Nichols at a glance
- Population: 456 people, the 533rd-largest place among New York's 595 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 472 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: down roughly 3.4% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among New York places: 533rd largest of 595 (US Census Bureau).
- Size percentile: about 10% of New York's Census places are smaller (US Census Bureau).
- Coordinates: latitude 42.0200, longitude -76.3704 (US Census Bureau Gazetteer).
- Nearest larger cities: Owego, NY (8 mi); Sayre, PA (8 mi); Waverly, NY (9 mi); South Waverly, PA (9 mi); Athens, PA (9 mi); US Census Bureau population estimates.
- Nearest smaller communities: Rome, PA (11 mi); Little Meadows, PA (13 mi); LeRaysville, PA (16 mi) (Census populations).
What a personal loan costs in Nichols
A personal loan is an installment loan: you receive a lump sum and repay it in fixed monthly payments over a set term, usually two to seven years.
Compare every quote on APR because it includes the fees the interest rate hides, and check the payment with our personal loan calculator.
A longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
If you are consolidating debt, the loan only helps if you stop adding to the balances it clears; otherwise the total debt grows.
New York lending rules that apply in Nichols
The table carries the New York rate and licensing rules that apply to consumer loans made in Nichols.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Nichols
Run through this list before signing anything in Nichols:
- 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.