$1K-$10K Unsecured Bad Credit Signature Personal Loans in NYC (Bronx, Brooklyn, Queens, Manhattan)

Special Note – Before entering into a loan agreement for debt consolidation (whether you have bad credit or good credit) you should be aware of the usury laws in your State. Know the law and protect yourself.

Today we are in New York City and we are discussing four different unsecured loans which were applied for from four different boroughs, which includes a $1300 loan in Queens, a $4700 loan in the Bronx, a $7300 loan in Brooklyn, and a $9400 loan in Manhattan. All of these borrowers had bad credit ratings at the time of their applications and they all had FICO scores below 600. As you can surely imagine, we get a lot of applications coming through our websites from NYC. Actually, the vast majority of our loan applications online come from NYC, Houston Texas, Miami Florida, and the State of California.

The increment levels for the loans we collect in our database are all $500 (rounded up), but as you can see in these loan tables, these NYC applicants were finalized for unsecured loans that were not exactly in $500 increments. We thought we should publish the actual finalized amount of money they borrowed from the lenders in New York State.

I know there are plenty of people that go online looking for unsecured loans and have a hell of a time finding real, legitimate, and reputable lenders, who will lend money to people who have bad credit – but rest assured, there are plenty of unsecured loans to be had in the state of New York, and in this specific case, four of the main boroughs of NYC.

The APR levels on these loans do range (as usual), and in the first loan from Queens the APR requested was 6%, with the finalized APR of 8.4%. The loan in the Bronx was requested below 8% APR and finalized at 9.2% APR. The loan in Brooklyn was requested below 4% APR, and finalized at 12.1% APR. The loan in Manhattan was applied for at 7% APR and finalized at 10% APR.

The reason I have listed off all of the interest rates in this introduction is because you need to see the differences between the requested interest rates by the borrowers and the final interest rates approved by the lenders. The reason the APR levels are usually much higher than requested is because these are by-and-large unsecured personal loans, meaning there isn’t any collateral or security involved on the notes. You can safely say that we use the term “notes” loosely, because these are generally small consumer-based loans, and don’t always have a conventional bank involved anywhere down the line of lending.

We have not published any information in, and from, NYC in the past, so it’s also safe to say that we are long overdue in regards to such a major city – arguably the most active lending ground in all of the United States, and once again arguably, in the world. Of course, commercial lending would be the highest amount of movement in the sector, and we focus only on smaller consumer-based lending in the United States.

So without any further delay we would like to get going on our first loan from one of the NYC boroughs. Please keep in mind that we have listed off all of the most common lending amounts that the lenders have approved in the boroughs listed in the tables below, and we have chosen a very typical lending amount, and loan purpose for each borrower/lender transaction.

$1000-$1500 Unsecured Personal Signature Loan in NYC (Queens) 

Our first loan application for an unsecured note is in the Queens borough of NYC, and the lender that approved the loan services the areas of Queens, Elmont, Flushing, Garden City, and Rego Park. He branches out to other areas of New York State, but focuses mostly within the boundaries of NYC. This lender’s most recent loan applications and approvals were to people who have bad credit ratings and live in Hempstead, Oceanside, Bayside, Freeport, and Levittown.

Loan range on average for this lender is $1000-$3000, and they work on high volumes in order to maximize profits on a quarterly basis. This is why the interest rate was so reasonable at 8.4%. This borrower wanted to get an unsecured loan with an interest rate below 6%, and wasn’t able to get anything lower than the 8.4%.

Her FICO score was 525 at the time of borrowing, and the reason for her bad credit rating is due to some credit card bills she had neglected to make payments on. She has a Discover Card that currently has $3500 owing on it, a Visa card with $1800 owing on it, and an Exxon card with $650 owing on it. She also has rental responsibilities for her apartment in Queens which she shares with two other roommates. She doesn’t own a car (which is a good thing if you can get away with it), but the costs of everyday life in NYC are extremely high, as anybody who has lived in there can testify to.

