Phelps at a glance
- Population: 1,856 people, the 314th-largest place among New York's 595 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 1,871 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: down about 0.8% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among New York places: 314th-largest of 595 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: larger than about 47% of the Census places in New York (US Census Bureau).
- Coordinates: latitude 42.9581, longitude -77.0621 (US Census Bureau Gazetteer).
- Nearest larger cities within 120 miles: Clifton Springs, NY (4 mi); Newark, NY (6 mi); Geneva, NY (8 mi); Waterloo, NY (11 mi); Palmyra, NY (11 mi) (US Census Bureau).
- Smaller towns nearby: Shortsville, NY (8 mi); Manchester, NY (9 mi); Rushville, NY (16 mi) (US Census Bureau).
What a personal loan costs in Phelps
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
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.
Your credit, income and existing debts drive the rate a lender offers, while the term you pick sets how much interest builds on top.
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 Phelps
Where a figure is not published by the state, the row points to the source instead of guessing.
| 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 Phelps
Here is a short checklist for comparing personal loans in Phelps:
- 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.