OppLoans does not offer bad credit loans in New York — but here's why, and what alternatives are available in your state.
OppLoans is not currently available to New York residents. New York enforces one of the strictest usury caps in the U. If you're a New York borrower with bad credit, see our list of alternative lenders that operate legally in your state.
New York enforces one of the strictest usury caps in the U.S. — 16% civil, 25% criminal. This cap effectively prohibits OppLoans and most other high-APR installment lenders from operating in the state. New York's Department of Financial Services (DFS) actively enforces this ceiling against unlicensed online lenders.
If you are a New York resident, alternatives include Capital Good Fund, Salary Finance, credit union PALs, or federal SBA microloans. See our alternatives guide for New York-eligible lenders.
If OppLoans becomes available in New York in the future, it would likely serve borrowers in:
Before applying for a high-APR loan, New York residents should check these lower-cost options first:
Nonprofit lender operating in New York. Personal loans from $300-$1,500 at 15% APR — dramatically lower than any high-APR alternative.
Serves low-income New Yorkers with credit-builder loans and personal loans starting at 18% APR.
Serves working-class New Yorkers with personal loans and matched savings programs.
Any New York resident with any federal government connection can join. Personal loans starting at 8.99% APR.
New York's 16% civil / 25% criminal usury cap is one of the strictest in the U.S. and was established under Article 5 of the General Obligations Law. The state's rationale: predatory small-dollar lending has historically caused significant financial harm to low-income communities, particularly in New York City boroughs. In 2014, New York's Department of Financial Services shut down operations of dozens of online payday and installment lenders operating without state licenses. The consequence for consumers: nominally fewer credit options, but access to more genuinely affordable alternatives through community development financial institutions (CDFIs). Capital Good Fund alone has funded over $75 million to New York residents at rates 5-10x lower than what OppLoans would charge.
State regulator: New York Department of Financial Services (DFS) enforces state usury laws. Report unlicensed lenders at dfs.ny.gov or call 1-800-342-3736.
Since OppLoans does not operate in New York, focus on lenders that do. Review our alternatives guide for state-eligible options, and consider (1) local credit union Payday Alternative Loans, (2) community development financial institutions (CDFIs), and (3) nonprofit lending programs specific to New York.