Albany at a glance
- Population: roughly 101,228 people; 6th of 595 places in New York (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 99,239 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: about 2.0% more residents than the 2020 Census base (US Census Bureau).
- Rank among New York places: the 6th-largest of 595 (US Census Bureau, 2023 estimate).
- Size percentile: ahead of around 99% of New York places in population terms (US Census Bureau).
- Coordinates: mapped at 42.6657, -73.7984 by the US Census Bureau Gazetteer.
- Nearest larger cities within 120 miles: Springfield, MA (75 mi); Hartford, CT (84 mi); Waterbury, CT (86 mi); New Haven, CT (104 mi); Worcester, MA (105 mi) (US Census Bureau).
- Smaller places nearby: Rensselaer, NY (4 mi); Menands, NY (4 mi); Colonie, NY (4 mi), per US Census Bureau estimates.
What a personal loan costs in Albany
With an installment loan the payment is fixed for the life of the loan, so the schedule is predictable from the first month to the last.
Compare every quote on APR because it includes the fees the interest rate hides, and check the payment with our personal loan calculator.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
Most lenders offer pre-qualification with a soft credit pull, so you can see an estimated rate and amount without affecting your credit score.
New York lending rules that apply in Albany
Every figure in the table below is sourced to a publisher with a date; where a state does not publish a number, we say so rather than estimate.
| Rule | Detail | Source |
|---|---|---|
| Small-loan / installment lender licensing | Licensed Lender license required (Banking Law Article 9, sections 340-361); administered via NMLS Source says: "The Department of Financial Services uses the Nationwide Multistate Licensing System and Registry (NMLS) to manage the Licensed Lender License." | New York State Department of Financial Services as of 2026-09-16 |
| State lending regulator | New York State Department of Financial Services (DFS) Source says: "Notify the Department of Financial Services at (800) 342-3736 if you believe payday loans are being made in New York" | New York State Department of Financial Services as of 2026-09-16 |
| Criminal usury in the second degree (Penal Law 190.40) | Interest rate exceeding 25% per annum; class E felony Source says: "at a rate exceeding twenty-five per centum per annum or the equivalent rate for a longer or shorter period" | New York State Senate (Open Legislation) as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 16% per annum maximum civil rate (Banking Law 14-a; General Obligations Law 5-501) Source says: "The maximum rate of interest provided for in section 5-501 of the general obligations law shall be sixteen per centum per annum." | New York State Senate (Open Legislation) as of 2026-09-16 |
| Payday lending status | Illegal in New York State, in person, by telephone, or over the Internet Source says: "Payday loans are illegal in New York State." | New York State Department of Financial Services as of 2026-09-16 |
How to compare offers in Albany
A few practical steps will make the process in Albany less costly:
- Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
- Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
- Pre-qualify with at least three lenders and compare the APR, not the interest rate.
- Check that the lender is licensed in New York using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.