Salamanca at a glance
- Population: 5,783 (US Census Bureau, Vintage 2023 subcounty estimate), the 150th-largest of 595 places in New York.
- 2020 Census base: the 2020 count put the population at 5,935 (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: the 150th-largest of 595 (US Census Bureau, 2023 estimate).
- Size percentile: roughly 75% of New York's places have fewer residents (US Census Bureau).
- Coordinates: 42.1647 / -78.7413, per the US Census Bureau Gazetteer.
- Nearest larger cities: Bradford, PA (15 mi); Olean, NY (17 mi); Jamestown, NY (26 mi); Warren, PA (30 mi); Fredonia, NY (36 mi); US Census Bureau population estimates.
- Smaller places nearby: Little Valley, NY (7 mi); Ellicottville, NY (8 mi); Cattaraugus, NY (13 mi), per US Census Bureau estimates.
What a personal loan costs in Salamanca
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
The number to compare is the APR, not the interest rate, because the APR folds in origination fees and other charges; our personal loan calculator will show what a given amount and term would cost.
A lender weighs your credit profile, income and debts when setting the rate, and a longer term lowers the payment at the cost of more interest overall.
Before you borrow, decide what the loan is for and whether the monthly payment fits a budget you can already meet without taking on new debt.
New York lending rules that apply in Salamanca
The table lists the New York rules that apply to a loan made in Salamanca, each with the regulator that published it.
| 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 Salamanca
Run through this list before signing anything in Salamanca:
- 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.