Sherman at a glance
- Population: the Census estimates 671 residents, ranking 484th of 595 places in New York (Vintage 2023).
- 2020 Census base: 684 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: roughly 1.9% fewer residents than at the 2020 Census (US Census Bureau).
- Rank among New York places: 484th of the state's 595 Census places (US Census Bureau).
- Size percentile: about 19% of places in New York are smaller (US Census Bureau).
- Coordinates: latitude 42.1592, longitude -79.5943 (US Census Bureau Gazetteer).
- Nearest larger cities (120-mile radius): Mayville, NY (8 mi); Westfield, NY (11 mi); North East, PA (13 mi); Lakewood, NY (15 mi); Corry, PA (16 mi) (US Census Bureau).
- Nearest smaller communities: Panama, NY (8 mi); Bemus Point, NY (10 mi); Bear Lake, PA (12 mi) (Census populations).
What a personal loan costs in Sherman
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
The APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
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 Sherman
Where a figure is not published by the state, the row points to the source instead of guessing.
| 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 Sherman
These steps are the ones that most affect the offer you receive in Sherman:
- 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.