This applicant has all of her bank accounts with the Dime Savings Bank at the corner of the Union Turnpike and Utopia Parkway right across the street from St. John’s University where she went to school for three years. Currently, she has full-time work over in Flushing, but has only been working for that employer for eight months. This short amount of employment time makes it difficult to get approved for an unsecured loan as well, and she had to provide a letter of intent (LOI) from her employer there. We purposely did not disclosedthe applicant’s employer, or what kind of business her employer runs in Flushing, NYC.

Since the Dime Savings Bank wouldn’t approve her, she did try to get approved elsewhere in her borough of Queens but there was nothing really available as far as conventional bank offers go. She tried applying for a small personal loan at the Municipal Credit Union in Jamaica, NYC, and was declined there. She also tried getting approved at the State Savings and Loan Association in Flushing NYC and was declined there as well. After that she tried getting approved at a Electchester FCU in Flushing as well, but was unfortunately not approved there either. As with all of our applicants, she eventually gave up on getting an unsecured loan with a bank in NYC, and went on the Internet to find a solution to her financial problems.

She needed this money to pay for the very basics of life, which was some overdue rent and some groceries. She had some really bad luck in that her apartment was broken into and ransacked, and she lost her computer which he needed for work and for school, and she had to replace that. After replacing her computer, she didn’t have enough money to pay the rent and buy food.

We are happy to say that she was approved for her $1300 loan, and the lender who approved the loan was paid back on time by this borrower.

$4500-$5000 Unsecured Personal Signature Loan in NYC (Bronx)

Our next borrower in line borrowed $4760 over a six-month term. Similarly, like the applicant above in Queens, this applicant was not approved for the APR that he requested. He requested an unsecured loan with an 8% APR and he wanted to initially borrow $10,000. The finalized loan came to $4760 which is clearly because of his DTI (debt to income ratio).

This was a six month term, and an unsecured loan with the finalized APR of 9.2%, with the full amount paid back to the lender of $4887.70. The total interest on the loan was only $127.70, and the closing payment was $67. The installment payments on the six-month loan came to $803.46, which is manageable considering that the applicant makes over $6000 net income each month.

This applicant lives in the Bronx borough of NYC, and works a full-time job in a restaurant over in New Rochelle. He was approved by a lender for this unsecured loan within a two week period which is rather long compared with the other lending and borrowing negotiations we see through on our website. The lender in this case services areas and boroughs all over NYC, but generally has approved personal loans in the Bronx, Mount Vernon, New Rochelle, and Bridgeport.

The last four loans that this lender approved were to applicants/borrowers living in Yonkers, Eastchester, White Plains, and Greenwich. This lender has been giving out bad credit loans to consumers within the range of $3500 and $5500 for the last three years. At one time this lender was providing small business loans as well, and even dabbled in student loans, but they are now only providing unsecured loans to applicants who are fully employed and have poor credit scores. Their APR levels range between 9% and 18%, depending on the financial status of the borrower involved in the application.

The reason this loan was applied for was due to some back taxes that had to be paid to the IRS. This applicant had a small business partnership that went belly up not long before this transaction, and he thought he was done with the whole thing. Unfortunately, he got a letter from the IRS saying that he owed $3800 to the government in back taxes. He wanted to pay off the IRS and get them out of his hair, and at the same time get a repair done on his car. He travels a lot with his work, and his parents live over in New Jersey where he often goes on the weekends to visit family.

This loan was taken out just before Christmas and he was rather desperate because he wanted to make sure to buy some Christmas presents, and manage to get over to his family in Jersey.

As usual, this applicant tried to use his own bank branch which is the Bank of America, but he was declined for an unsecured loan. The BOA wanted to have some security on the note and he didn’t have any form of security to provide – no collateral whatsoever. His FICO score of 540 didn’t help matters much either, and ever since this loan he has been scrambling to clean up his credit score and clean up his financial house. Often borrowers who have FICO scores below 600 find it very difficult to get approved for any kind of financing at all.

