Fair to Bad Credit Loans in NY

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Last updated January 9th 2022

Commentary is for informational purposes only. See legal disclaimers here.

Trouble Getting Approved in New York?

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New York Usury and Regulations

Summary of New York Usury Law(s) / Quote: "Legal: 16% Contract: 6% but not clear as per the New York State documentation / Judgment: 9% / Corporate: No rate specified"

(WeFindLenders.com endeavors to include the most up to date legal data for New York State, but no guarantee or warranty of any kind is expressed or implied as to the accuracy of said data. This data is not intended to be legal advice. For legal help speak with a lawyer in New York State, and/or contact the New York State government's division of banking and finance - legal statutes researched by FindLaw.com & American Lawyers Quarterly - see credits)

Code § 5-501 (New York Usury Law Snippets of Interest)

Quote: "1.) The rate of interest, as computed pursuant to this title, upon the loan or forbearance of any money, goods, or things in action, except as provided in subdivisions five and six of this section or as otherwise provided by law, shall be six per centum per annum unless a different rate is prescribed in section fourteen-a of the banking law.

2.) No person or corporation shall, directly or indirectly, charge, take or receive any money, goods or things in action as interest on the loan or forbearance of any money, goods or things in action at a rate exceeding the rate above prescribed. The amount charged, taken or received as interest shall include any and all amounts paid or payable, directly or indirectly, by any person, to or for the account of the lender in consideration for making the loan or forbearance as defined by the superintendent of financial services pursuant to subdivision three of section fourteen-a of the banking law except such fee as may be fixed by the commissioner of taxation and finance as the cost of servicing loans made by the property and liability insurance security fund."

New York State Lenders By City

NYC NY / Albany NY / Poughkeepsie NY / Buffalo NY / Queens NY / Manhattan NY / The Bronx NY / Rochester NY / Syracuse NY / Staten Island / Yonkers NY / Jamaica NY / Brooklyn NY / Town of Hempstead NY / Rome NY / Oswego NY / Saratoga Springs NY / Oneida NY / Jersey City NY

Complaints to:

New York State Department of Financial Services / One State Street, New York, NY 10004-1511 / Consumer Toll Free Hotline: 800.342.3736 (Mo.- Fri 8:30 Am - 4:30 Pm). Local: 212.480.6400 / eMail Form

New York Lender Service Area Map

New York Bad Credit Lenders Map - Initial Static Image

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Active lenders in WFL pool serving New York State are based in New York State are based in NYC, Staten Island, The Bronx, Manhattan, Poughkeepsie, Queens, Yonkers, Brooklyn, Syracuse, Rochester, Buffalo, and Albany.

Bad Credit Loan Form for New York State

Fast Loan Pre-App Method
Accessing Bad Credit Lender Pool (?)

Learn about GAP (Gift Angel Program)


New Yorker's Bad Credit Loan Example

Jason from Poughkeepsie had to get approved fast for a $5000 dollar loan. He had bad credit due to his recent divorce, and he was in a such a financial bind he couldn't even sleep at night.

His stress levels were so high he had to seek professional help. He was only a week away from being evicted from his apartment and he just couldn't get approved for a $5000 loan with any of the banks or credit unions near him. He had to pull a rabbit out of his hat soon or he was heading for the street.

When he applied for a loan on one of our sites he thought it was just a Hail Mary attempt at getting approved. Little did he know that We Finder Lenders Inc. was the place he should have started applying from outset. Just like so many borrowers we see on our site(s), he made the mistake of applying online with any lender he could find. From what we read in his Pre-App he likely applied for a loan over a dozen times which had an immeadiate and devastating affect on his FICO score.

He was shocked to find his credit score has actually dropped below 500. It's no surprise to anyone who understand consumer finance, but unfortunately too many consumers in the United States have never been educated on the subject. Regardless of how he ended up in the throes of debtor hell, he had to deal with it lickiy split or his next home was going to be a cardboard box on the street or a homeless shelter in Poughkeepsie.

Now, before I get carried away, Jason does have a full time job working for travel agency. Only problem there was business was way down for him. Before, during, and after his divorce he wasn't able to focus on work. He was too preoccupied and stressed out to focus. Furthermore, after he moved out he was on hook for child support. Long story short, he was drowning in debt, and didn't even have enough income to pay all his bills in full. After six months living on his own (and walking through a fog of anxiety all day), he wasn't making his minimum payments on his credit cards.

