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A Guide to Poor Credit Loans in New York

We help people in New York get bad credit loans. We understand life can be tricky and some people have a poor credit score to reflect that. It's not the end of the world. We may still be able to get you approved for a loan in NY.

Did you know that the average credit score in the United States is currently at an all-time high of 695? If you live in New York and you have a poor credit score, keep reading to learn how you can still get approved for a short term loan.

The good news is if you've been down on your luck and have poor credit, there are options. Poor credit loans are personal loans offered to people with weak, bad or no credit.

Who Offers Bad Credit Loans in New York?

Banks, credit unions, and online lenders offer them. These are not payday loans, these personal loans offer extended monthly payments. A payday loan is due in full on your next paycheck. 

If you're trying to buy a home or car in New York, we've got the lowdown on getting poor credit loans.


How Do Poor Credit Loans Work?

Unfortunately, a lender will charge you extra interest. If you have bad credit, that means you have a history of paying your debts late or not at all.

It's a big risk for lenders to let you borrow more money. You already have a history of not paying your debts, so why should they believe you've changed?

What is the Interest Rate on a Bad Credit Loan in NY?

Even if they lend you $1,000, they're taking a risk that they're not going to be repaid. To compensate themselves, lenders charge higher interest rates to people with bad credit.

Higher interest rates is how they compensate for higher defaults.

Poor credit loans sound like a great idea if you need the cash in New York, but by doing your research, you'll see they make your financial life worse.

Unsecured Loans in NY

Rules and regulations for consumer loans in New York.

The state of New York capped the interest rate lenders can charge consumers at 25%. - N.Y. Penal Code 190.40

Your first option is an unsecured poor credit loan. This means you sign a contract and promise to repay the loan according to the terms and conditions.

Loan Amounts: $100 | $200 | $300 | $500 | $1000 | $2000 | $5000 +

If you fail to repay the loan, the lender may pursue a collections agency or take legal action. Credit cards and student loans are your typical unsecured poor credit loans.

New York Department of Financial Services Offices

New York City - Main Office

New York State Department of Financial Services
One State Street
New York, NY 10004-1511


New York State Department of Financial Services
One Commerce Plaza 
Albany, NY 12257


New York State Department of Financial Services
Walter Mahoney Office Bldg
65 Court Street, Room 7
Buffalo, NY 14202

Garden City

1399 Franklin Avenue
Suite 203
Garden City, NY  11530


New York State Department of Financial Services
28 Hill Street, Room 210
Oneonta, NY 13820


New York State Department of Financial Services
333 East Washington Street
Syracuse, NY 13202

How to file a complaint

New York City | Buffalo | Rochester | Yonkers | Syracuse | Albany

What is a Secured Loan?

You have to use your car or home as collateral to secure the loan. This means that if you're unable to repay it, the lender can take your car or home (collateral) and sell it.

Don't let this happen to you!

Mortgages and car title loans are the biggest examples of a secured loan.


Lenders for Poor Credit Loans in New York

Now that you know your options, it's time to find a lender. Look for one that offers personal installment loans, considers your ability to repay the loan, performs a soft credit check, offers repayment plans and reports your payments to a credit bureau. Remember, the credit offered are not payday loans. 

Poor credit loans are risky and more expensive than traditional financing. If your lender doesn't check your credit, that's a red flag that they aren't offering you a responsible loan.

In a nutshell, if they don't care about your credit, they don't care about you.

Fixing Your Credit

Is it possible to bounce back from having bad credit? Of course!

Pay your bills on time. Talk with a New York credit counselor if you're concerned about making ends meet.

The Bottom Line

A bad credit score is below 630. Don't take out any poor credit loans if you don't have to.

Compare the rates and terms of each loan to find the most affordable lender. Note that the max annual percentage rate of a federal credit union is around 18 percent. If you don't need a loan, wait and work on your credit.

Next: New Jersey Poor Credit Loans

For more information on poor credit and what options you have, visit our blog!

Material Disclaimer:

By using poorcredit.org you agree to all of our terms and condition and privacy policy, see below. We make no attempt to solicit financial products. We are a publisher and not a lender or financial advisor.
All loan terms are between you and the lender that may offer you short term credit. We have no access to the interest rate, loan duration, payment amounts, or annual percentage rate (APR). Not all lenders are able to offer you the amount you request. Annual percentage rate may be dictated by the laws of the state where you reside. This may limit your ability to access credit. All lending decisions are made by lenders, not us. Read all terms and conditions provided by the lender prior to accepting a legally binding loan agreement. 
Short term credit is not a long term financial solution. It should only be use in an emergency until a less expensive option is available. Void where prohibited. 
We receive compensation from lenders for providing your information in an attempt to help you get a funded by one of these lenders. We make no guarantee you will receive the amount you request on your application or that you will receive any loan offer with specific terms. Everything on our website should be considered an advertisement that we may be compensated for.
Our website uses cookies track consumers as they visit our website with a time, date, IP Address stamp.
Most of the lenders in our network do not use a typical credit check, meaning with the 3 main credit bureaus. They may review an personal loan industry specific report such as DataX or Teletrack.
Services on our website are free to use. You will not be charged to submit an application. Installment loans and payday loans should be use only as a temporary solution.
Must be 18 years old to apply and be a full time citizen of the United States.
If you have any complaints about a lender you can contact the Consumer Financial Protection Bureau (CFPB) at:
Mail a complaint
Consumer Financial Protection Bureau
PO Box 2900
Clinton, IA 52733-2900
or call: (855) 411-2372

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