Troy at a glance
- Population: about 50,607 residents, ranking 13th of 595 Census places in New York (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 count put the population at 51,419 (US Census Bureau).
- 2020 to 2023 change: about 1.6% below the 2020 Census base (US Census Bureau).
- Rank among New York places: the 13th-largest of 595 (US Census Bureau, 2023 estimate).
- Size percentile: about 98% of New York's Census places are smaller (US Census Bureau).
- Coordinates: it sits at 42.7358, -73.6753 in the US Census Bureau Gazetteer.
- Nearest larger cities (120-mile radius): Albany, NY (8 mi); Schenectady, NY (14 mi); Chicopee, MA (68 mi); Springfield, MA (72 mi); Bristol, CT (82 mi) (US Census Bureau).
- Nearest smaller towns: Green Island, NY (1 mi); Watervliet, NY (2 mi); Cohoes, NY (3 mi) (US Census Bureau).
What a personal loan costs in Troy
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.
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.
The term is the lever: extend it and the payment falls while total interest climbs; shorten it and the reverse happens.
A payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
New York lending rules that apply in Troy
Each row below is a New York rule with its publisher and the date it was retrieved.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Troy
Run through this list before signing anything in Troy:
- 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.