For credit cards he had a Visa and a Citibank card. Eventually this caught up with him and his credit score got pummelled. He needed to get approved for this $5000 by the end of the week and the APR on the loan had to be much less than what he was paying on his credit cards. And while we're on the subject of his credit cards, both of them were nearly at the maximum limit. Now interest was rolling over and Jason felt like it wasn't going to be long before HE would be rolling over.

But then it happened.

The morning after he applied for a loan using our Pre-App he woke to three emails. Two emails were from a private lender, and another from a credit union in the Bronx. He spoke with all of them on the phone and weighed out all of his options. He took the loan agreement with the lowest interest rate (14% in his case) and finalized the private lender's documentation via email and phone. I think in his case he used FaceTime to speak with one of the lenders, which is happening more an more these days.

He told us is closing review that the lender was friendly and made him feel so much better after first speaking with them that he slept better than he had slept in over two years.

So for the sake of the math on Jason's bad credit loan we can use our calculator (just below):

  • Loan Amount (principal) = $5000
  • Interest Rate = 14%
  • Term Length = 1 year
  • Monthly Payment = $448.94
  • Total Paid Back = $5387.23
  • Total Interest = $387.23

As stated above the calculator these results are just a rough estimate, because Jason's lender would be charging fees on top of the basic interest. We have no way of knowing what his true APR ended up being. Regardless, he was relieved and happy to not to get evicted.

How Long Did It Take?

Not long in Jason's case. Actual funding to his account took 4 business days, so yeah, just under the wire. This was a good outcome, and his luck started to turn around after that in a big way. A few months later he met a new love of his life and she was also recently divorced. The difference in her case was that she was stinking rich. He ended up moving in with her a little further upstate in Albany.

His next step (with her persuasion and support) was to clean up his credit score and build up his trust level with his existing creditors. He got rid of all his credit cards accept for one pre-paid card, created a realistic budget, and worked out a deal with his ex-wife to look after the kids more in exchange for reducing his support payments. Once again, he was lucky on this one. Too often couples who get divorced just make things as miserable as possible for their ex-partner.

If you live in the State of New York and you're struggling with a bad credit rating we hope our website helps you in some way.


Andy Somerset

Andy Somerset is the son of Lance Somerset who founded the We Find Lenders Pool. He writes for WeFindLenders.com whenever he's not working hard on his degree in finance.

Debt Consolidation Loans in New York

Last 5 debt service loans approved in the State of New York. Source: WFL Lender Pool. Updated Weekly. Principals rounded to the nearest $1000. Relative interest rates listed below in order left to right.

Debt Consolidation Providers In NY

Debt service providers: contact us for listing removal.

Atlantic Bank
404 Park Ave S, New York, NY 10016

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NBT Bank of Syracuse
101 Marshall St, Syracuse, NY 13210

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M&T Bank
911 Central Ave, Albany, NY 12206

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Evans Bank
925 Elmwood Ave, Buffalo, NY 14222

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Lower East Side People's FCU
37 Avenue B, New York, NY 10009

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Melrose Credit Union
13930 Queens Blvd, Briarwood, NY 11435

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Municipal Credit Union
2142 Ralph Ave, Brooklyn, NY 11234

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Hudson Valley Federal Credit Union
4 Tucker Dr, Poughkeepsie, NY 12603

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Fasny Federal Credit Union
107 Washington Ave, Albany, NY 12210

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Buffalo Service Credit Union
3495 Bailey Ave, Buffalo, NY 14215

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WIT Federal Credit Union
22 4th St, Rochester, NY 14609

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Syracuse Federal Credit Union
1400 Erie Blvd E, Syracuse, NY 13210

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Cornell Fingerlakes CU
1022 Ellis Hollow Rd, Ithaca, NY 14850

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NY Debt Consolidation Application Form

New York Application Form
Bad Credit Debt Consolidation Loans (?)

About Debt Consolidation Loans In NY

There is are plenty of banks and credit unions in New York State that can help you with consolidating your debt, but your credit score will have to be at least in the "fair" range. If you have a low credit score you can use our service for applicants with bad credit. With our service your application is sent to over 500 lenders in the United States, including lenders in that only service consumers in the State of New York. Use the debt consolidation application form above to start your loan process.

