Pelham at a glance
- Population: the Census estimates 7,138 residents, ranking 127th of 595 places in New York (Vintage 2023).
- 2020 Census base: 7,326 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: a loss of about 2.6% since the 2020 count (US Census Bureau).
- Rank among New York places: 127th of the state's 595 Census places (US Census Bureau).
- Size percentile: it exceeds roughly 79% of New York's Census places by population (US Census Bureau).
- Coordinates: 40.9111, -73.8077 (US Census Bureau Gazetteer).
- Nearest larger cities within 120 miles: Mount Vernon, NY (1 mi); New Rochelle, NY (2 mi); Yonkers, NY (4 mi); Mamaroneck, NY (5 mi); Scarsdale, NY (6 mi) (US Census Bureau).
- Smaller places nearby: Pelham Manor, NY (1 mi); Bronxville, NY (2 mi); Tuckahoe, NY (3 mi), per US Census Bureau estimates.
What a personal loan costs in Pelham
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.
APR, not the simple interest rate, reflects what the loan actually costs once fees are included; the personal loan calculator puts a figure on it.
Choosing a longer term eases the monthly budget but adds interest over the life of the loan; a shorter term costs more per month and less overall.
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 Pelham
The New York rate caps and licensing rules that reach Pelham are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Pelham
Run through this list before signing anything in Pelham:
- 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.