Alfred at a glance
- Population: about 4,789 residents, ranking 176th of 595 Census places in New York (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 count put the population at 4,067 (US Census Bureau).
- 2020 to 2023 change: about 17.8% more residents than the 2020 Census base (US Census Bureau).
- Rank among New York places: 176th of 595 by population (US Census Bureau, Vintage 2023).
- Size percentile: roughly 70% of places in New York rank below it by population (US Census Bureau).
- Coordinates: 42.2543 / -77.7896, per the US Census Bureau Gazetteer.
- Nearest larger cities: Hornell, NY (8 mi); Bath, NY (25 mi); Olean, NY (35 mi); Geneseo, NY (38 mi); Corning, NY (38 mi) — straight-line distances, US Census Bureau populations.
- Smaller places close by: Almond, NY (5 mi); Andover, NY (7 mi); North Hornell, NY (9 mi) (US Census Bureau).
What a personal loan costs in Alfred
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
Because the APR includes origination and finance charges, it is the honest comparison number; the personal loan calculator turns an APR and term into a monthly payment.
Because interest accrues for longer, a longer term means a lower installment and a higher total cost — decide which matters more to you.
A useful rule is to keep the new payment inside the room your budget already has, so the loan eases pressure instead of adding to it.
New York lending rules that apply in Alfred
Where a figure is not published by the state, the row points to the source instead of guessing.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Alfred
Run through this list before signing anything in Alfred:
- 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.