Best Low-Income Loans in Massachusetts: Top Lenders and Rates for 2024

Updated: December 28, 2023

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Best Low-Income Loan Lenders in Massachusetts

MoneyGeek analyzed more than 30 data points to determine top-performing low-income personal loan lenders in Massachusetts. Our assessment includes APR ranges, late fees, disbursement times, minimum credit scores, repayment terms, loan amounts and Better Business Bureau (BBB) ratings.

Although Upgrade is the best low-income loan lender in the state, there could be a better fit for you. Be sure to evaluate your specific needs to find a suitable option. Upstart, for instance, is an outstanding choice for those with bad credit.

Best Overall Low-Income 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

    MoneyGeek selected Upgrade as the top low-income personal loan lender in Massachusetts. One of Upgrade’s advantages is its quick release of funds.

    To qualify, borrowers need a minimum credit score of 560. If necessary, borrowers can also take out a joint loan with a partner, relative or good friend. Keep in mind that Upgrade has a loan limit of $50,000 and a high potential APR of 35.47%. Therefore, it may not meet everyone’s needs.

    The company was established in 2017, offering loans for major purchases, debt consolidation, credit card refinancing and home improvement.


    • A+ BBB rating
    • Quickly disburses funds
    • Autopay discount
    • Low minimum loan amount
    • No prepayment fees


    • Origination fees
    • Charges late fees
    • No co-signers
    • APR range: 5.94% to 35.47%
    • Minimum/maximum loan amount: $1,000 to $50,000
    • Minimum credit requirements: 560
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Same day

Runner-Up for Best Low-Income Loan in Massachusetts: LendingClub

  • LendingClub

    • 7.04% to 35.89%APR Range
    • 600Minimum Credit Score
    • $1,000 to $40,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    LendingClub is MoneyGeek’s runner-up for best Massachusetts low-income loan. It might be an ideal option for those who have a credit score of 600 and above. Additionally, those who need to take out smaller loans should consider LendingClub since the lender’s borrowing limits range between $1,000 and $40,000.

    LendingClub also provides a mobile app to its members, a stellar feature for those who are constantly on the go and want to manage their funds from almost anywhere. One downside of LendingClub is its APR range. Individuals who have excellent credit might find less costly options from other low-income loan lenders in Massachusetts.

    Since 2007, LendingClub has offered personal and business loans to over four million consumers.


    • A+ BBB rating
    • Low minimum loan amount
    • No prepayment penalties
    • Soft credit inquiry
    • Offers a mobile app


    • High origination fees
    • Late fees
    • Relatively low borrowing limit
    • APR range: 7.04% to 35.89%
    • Minimum/maximum loan amount: $1,000 to $40,000
    • Minimum credit requirements: 600
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Next day

Best Low-Income 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

    For borrowers with bad credit, MoneyGeek determined that Upstart is an excellent option. The lender is also accessible since its minimum credit score is 300, a lenient standard in comparison to other lenders. However, those who have no or new credit history might not be qualified for an Upstart loan.

    Borrowers can receive funds the next day. Although a stellar option, Upstart doesn’t offer a mobile app and has a potentially high APR of 35.99%.

    Upstart is a pioneer lender that utilizes artificial intelligence for loan application processing. The online lending platform launched operations in 2012 and has headquarters in San Mateo, California.


    • No prepayment penalty fee
    • 300 minimum credit score
    • Low minimum loan amount
    • A+ Better Business Bureau rating


    • Late fees
    • Origination fees
    • Co-signers not allowed
    • APR range: 3.22% to 35.99%
    • Minimum/maximum loan amount: $1,000 to $50,000
    • Minimum credit requirements: 300
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Next business day

Best Low-Income Loan for Good Credit in Massachusetts: Prosper

  • Prosper

    • 7.95% to 35.99%APR Range
    • 640Minimum Credit Score
    • $2,000 to $40,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    Individuals with good credit should consider Prosper, one of MoneyGeek’s top low-income loan options in Massachusetts. Prosper offers fixed rates, a great feature for those who don’t want to worry about how rates change over time.

    Prosper also offers relatively flexible repayment terms since consumers can pay off their loans in three to five years. Borrowers even have the option to pay ahead of the agreed term without any penalty. However, Prosper only offers loans up to $40,000. If this is insufficient, you might want to consider another low-income loan lender.

    Prosper’s headquarters are located in San Francisco, California. The lender has funded over $1.2 billion in loans since it launched in 2005.


    • A+ BBB rating
    • No prepayment penalties
    • Joint loans
    • Soft credit inquiry


    • No co-signers
    • No discount for autopay
    • Late fees
    • APR range: 7.95% to 35.99%
    • Minimum/maximum loan amount: $2,000 to $40,000
    • Minimum credit requirements: 640
    • Repayment terms: 36 to 60 months
    • Time to receive funds: Same day

How to Choose the Best Low-Income Loan in Massachusetts for You

Your low-income loan terms are influenced by factors in your financial profile, such as credit score and debt-to-income ratio. In Massachusetts, the average borrower has a personal loan debt of $14,678 and a 732 credit score.

