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Best Debt Consolidation Loan Lenders in Massachusetts

The average Massachusetts consumer owes around $14,678 in personal loans and $5,448 in credit card debt at an interest ratesof 9.01%. If you want to pay off multiple debt streams, a debt consolidation loan may help you combine your monthly payments at a lower interest rate.

When assessing your application for a debt consolidation loan, lenders frequently take your credit score, income and debt-to-income ratio into account, among other factors. This guide lists MoneyGeek's best debt consolidation loan companies in Massachusetts for different kinds of consumers.

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Last Updated: 9/9/2022
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Best Debt Consolidation Loan Lenders in Massachusetts

MoneyGeek made an in-depth analysis of each debt consolidation loan lender by looking into over 30 data points to determine the best debt consolidation loan lenders in Massachusetts. This includes interest rates, payback periods, credit score requirements, loan amount ranges, BBB ratings and more.

When it comes to choosing the best loan lender for debt consolidation, you will have to look not only into the offerings and approaches of different providers but also into your financial status and goals. Our overall top pick as the best debt consolidation loan lender in the state is Upgrade. LightStream is a good alternative in general and SoFi and Upstart are great choices for individuals with strong and weak credit, respectively.

Best Overall Debt Consolidation Loan in Massachusetts: Upgrade


  • Upgrade

    • 5.94% to 35.47%APR Range
    • 560Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    on Upgrade Website

Runner-Up Best Debt Consolidation Loan in Massachusetts: LightStream


  • LightStream

    • 4.49% to 20.49%APR Range
    • 660Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Same DayTime to Receive Funds

    on LightStream Website

Best Debt Consolidation Loan for Bad Credit in Massachusetts: Upstart


  • Upstart

    • 3.22% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    on Upstart Website

Best Debt Consolidation Loan for Good Credit in Massachusetts: SoFi


  • SoFi

    • 5.74% to 20.28%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime to Receive Funds

    on SoFi Website

How to Choose the Best Debt Consolidation Loan in Massachusetts

On average, Massachusetts residents owe around $5,448 in credit card debt and $14,678 in personal loans. Personal loans for debt consolidation can be a cost-effective alternative to paying multiple debt streams such as this. However, it's crucial to evaluate a number of factors when applying for a debt consolidation personal loan, like credit score, present debts, income, etc., because at the end of the day, it's a significant and long-term financial commitment.

To assist you with that, MoneyGeek created a guide that you may follow as you go forward with your goal of securing the best possible terms on your debt consolidation loan.

1

Ask Yourself the Important Questions

You might be able to make wiser financial decisions by taking a step back and asking yourself these five fundamental questions.

  • How much funding do you need?
  • What’s your credit score?
  • Can you afford the monthly payments?
  • Do you have existing debts?
  • Is your debt manageable through other means?
2

Do Your Research

Don't undervalue the importance of gathering data; keep in mind that you'll be liable for payments for at least 2 to 4 years. Make a point of doing a study on subjects that will affect you long-term. For instance, you might want to stay away from lenders that do a comprehensive credit check because doing so could lower your credit score. The same holds true for lenders that impose limitations on how you can use your loan, so be sure you can actually use the funds for what you intended.

MoneyGeek's guide is packed with helpful advice and recommendations for the top lenders for a variety of situations, but our selections aren't flawless and you could find it useful to look into something we didn't cover. You might be able to identify lenders that are a good fit for your needs by doing your own research.

3

Wait

Take a deep breath once you've gathered all the information you'll require. You can assess the likelihood of getting a loan with greater objectivity if you wait a day or two. A debt consolidation loan requires a substantial outlay of cash which you'll have to endure for a very long time. You must be certain that buying one is the greatest option for you in order to do this. While you’re waiting a few days, consider reviewing the questions above and taking another look at all your possible options.

4

Read the Fine Print

Now that you've narrowed down your options, it's time to read the small print. Pay close attention to any factors that might help you save money or increase your spending. Consider expenses including origination fees, prepayment penalties and late fees once you've chosen a lender. In the long run, paying attention to these apparently insignificant details may end up saving you a lot of money. It could also cost you if you’re not careful.

5

Apply

You've covered every possible angle after going through all of these processes. Once you've decided on a lender and are aware of the application requirements, all that's left to do is submit an application for the loan. You could be asked to provide specific papers and information by the lender, like proving your identity, your source of income and your place of residence. Some lenders accept applications submitted online. In addition, while applying online could be more practical for some, going in person is still a completely legitimate option, particularly if you need to explain more specifics.

What to Do if You Can’t Get a Debt Consolidation Loan in Massachusetts

Loans are routinely declined for a number of reasons (such as poor credit, insufficient income, etc.). Contact the lender by phone or email to learn the precise reason your application was rejected and to find out how you may change it so that it is acceptable to them. This can entail raising the loan's interest rate or length of repayment.

If it's really unavoidable, you can apply for a loan with a different lender. However, it’s a good idea to refrain from doing so until you have made improvements in whatever led to your first denial. Who knows whether other loan lenders may reject you for the exact same reason in the future?

Be cautioned against taking payday loans, unless there are absolutely no other options available. This type of loan has extreme interest rates and a short repayment period which can just make your debt payment even more difficult.

Calculate Your Monthly Payment

It's crucial to keep in mind that debt consolidation loans must be repaid in interest-bearing installments, often every month. First, consider if your income can support the monthly payment, especially if the loan has already been pre-approved by the lender. Check out our debt consolidation calculator to help with rate projections.

years
months
%



Principal

+ $114.98

Interest

+ $8.33

Origination Fee Percentage

+
%

Origination Fee Fixed amount

+

Total monthly payment

$123.31

FAQs About Debt Consolidation Loans in Massachusetts

The most suitable debt consolidation loan provider for you will be determined by your individual needs as well as other factors like credit, loan size, repayment terms and so on. To get you familiarized with the subject, here are a few of the most often asked questions.

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METHODOLOGY

MoneyGeek reviewed over 30 personal loan lenders using at least 35 individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.

Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible — like prequalification, payment options and mobile apps.

After careful consideration and calculation, our picks are chosen with your best interests in mind. Our personal loan recommendations and expert tips are meant to help you make smart financial decisions when choosing a lender that meets your needs.

sources

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.