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


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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