Best Credit Builder Loans in New York State
Published: 4 April 2024
Author: Noah Gomez
Finding the right credit builder loan takes time and effort, and
national providers aren't always best. Some local institutions offer
better terms, and in New York we looked at over 32 banks, credit union, and online providers to find the most cost-effective and quality options in the market, to bring you the most value.
Unfortunately, all state-based offers are specific to the city. Don't worry, many multi-state and national offers are available across NY state.
Best Overall
Municipal Credit Union
Avg. Principal: $625
Avg. APR: 6.75%
Avg. Length: 12 months
At 12.46% interest over an honest 12 month schedule, your $625 (avg.) will be well spent with a monthly payment just under $56.
This translates to an average APR of 6.75%, which is below the national average of 7.78%, making is by far the best option or anyone living, working, worshiping, or attending school in New York City.
Best from Bank (Physical)
M&T Bank
Avg. Principal: $51,000
Avg. APR: 8.37%
Avg. Length: 36 months
Best from Credit Union
Municipal Credit Union
Avg. Principal: $625
Avg. APR: 6.75%
Avg. Length: 12 months
Best from Digital Lender
Cheese
Avg. Principal: $1,250
Avg. APR: 10.5%
Avg. Length: 12 months
Best New York State-Only Credit Builder Loans
Best Multi-State Credit Builder Loans Available in New York State
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