Silver Springs at a glance
- Population: 720 — 474th in New York, which has 595 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 725 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: population fell about 0.7% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among New York places: 474th of the state's 595 Census places (US Census Bureau).
- Size percentile: it exceeds roughly 20% of New York's Census places by population (US Census Bureau).
- Coordinates: it sits at 42.6601, -78.0845 in the US Census Bureau Gazetteer.
- Nearest larger cities (120-mile radius): Castile, NY (3 mi); Perry, NY (6 mi); Warsaw, NY (6 mi); Nunda, NY (9 mi); Mount Morris, NY (11 mi) (US Census Bureau).
- Smaller places close by: Gainesville, NY (3 mi); Wyoming, NY (11 mi); Leicester, NY (12 mi) (US Census Bureau).
What a personal loan costs in Silver Springs
A personal loan hands you a single sum and a repayment schedule of equal monthly installments over an agreed term.
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.
A longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
Shop with more than one lender and treat pre-qualification as an estimate, since the final terms follow a full application.
New York lending rules that apply in Silver Springs
Each row below is a New York rule with its publisher and the date it was retrieved.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Silver Springs
The steps below are worth completing first when you borrow in Silver Springs:
- 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.