Panama at a glance
- Population: roughly 455 people; 534th of 595 places in New York (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 465 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: down about 2.2% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among New York places: 534th in population of 595 places (US Census Bureau).
- Size percentile: about 10% of New York's Census places are smaller (US Census Bureau).
- Coordinates: it sits at 42.0686, -79.4872 in the US Census Bureau Gazetteer.
- Nearest larger cities: Sherman, NY (8 mi); Lakewood, NY (9 mi); Sugar Grove, PA (10 mi); Celoron, NY (11 mi); Corry, PA (12 mi); each population is a US Census Bureau estimate.
- Nearest smaller towns: Bear Lake, PA (5 mi); Bemus Point, NY (8 mi); Wattsburg, PA (17 mi) — US Census Bureau populations.
What a personal loan costs in Panama
Personal loans are closed-end installment debt, so the monthly payment and the payoff date are known from the start.
Compare offers on APR rather than the headline rate — the APR includes most fees, and you can model the total with our personal loan calculator.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
Pre-qualifying with several lenders takes minutes, uses a soft pull, and gives you real numbers to compare before any hard inquiry.
New York lending rules that apply in Panama
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 |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Panama
Before you commit to a personal loan in Panama, work through these steps:
- 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.