What a loan can cost in New York
Examples at an illustrative rate, never above New York's cap for the amount. They are not quotes.
Representative example
- Amount borrowed
- $500
- Annual percentage rate (APR)
- 25%
- Repayment
- 12 monthly payments
- Payment
- $47.52
- Finance charge
- $70.24
- Total of payments
- $570.24
Example: a $500 installment loan at 25% APR repaid in 12 monthly payments of $47.52 costs $570.24 in total, including a finance charge of $70.24. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Representative example
- Amount borrowed
- $1,000
- Annual percentage rate (APR)
- 25%
- Repayment
- 12 monthly payments
- Payment
- $95.04
- Finance charge
- $140.48
- Total of payments
- $1,140.48
Example: a $1,000 installment loan at 25% APR repaid in 12 monthly payments of $95.04 costs $1,140.48 in total, including a finance charge of $140.48. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Representative example
- Amount borrowed
- $3,000
- Annual percentage rate (APR)
- 25%
- Repayment
- 12 monthly payments
- Payment
- $285.13
- Finance charge
- $421.56
- Total of payments
- $3,421.56
Example: a $3,000 installment loan at 25% APR repaid in 12 monthly payments of $285.13 costs $3,421.56 in total, including a finance charge of $421.56. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Resources in New York
Free and low-cost help in New York, each with its official link and the date we checked it.
Lending regulator and complaints
New York State Department of Financial Services (DFS) licenses lenders in New York.
Check a lender's license File a complaint
dfs.ny.gov Checked September 23, 2026
Attorney general consumer protection
Takes complaints about scams and unfair debt collection.
ag.ny.gov Checked September 23, 2026
211
Help with rent, utilities, food and other urgent bills.
211newyork.org Checked September 23, 2026
Legal aid
Free civil legal help if your income is low; income limits vary.
lawhelpny.org Checked September 23, 2026
Nonprofit credit counseling
Help with a budget or a debt management plan.
nfcc.org Checked September 23, 2026
Benefits portal
Check whether you qualify for food, cash or other benefits in New York.
mybenefits.ny.gov Checked September 23, 2026
Federal complaints
Complaints about any lender, to the Consumer Financial Protection Bureau.
Submit a complaint to the CFPB
consumerfinance.gov Checked September 23, 2026 Available in Spanish
Cheaper options to try first
Worth checking whatever your credit: these can cost less than a high-rate loan.
- Credit union payday alternative loans (PALs). Federal credit unions may offer small loans of up to $2,000 with terms of up to 12 months and an APR no higher than 28%, under NCUA rules (12 CFR 701.21). You usually need to be a member.
- Ask your creditor for a payment plan. Utilities, hospitals and many lenders offer hardship or extended payment plans if you ask before you miss a payment.
- Credit-builder loans: a small loan held in savings while you pay it off, which can help build a payment history.
- Secured credit cards: a card backed by a deposit you make, which can help build credit when you pay on time.
The rules lenders follow in New York
Each rule links to its source. How we research state rules.
Allowed in New York: installment and personal loans. Not allowed: title loans and payday loans.
| Product | Status | APR cap | Amount | Term | License | Law |
|---|---|---|---|---|---|---|
| Installment and personal loans[1][2][3] | Allowed | 25% APR | Up to $25,000 | Not set by statute | Licensed Lender license | N.Y. Banking Law 340-361; N.Y. Gen. Oblig. Law 5-501; N.Y. Banking Law 14-a; N.Y. Penal Law 190.40-190.42 |
| Title loans[4][5] | Not allowed | Not allowed | Not set by statute | Not set by statute | None | N.Y. Gen. Oblig. Law 5-501; N.Y. Penal Law 190.40-190.42 |
| Payday loans[1][4][5] | Not allowed | Not allowed | Not set by statute | Not set by statute | None | N.Y. Gen. Oblig. Law 5-501; N.Y. Penal Law 190.40-190.42 |
| Verified against the statute and regulator on September 23, 2026. Laws change; confirm with the regulator before you borrow. | ||||||
Bars place each APR cap on a 0 to 400% scale; the pin marks the cap. A striped bar means the statute sets no numeric cap.