$7000-$7500 Unsecured Personal Signature Loan in NYC (Brooklyn) 

This is our third loan application today, and it’s from Brooklyn, NYC. This borrower was initially requesting a loan for $5000, but ended up finding a willing lender who wrapped up all of her debts into one monthly payment of $840.33 over a nine month term. This was a debt consolidation loan, as so many of these unsecured loans are, and the borrower here was looking for an APR of around 4%. Of course, with this borrower’s FICO score of only 560, she wasn’t eligible for such a low interest rate. As you can see, the interest rate that she was approved for ended up being three times that of what she was requesting.

The lender in this unsecured loan does business all through NYC, and some of the recent loan approvals they funded were in Brooklyn, Flatbush, Glendale, Greenwood, Fresh Pond, Gowanus, Cypress Hills, and Crown Heights. All of these loans were approved recently in the above respective order. This lender has been providing unsecured loans for borrowers who have bad credit ratings for over five years now. At one time they used to be providing loans through the Prosper.com website exclusively, but now they do private lending through a variety of peer to peer lending websites.

Unsecured personal loans are the toughest loans to get approved for if you have a bad credit score, with no collateral, no cosigner, and a damaged Teletrack score (if you are trying to get a payday loan or cash advance – which we are not talking about today). Because of this, the interest rates bad credit borrowers end up paying are almost always much higher than what borrowers pay who have good credit ratings.

Seeing that this borrower was approved for a 12.1% interest rate over a nine month installment payment term, you can see in black and white how much your average bad credit loan will cost you in total interest paid to the lender. A 12% rate is actually not that bad in regards to bad credit lending if you consider that the average interest paid on credit cards is around 18%. As long as this borrower doing her debt consolidation understands that she has to change her spending habits, and find ways to earn more each month, she will come out of this fine, and she will be able to clean up her credit rating and raise her FICO score into a fair credit zone. We define a fair credit score being somewhere between 660 FICO to 690 FICO. If you are lucky enough to have a score over 700, you will likely never be declined for extra credit when you need it.

The reason this applicant from Brooklyn needed to get a debt consolidation note is because she had run up her credit cards to over $6000, and she had an outstanding AT&T bill of $850. This really isn’t a dire situation in regards to high interest personal debt, but she was smart to find a solution to her growing debt problem before it got completely out of hand. She doesn’t have any equity in real estate, and doesn’t have any new vehicles that she could use as a form of collateral, so she was simply looking for a cash loan with an interest rate lower than your typical credit card. This is an extremely typical loan request and approval, as so many millions of Americans are carrying allot of personal debt these days. Hopefully, with some new regulations at the State level in New York, and regulations at the federal level coming from Washington as per the Dodd/Frank bill, consumers like this one will have a better chance of avoiding predatory lenders, and getting their financial house in order.

So with a total of $7300 in principal on this note, and a 12.1% interest rate, the total paid back to the lender over the nine month term was $7667, with an $840 installment payment each month, with the closing fee of $105. The time it took to get this loan approved with an unconventional lender was six days in total.

This borrower did try to get approved with her bank branch at the Citibank on Flatbush Avenue, in Brooklyn. She also tried getting approved at the Capital One branch, the Bank of America on Ocean Avenue, the Astoria Federal Savings at Duryea Place, and Chase Bank.

It’s unfortunate that she kept trying to get approved for a loan at several different banks, as every one of those requests for credit was reported to the credit scoring agencies, such as TransUnion, Equifax, and Experian. We always encourage our readers and visitors to avoid making multiple loan applications with several different banks for this reason. Most often, if you can get approved for credit at your own branch, your odds of getting approved with a bank branch that you don’t have any accounts with is extremely slight.

$9000-$10,000 Unsecured Personal Signature Loan in NYC (Manhattan) 

Our fourth loan today from NYC, comes to us from the Upper West Side of Manhattan. This borrower is a young Wall-Street trader who is beginning to make some good coin each month, but because he had some medical problems costing him over $30,000 in uninsured funds, he was desperate to get a loan for $10,000. He also ended up using an unconventional lender instead of his bank branch. His bank of choice is the Sovereign Bank at 2275 Broadway, New York, NY.

