Best Debt Consolidation Loans in Massachusetts 2024

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Updated: October 23, 2024

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Debt consolidation loans are unsecured personal loans that you can use to pay off multiple debts, including credit card debts and student loans, at a lower interest rate.

MoneyGeek analyzed 23 lenders and found Truist to be the top choice for debt consolidation loans in Massachusetts, scoring 96 out of 100. Although Truist stands out in our analysis, you may also want to contact local lending options like Somerset Federal Credit Union and New Bedford Credit Union to see if they fit your borrowing needs.

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2024

Best Debt Consolidation Loans in Massachusetts

Best Overall - Truist
Runner-Up - PenFed
Best for Affordability - Wells Fargo
Best for Large Loans - PNC
Best for Fast Funding - Rocket Loans

Overall Best Debt Consolidation Loan Lender in Massachusetts

Company logo for Truist
Truist
MoneyGeek Score:
96/ of 100
APR Range8.87% to 17.82%
Loan Amount RangeFrom $3,500
Repayment Terms24 to 60 months
Time to Receive FundsSame Day
Overview

Truist offers the best debt consolidation loan in Massachusetts, with a MoneyGeek score of 96 out of 100. Its competitive rates, loan terms, quick fund disbursement and reputation make it an ideal lender.

Truist's APR range of 8.87% to 17.82% offers competitive rates that can help borrowers save on interest. The loan amount range starting from $3,500 provides flexibility for various financial needs. Additionally, the same-day fund disbursement ensures that borrowers can quickly access the funds they need to consolidate their debt efficiently.

Runner-Up for Best Debt Consolidation Loan in Massachusetts

Company logo for PenFed
PenFed
MoneyGeek Score:
96/ of 100
APR Range8.99% to 17.99%
Loan Amount RangeUp to $50,000
Repayment TermsUp to 60 months
Time to Receive Funds1 to 2 Business Days
Overview

PenFed is another solid option for a debt consolidation loan in Massachusetts, with a MoneyGeek score of 96 out of 100.

It offers a low APR range of 8.99% to 17.99%, which can help borrowers save on interest payments over the life of the loan. It also offers a high loan amount of up to $50,000, allowing borrowers to consolidate larger amounts of debt into a single loan. Additionally, PenFed offers quick fund disbursement, with funds available in 1 to 2 business days. This can be particularly useful for borrowers who need to pay off high-interest debts quickly.

Best Debt Consolidation Loan in Massachusetts for Affordability

Company logo for Wells Fargo
Wells Fargo
MoneyGeek Score:
94/ of 100
APR Range7.49% to 24.99%
Loan Amount Range$3,000 to $100,000
Repayment Terms12 to 84 months
Time to Receive Funds1 to 3 Business Days
Overview

Wells Fargo offers the best debt consolidation loan in Massachusetts for borrowers who prioritize affordability, with a MoneyGeek score of 94 out of 100. Its APR range is 7.49% to 24.99%.

It stands out for having no origination fees, which means you won't have to pay extra costs upfront. It also offers rate discounts that can lower your overall interest rate, saving you money over the life of the loan.

Best Debt Consolidation Loan in Massachusetts for Large Loan Amounts

Company logo for PNC
PNC
MoneyGeek Score:
96/ of 100
APR RangeUp to 24.99%
Loan Amount Range$1,000 to $35,000
Repayment Terms6 to 60 months
Time to Receive Funds3 Business Days
Overview

PNC offers the best debt consolidation loan in Massachusetts for borrowers who need a large loan amount or longer repayment terms, with a MoneyGeek score of 96 out of 100. It provides loan amounts ranging from $1,000 to $35,000 and repayment terms of 6 to 60 months.

PNC's flexible repayment terms can help a borrower who needs more time to pay off their consolidated debt, reducing monthly payments and making it easier to manage their finances. Additionally, the quick fund disbursement within 3 business days ensures that borrowers can promptly address their debt consolidation needs.

Best Debt Consolidation Loan in Massachusetts for Fast Funding

Company logo for Rocket Loans
Rocket Loans
MoneyGeek Score:
95/ of 100
APR Range9.116% to 29.99%
Loan Amount Range$2,000 to $45,000
Repayment Terms36 or 60 months
Time to Receive FundsSame Day
Overview

Rocket Loans offers the best debt consolidation loan in Massachusetts for borrowers who need funds quickly, with a MoneyGeek score of 95 out of 100. You can receive funds the same day, making it an ideal choice for urgent financial needs.

Rocket Loans also has flexible loan terms, which can help a borrower choose a repayment plan that fits their financial situation, ensuring they can manage their consolidated debt more effectively.