NY Consolidation Providers Areas

New York Debt Consolidation Loan Providers - Initial Static Image

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$50000 Consolidation Loan In New York

Bob and Brittni were a young couple at the ages of 24 and 25 at the time of their loan request. They had debt piled up so high they though they would never get out of the hole they were in.

It all started with student loans. They were married young and both went to college and successfully got their degrees. The problem was only Brittni managed to get a job with all of her training. She was working full time in Rochester where she grew up.

Bob wasn't so lucky in that he didn't find a job in his field of training (for security purposes they didn't want us to mention their specific fields). He tried finding some basic work that was at least in his field but he wasn't successful in doing so for two years.

Furthermore, they were spending money faster than Brittini could earn it. A typical problem for MANY young people. They feel almost invincible when they're in their early twenties. They think they have forever to pay down their debt and they count on the decades forward in which they feel they can earn plenty of money. Certainly enough money to easily pay for their home, their cars, and all the extras.

The problem is that debt compounds. So unless you're household income is extremely high, it's easy to fall into the debt trap like so many others. It's a huge problem in our society and one that isn't talked about enough.

We see every day first hand how devastating consumer debt can be. We get emails and loan applications sent through our system on a daily basis. Some of the situations are dire. Some people are losing their homes, their vehicles, and even worse, they're losing hope.

On top of all that, if their credit rating drops low enough, they can't get approved for a debt consolidation loan. They start going online and often get exposed to predatory lenders. These shady lenders promise to give them low interest loans with incredible rates.

So incredible it seems to good to be true. And there is a reason why their offers "seem to good to be true".

Because they're not.

So this brings us to our service. What we do is weed out all the garbage in the cesspool and find legitimate lenders who don't abuse and manipulate desperate borrowers.

Essentially, we've done the work for you, and we don't charge you to use our service. It's 100% free to use. You can apply for a consolidation loan using the form on this page and it won't hurt your credit rating at all.

This is what Bob and Brittni did. They filled out their quick pre-app, waited two business days, and viola. They had four different emails from lenders in their State. One was a credit union, one was a bank, and two were private lenders.

They chose the offer from one of the private lenders. They signed the documents and the loan agreement after getting it reviewed by a professional friend of theirs. By the next Monday afternoon they had the money in their bank account. Below you can see the numbers on their loan.

Principal = $85000
Interest Rate = $10.34
Term Length = 10
Monthly Payment = $1139.35
Total Paid Back = $136721.49
Total Interest paid out = $51721.49

You can see the interest on this loan is over $51K. That's expensive, but at the time, it was a less expensive option than what they were dealing with. The creditors they had were charging a lot more than that.

The good news is that Bob found a full time job in his field of training soon after. They easily serviced this new debt.

If you live in the State of New York and you're trying to get approved for a debt consolidation loan, we hope our website helps you find a good lender and a low interest rate.


Andy Somerset

Andy Somerset is the son of Lance Somerset who founded the We Find Lenders Pool. He writes for WeFindLenders.com whenever he's not working hard on his degree in finance.

Credit Counseling Services NY State

1) Consumer Credit Counseling Services of New York / 1635 Ridgewood Avenue / Brooklyn, NY 10013 / Phone: 917.336.3931

2) CCCS For Albany County New York / 1635 Ridgewood Circle / Albany, NY 12205 / Phone: 518.438.0833

3) Bencharge Credit Service of New York / 237 Main Street / Poughkeepsie, NY 12601 / Phone: 845.471.2500

WFL Loan Product Menu

  • Bad credit scores below FICO 650
  • 200+ lenders review your pre-application(s)
  • Applying does not worsen your credit score
  • Interest rates starting as low as 9% (cs)
  • Collateral not always required
  • Funding between 24 hours and 5 days
  • Terms from 6 months to 10 years
  • Borrow between $500 and $50,000
  • Loans for people with 650+ credit scores
  • 500+ lenders can review your application
  • Interest rates starting as low as 7% (cs)
  • Fast approvals and fast funding
  • Line of credit approvals with reasonable APR
  • Borrow between $500 and $150,000
  • Lenders who provide bad credit consolidation
  • Debt settlement or debt relief services
  • 300+ lenders can review your application
  • Interest rates starting as low as 7% (cs)
  • Seamless approval and funding process
  • Debt relief counseling available
  • Borrow form $5000 - $150,000


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