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

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Edited byAshley Jacobs

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


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


Best Low-Income Loan for Bad Credit in Massachusetts: Upstart


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


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.

MoneyGeek’s research determined that Upgrade is the best low-income lender in Massachusetts. However, the ideal lender for you depends on your situation. For example, we found that Upstart is ideal for those with bad credit.

Upstart offers the lowest APR, but this varies based on your creditworthiness.

Funding restrictions vary by lender. Consequently, it’s best to ask your lender about any restrictions they may have. Sometimes, lenders don’t allow personal loans to be used for investments or postsecondary education.

It depends on the lender. However, borrowers can usually access anywhere between $1,000 and $50,000.

Disbursement time depends on the lender. However, the usual timeframe is the next day.

Yes, you can pay off your loan early in Massachusetts. However, you’ll want to keep in mind that some lenders subject borrowers to a prepayment penalty.


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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.