New York at a glance
- Personal loansAllowed 25% APR
- Installment loansAllowed 25% APR
- Emergency loansAllowed 25% APR
- Payday loansNot allowed
- Title loansNot allowed
Loan options in New York
Every loan type we cover is listed, including the ones New York law does not allow, so you can see why and what else can work.
- Personal loansAllowedA lump sum you repay in fixed monthly payments. See what your state allows and what a loan can cost.
- Installment loansAllowedFixed payments over months, not weeks. See your state's rate limits and a worked cost example.
- Emergency loansAllowedMoney for an urgent bill, usually a smaller installment loan. Check your state's limits before you borrow.
- Payday loansNot allowedA short loan usually due in one payment on your next payday. Allowed in fewer states, so read the fee limits first.
- Title loansNot allowedA loan secured by your car title. Allowed in fewer states, and your car is at risk if you cannot repay.
Other ways to borrow
- Credit union payday alternative loans: small loans from federal credit unions with an APR capped at 28% under NCUA rules. (12 CFR 701.21)
- 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.
- Payment plans: many utilities, hospitals and lenders offer hardship plans if you ask before you miss a payment.
What a loan can cost in New York
Worked examples at an illustrative rate, never above New York's rate cap for that loan amount where the law sets one. They are examples, 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 places to turn in New York, each linked to its official source and dated when we last checked it.
Lending regulator and complaints
New York State Department of Financial Services (DFS) licenses lenders in New York. Check a lender's license here, and file a complaint if something goes wrong.
Check a lender's license File a complaint
dfs.ny.gov Checked September 23, 2026
Attorney general consumer protection
The attorney general's consumer protection office takes complaints about scams, unfair debt collection and other business practices.
ag.ny.gov Checked September 23, 2026
211
Call 211 or visit your local 211 site to reach help with rent, utilities, food and other urgent bills.
211newyork.org Checked September 23, 2026
Legal aid
Free civil legal help for people with low incomes, including debt collection, repossession and eviction problems. Income limits vary.
lawhelpny.org Checked September 23, 2026
Nonprofit credit counseling
Nonprofit counselors can help you build a budget or set up a debt management plan. Look for an NFCC or FCAA member agency.
nfcc.org Checked September 23, 2026
Benefits portal
The official site for checking whether you qualify for food, cash or other benefits in New York, and for signing up.
mybenefits.ny.gov Checked September 23, 2026
Federal complaints
Submit a complaint 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.
- Nonprofit credit counseling. A counselor accredited by the National Foundation for Credit Counseling can help you build a budget or a debt management plan.
- 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.
- Local assistance. Call 211, or visit 211.org, for emergency help with rent, utilities and food in New York.
The rules lenders follow in New York
These rules protect you as a borrower and explain the labels above. Each one links to the source we took it from. 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 under Article 9 of the New York Banking Law, issued by the New... | 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. Sources describe payday lending as prohibited under both civil and criminal usury statutes.
- Fees
- N/A; product not licensed as a distinct category.
- License
- None; no payday loan license exists in New York.
Money snapshot for New York
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.
Can I get a loan in New York with a 500 credit score?
Lenders look at more than your score, such as income and existing debts, and each sets its own rules. BadCreditMD cannot tell you whether a lender will approve you.
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. Census Bureau, Population Division. Vintage 2024 National and State Population Estimates. 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
Illustrative range for installment loans in New York: APRs from 5.99% to 25%, where the state APR cap is 25%. This range is not a quote; each lender sets its own rates. Your APR depends on your credit, income, state and the lender.
- BadCreditMD is not a lender or broker and does not make loans or credit decisions. When you submit a request, a lending network partner shares it with third-party lenders, and those lenders or the partner may pay us a fee for each referral. The lenders decide whether to offer you a loan.
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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.