Spencer at a glance
- Population: 700, the 478th-largest community in New York out of 595 (US Census Bureau, Vintage 2023).
- 2020 Census base: 726 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: roughly 3.6% fewer residents than at the 2020 Census (US Census Bureau).
- Rank among New York places: 478th largest of 595 (US Census Bureau).
- Size percentile: it is larger than about 20% of the places in New York (US Census Bureau).
- Coordinates: 42.2151, -76.4947 (Census Gazetteer, US Census Bureau).
- Nearest larger cities: Candor, NY (8 mi); Owego, NY (14 mi); Waverly, NY (14 mi); South Waverly, PA (15 mi); Newark Valley, NY (16 mi); US Census Bureau population estimates.
- Smaller towns nearby: Nichols, NY (15 mi); Odessa, NY (17 mi); Millport, NY (18 mi) (US Census Bureau).
What a personal loan costs in Spencer
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.
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.
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 Spencer
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 Spencer
Before you share your details with a lender in Spencer:
- 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.