Rate, fee and license rules in New York
Installment and personal loans
- Rate cap
- New York has two general usury ceilings: civil usury at 16% per annum (General Obligations Law 5-501; Banking Law 14-a, for loans under $250,000 by non-bank lenders or NY-chartered banks) and criminal usury at 25% per annum (Penal Law 190.40-190.42). A licensed lender under Article 9 of the Banking Law (Licensed Lenders, sections 340-361) may charge more than an unlicensed party could, but Article 9 licensees are barred from exceeding the rate that would otherwise be permitted 'if he were not a licensee' absent specific statutory authorization, and generally may not exceed criminal usury (25%) regardless of licensure. A licensed lender may make loans up to $25,000 (individual/personal/family/household loans) or $50,000 (business/commercial loans).
- License
- Licensed Lender license under Article 9 of the New York Banking Law, issued by the New York Department of Financial Services (DFS).
Title loans
- Rate cap
- New York law does not allow title loans.
- Fees
- N/A; product not licensed as a distinct category.
- License
- None; no title loan license exists in New York.
Payday loans
- Rate cap
- New York law does not allow traditional payday loans because their typical APRs exceed both the 16% civil usury cap and the 25% criminal usury cap, and no payday-loan-specific enabling statute or license exists.
- Fees
- N/A; product not licensed as a distinct category.
- License
- None; no payday loan license exists in New York.
Rent and jobs in New York
Typical rent and the jobless rate, to weigh before a loan payment.
Guides for New York borrowers
Check your options in New York
New York questions
Does New York law allow payday loans?
New York law does not allow payday loans. Source: N.Y. Gen. Oblig. Law 5-501; N.Y. Penal Law 190.40-190.42.
What is the most a lender can charge in New York?
By loan type in New York: Installment and personal loans: 25% APR. Title loans: Not allowed. Payday loans: Not allowed.
Where can I file a complaint about a lender in New York?
You can file a complaint with New York State Department of Financial Services (DFS), and you can also submit one to the Consumer Financial Protection Bureau. Both links are under Resources in New York on this page.
How do I check a lender's license in New York?
New York State Department of Financial Services (DFS) licenses lenders in New York. Use the license link under Resources in New York on this page to check a lender before you share your information.
Is there free help paying bills in New York?
Yes. Resources in New York on this page lists free help, including 211, legal aid, nonprofit credit counseling and benefits portal.
Nearby states
- VermontAllowed 24% APR (top tier)
- ConnecticutAllowed 36% APR (top tier)
- PennsylvaniaAllowed 24% APR
- New JerseyAllowed 30% APR
- New HampshireAllowed 36% APR
Sources
- legalclarity.org/new-york-usury-law-interest-rate-limits-and-penalties. Retrieved September 23, 2026.
- dfs.ny.gov. N.Y. Banking Law 340-361. Retrieved September 23, 2026.
- nysenate.gov/legislation/bills/2025/S10390. Retrieved September 23, 2026.
- nysenate.gov. N.Y. Gen. Oblig. Law 5-501. Retrieved September 23, 2026.
- dfs.ny.gov. New York State Department of Financial Services (DFS). Retrieved September 23, 2026.
- National Low Income Housing Coalition. Out of Reach 2026: New York. Retrieved September 23, 2026.
- U.S. Bureau of Labor Statistics. Local Area Unemployment Statistics (LAUS), All States, Seasonally Adjusted. Retrieved September 23, 2026.
Important disclosures
APRs vary by lender and state in New York. Each lender sets its own rates and terms and must show you the APR before you sign.
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- Questions about a lender licensed in New York? Contact the New York State Department of Financial Services (DFS) or file a state complaint.
- You can submit a complaint about any lender to the Consumer Financial Protection Bureau at consumerfinance.gov/complaint.