To kickstart your low-income loan journey, MoneyGeek’s steps can help.

Ask Yourself the Important Questions

To make a financially sound decision, it’s wise to evaluate your financial needs and goals. You might be able to even fast-track the process and find a suitable lender. Ask yourself:

  • How much funding do you need? You want to avoid borrowing too much or too little. Take time to determine a ballpark figure.
  • What’s your credit score? Your credit score can play a huge role when taking out a loan. Most lenders have credit score requirements.
  • Can you afford the monthly payments? Consider your budget since personal loans are usually paid in monthly installments for several years.
  • Do you have existing debts? Certain lenders have a debt-to-income ratio limit that borrowers must meet. Getting a low-income personal loan can increase this ratio.
  • Is your debt manageable through other means? You don’t necessarily have to take out a loan to meet your financial goals. There may be alternative ways, such as using a credit card.
Do Your Research

Shopping around and weighing different lender options is good practice. Remember, taking out a low-income loan is a huge financial commitment. It takes roughly two to four years to repay a loan. What’s more, lenders sometimes conduct hard credit checks that negatively impact your credit score. If our selected lenders don’t seem to meet your needs, there are many other loan options in Massachusetts. Do your research to find the ideal option for you.


There’s no harm in waiting a day or two to choose your low-income loan lender. Time allows you to arrive at an objective and sound decision. Since personal loans are huge commitments, you need to be fully confident in your decision. Ask yourself if this is the best possible option for you, especially financially. You may find that another funding source is a better option.

Read the Fine Print

The fine print usually contains essential information about your loan. Avoid missing any details by reading your loan terms. You may find that your lender has prepayment penalties, origination or late fees. Understanding the ins and outs of your loan is a great way to save money in the long run.


After you’ve followed the steps listed above, you’re ready to take out a low-income loan in Massachusetts. A quick way to speed up the process is to gather documents ahead of time. Lenders typically request a valid identity, address verification and proof of income. While it’s usually possible to process your loan online, you can call or visit the lender if possible. By visiting the lender in person, you can get any questions you have answered.

What to Do if You Can’t Get a Low-Income Loan in Massachusetts

Even if you meet certain lender requirements, it’s possible that your application will fall short. Low-income loan lenders usually deny applications because of a low credit score, insufficient income, high borrowing amount and more.

Fortunately, it’s possible to ask your lender for the exact reason why your loan application was denied. Once you know the issue that needs improvement, you can negotiate and make adjustments. Requesting a lower loan limit or shorter repayment terms are possible ways to negotiate.

However, this may not work out with your desired lender. Instead, you can improve your financial profile over time so you can take out a loan in the future.

Payday loans are a seemingly “quick and easy” fix to a rejected loan application. However, their impacts might hurt your finances. Payday loans have extremely high interest rates paired with short repayment periods. Try to avoid them if you can.

Calculate Your Monthly Payment

If you’re considering a low-income loan in Massachusetts, you need to account for the monthly payments over a few years. MoneyGeek’s personal loan calculator can quickly show how much you should expect to pay monthly.


FAQs About Low-Income Loans in Massachusetts

A low-income loan can assist you with additional funds. However, the process can get overwhelming. MoneyGeek answered frequently asked questions about low-income loans in Massachusetts to guide your decision-making.

What is the best low-income loan lender in Massachusetts?
Which lender in Massachusetts has the lowest interest rates for low-income?
What kind of debts can I not use my low-income loan for in Massachusetts?
How much debt can I consolidate in Massachusetts?
How long does it take to get a low-income loan in Massachusetts?
Can I pay off my loan early in Massachusetts?


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When evaluating 30 personal loan lenders, MoneyGeek utilized 35 data points across six areas, including affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

MoneyGeek also assigned more weight to certain data points in each ranking category. These factors are APR ranges, available loan amounts, minimum credit scores, minimum income amounts, application fees and disbursement times.

MoneyGeek values you, the consumer. Therefore, we include a lender’s customer support, business ratings and additional features that could make your experience more convenient and accessible. We evaluated features like prequalification, payment options and mobile apps.

You can trust that MoneyGeek always keeps your best interests in mind when analyzing different lenders. Our recommendations for low-income loans in Massachusetts can guide you when making financially-sound decisions as you choose a suitable lender for your needs.

  • Better Business Bureau. "Upstart." Accessed October 28, 2022.
  • LendingClub. "About Us." Accessed October 28, 2022.
  • Prosper. "Our Story." Accessed October 28, 2022.
  • Upgrade. "Personal Loans." Accessed October 28, 2022.
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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.