He was smart enough not to apply for a loan with other banks such as Citibank, HSBC Bank, TD Bank, or Chase Manhattan. He knew that he was going to have to deal with this outstanding debt he had, in some fashion or some way, but borrowing money from friends or family, or his bank was out of the question.

This borrower lives in a very interesting place being that his apartment is in the Upper West Side right across the street from the American Museum of Natural History. This is a beautiful area of Manhattan, only one block from Central Park (The Lake) he doesn’t own the vehicle yet, except for an RV and a boat that he keeps at his parents place in Houston Texas, and outside of those debts, he doesn’t own any property yet either. This applicant is only 25 years old and has a very promising career ahead of him, and we are guessing that this loan he got will be the last dodgy financial situation he will ever be in. After all, he didn’t get in debt because of bad spending habits – it was purely out of his control, being that it was a medical problem, and if the insurance company was legit and honest, he wouldn’t have ever been in debt.

The actual loan amount was unusual as well in that it came down to a very specific number, and we don’t know why this was the case. All we know is that the total amount borrowed was $9375 over a one year term, with monthly installment payments of $812.28. This was a completely unsecured loan, based on the borrower’s employment and other criteria that the lender had to have satisfied before the note was provided.

The lender for this borrower services all areas of NYC (as all of the NYC lenders above do) and the last personal unsecured loans that this lender approved were to applicants living in Manhattan, Murray Hill, Harlem, Morrisania, Palisades Park, Long Island City, Melrose, and Belmont NYC. This lender has been doing business in NYC for over 10 years now, ever since the Internet started taking a bigger role in the small consumer lending industry. They have been providing unsecured loans for people with bad credit ratings for over six years. The first four years of his lending activity was in commercial lending.

This applicant had a FICO score of 585 at the time of this application, and we are going to presume that he is actively cleaning up his credit score, and taking the necessary steps to avoid another unsecured loan with an interest rate of 10%. He requested an APR of 7% on this note but was finalized at a 10% rate instead. If you are a frequent visitor to our website you will know that the finalized APR on unsecured personal loans is almost always higher than the APR requested by the applicants. As you can surely imagine, this makes perfect sense when you consider how difficult it is to get approved for loan when your credit score is severely damaged.

This concludes this publication in regards to NYC lenders and borrowers who have poor credit ratings. We have tried to cover as much of NYC as possible. There were plenty of different applications and approvals to choose from when we were picking out loans to detail, because there were literally thousands of different loans to choose from. We had many loans coming from the SoHo district of New York and we had loans coming from Dyker Heights, Bergen Beach, Rockaway area, Haberman (Queens), Linden Hill, Chelsea, Chinatown, West Village, the Upper East Side, Midtown Center, Sutton Place, Hells Kitchen, East Harlem, Manhattanville, and the list goes on and on.

We will be stretching out past Yonkers and Greenwich to discuss some of the different loans approved throughout the full State of New York in the future. We have many thousands more to choose from throughout the entire State, including borrowers from Middletown, Newburgh, New Paltz, Woodstock, the Lake Carmel area, Poughkeepsie, Binghamton, Rochester, Syracuse, Buffalo, and even some loans over in the Hamptons (yes, rich people get up to their ears in debt too).

It will be interesting to see the comparisons of these loan applications once they are all published, and there will never be a shortage of examples to use for our documentation. The data we have gathered from the state of New York is like all of our data, in that we have protected all of the borrowers and lenders privacy throughout all the publications, and as requested, we have changed names (and sometimes locations) to protect all parties involved. You can see different unsecured loans from all areas of the United States, including NYC, and the rest of New York State, by doing a simple search using our search function at the top right sidebar of our website. You can also put your own pre-application form through so that lenders can view your request. Simply follow the instructions on how to make that request known to our database of lenders who use our website. We hope you have a great day.