan would be ideal for Businesses with all credit who need access to capital fast..

Features and Benefits

  • Extremely fast business funding
  • Short repayment period
  • Available to business owners with unideal credit
  • Easy application, no paperwork. Simply connect a business checking account, bookkeeping software or payment platform.

Lender Requirements

  • A business checking account
  • At least 3 months of records
  • A minimum average bank balance of $2,500
  • The borrower must have at least 25% ownership of the business
  • Kabbage doesn't look at your business credit score
  • Cannot have more than 3 non-sufficient fund transactions in the last 30 days.

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