Should You Get a Loan to Consolidate Debt in Massachusetts?

Using a debt consolidation loan in Massachusetts can simplify your finances by merging multiple payments into one, but it's not always the best option. For example, if the interest rate on the new loan is higher than your current debts, it might not make sense. Consider your specific situation before deciding.

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    Good Credit

    Having good credit can get you better interest rates and lower monthly payments on a debt consolidation loan in Massachusetts.

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    High-Interest Debt

    Consolidating high-interest debt can lower the interest rates you're paying. For example, reducing from 20% to 10%.

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    Multiple Payments

    Combining several monthly payments into one can simplify your finances. For example, one $500 payment instead of five $100 payments.

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    Lower Monthly Payments

    A debt consolidation loan can lower your monthly payments. For example, reducing from $600 to $400 per month.

When You Shouldn't Get a Debt Consolidation Loan

  • When your new monthly payment is higher: A higher monthly payment can strain your budget further, leading to more financial stress rather than relief.
  • When you can pay off debt in a year: If you can clear your debt within a year, a consolidation loan might not be necessary. Short-term sacrifices could save you interest.
  • When your income is unstable: Unpredictable income makes it hard to commit to fixed monthly payments. This could lead to missed payments and additional fees.
  • When your DTI ratio is high: A high debt-to-income ratio can result in loan denial or unfavorable terms. Improving your DTI before applying for a debt consolidation loan in Massachusetts is a better strategy.

How to Get a Debt Consolidation Loan in Massachusetts

The average amount of personal loan debt in Massachusetts is $127,277, significantly higher than the national average of $104,215. In Massachusetts, the average monthly debt is $10,606.

Using a personal loan to consolidate debt in Massachusetts can simplify your payments and potentially lower your interest rates. Going into the process blindly can lead to higher interest rates and damage your credit score. To avoid these risks, follow these steps to apply for a debt consolidation loan.

1
Review your debts and credit score

Account for existing debts to see which ones to consolidate, especially credit card debt. Choosing the wrong debts can lead to higher interest rates and longer repayment periods. Check your credit scores. To improve your credit score, pay bills on time and reduce outstanding balances.

2
Compare loan terms from lenders

Compare loan terms from multiple lenders to find the best deal. Ensure the loan can be used for consolidating debts. Look at APRs, loan limits, and how soon you can receive the funds.

3
Check for extra benefits

Some lenders offer additional features that could benefit you. For example, in Massachusetts, Achieve and PNC offer rate discounts that could save you money in the long run.

4
Watch out for fees and penalties

Some lender features could be drawbacks. In Massachusetts, Best Egg charges an origination fee and Upgrade charges a late fee. These fees can impact your short- and long-term finances.

5
Get prequalified

Prequalification helps you gauge your eligibility for loans without affecting your credit score. It involves a soft credit check, which doesn't impact your credit score.

6
Complete your loan application

Prepare the necessary documents — such as ID, proof of income and bank statements — to complete your loan application faster.

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WHAT TO DO IF YOU'RE DENIED A DEBT CONSOLIDATION LOAN IN MASSACHUSETTS

Lenders might deny your loan application due to a low credit score or a high debt-to-income ratio. Before applying for a debt consolidation loan in Massachusetts, check your credit report for errors and pay down existing debts to improve your financial standing.

You can also consider reaching out to credit counseling agencies like Cambridge Credit Counseling Corp. and American Consumer Credit Counseling, Inc. to help manage your debts better. Another option is to use a 0% APR balance transfer credit card, which allows you to transfer existing debt to a new card with no interest for a promotional period, helping you pay down debt faster.

FAQ: Debt Consolidation Loans in Massachusetts

MoneyGeek addresses common questions borrowers have about debt consolidation loans in Massachusetts to help you understand how debt consolidation can simplify your finances.

What is a debt consolidation loan in Massachusetts?
What's the best debt consolidation loan lender in Massachusetts?
Can I get a debt consolidation loan in Massachusetts if I have bad credit?
Can a credit counseling agency in Massachusetts help manage debt?
When should I get a debt consolidation loan in Massachusetts?

MoneyGeek analyzed 23 national lenders licensed to do business in Massachusetts, based on a rubric that includes APR ranges, loan amounts and repayment terms, among other key areas. We use a point-based system and assign scores according to the presence or absence of desirable features in various important categories.

We score lenders differently when recommending the best for affordability, loan amounts and fast funding.

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We conducted our analysis in September 2024.

23Lenders Analyzed

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.

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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.

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