Best Personal Loans in Massachusetts for 2024

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Reviewed byAlvin Yam, CFP
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Reviewed byAlvin Yam, CFP
Edited byBenjamar Gabawa
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Updated: April 25, 2024

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In Massachusetts, First Tech and PenFed are excellent choices for personal loans, scoring 98 and 96 on MoneyGeek's scale, respectively. They stand out for their superb customer service, low fees and quick application process. When looking for a loan, knowing your credit score and how much you make and owe is important.

If you are a Massachusetts resident with a credit score near 732, you have a good chance of getting a loan with favorable terms. Income history and debt-to-income ratio are also factors lenders look at from prospective borrowers

MoneyGeek Logo IconBest PersonalLoan LendersMassachusetts

Best Personal Loan Lenders in Massachusetts

MoneyGeek scores personal loan lenders with a point-based system designed to give a comprehensive overview of each lender’s performance in critical areas that matter to borrowers.

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We completed our analysis of banks and lenders licensed to do business in Massachusetts as of April 2024. We also considered financial companies that partner with federally insured institutions to offer competitive rates.

34Lenders Analyzed

    Overall Best Personal Loan Lender in Massachusetts

  • First Tech

    • 98MoneyGeek Score
    • 8.94% to 18.00%APR Range
    • UndisclosedMinimum Credit Score
    • $500 to $50,000Loan Amount Range
    • 6 to 84 monthsRepayment Terms

    First Tech is MoneyGeek's top choice for personal loans in Massachusetts, with a MoneyGeek score of 98 out of 100. Its APR range ranges from 8.94% to 18.00%, notably lower than the high-end rates of over 20% seen with some competitors, indicating competitive costs for borrowers. Additionally, First Tech's loan products offer considerable flexibility with repayment terms of six to 84 months, providing options that fit various financial situations. Among its many strengths, the lender excels in customer service, education and competitive rates and fees.


    • Insured by the National Credit Union Administration (NCUA)
    • Offers apps to help with budgeting and debt
    • Provides granular APR data for a variety of loan terms


    • Need to be a member to apply
    • Little published information about credit score requirements
    • Could provide more detail on the loan application process
    First Tech

    Runner-Up for Best Personal Loan Lender in Massachusetts

  • PenFed

    • 96MoneyGeek Score
    • 7.99% to 17.99%APR Range
    • UndisclosedMinimum Credit Score
    • Up to $50,000Loan Amount Range
    • Up to 60 monthsRepayment Terms

    PenFed is MoneyGeek's runner-up for the best lender for personal loans in Massachusetts, with a score of 96 out of 100. PenFed offers a competitive APR range of 7.99% to 17.99%, which is notable given that several lenders provide maximum rates that are significantly higher. Its loan terms allow for flexibility, with up to 60 months of repayment. The lender excels in providing detailed upfront information to help borrowers understand loan options and offer favorable repayment conditions without stringent requirements.


    • Offers some of the lowest APRs available
    • No early repayment penalty
    • Insured by the National Credit Union Administration (NCUA)


    • No information provided about credit score requirements
    • $50 minimum monthly loan payment
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Your monthly debt payment relative to your monthly gross income is called your debt-to-income ratio, or DTI.

Most lenders prefer a debt-to-income ratio of 35% to 40% or below for secured loans and 40% to 45% or below for unsecured personal loans. Debt includes mortgages, car loans, credit cards and existing personal loans. A debt-to-income ratio above 50% is considered high, so approval may be more difficult, or your loan may have higher interest rates.

Alvin Yam, CFP®

Calculate Your Monthly Loan Payment

According to our analysis, lenders in Massachusetts offer personal loan products averaging about 56 months. Explore your loan options with our personal loan calculator, a simple tool to calculate monthly payments and total loan costs based on the amount, interest rate and term length, helping you make informed decisions before committing.

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Estimate the monthly payment for your loan.

Updated: Jun 17, 2024

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Although MoneyGeek partners with some of the companies we recommend, our content is written and reviewed by an independent team of writers, editors and licensed agents. Learn more about our editorial policies and expert editorial team.

    Best Personal Loan Lender in Massachusetts for Bad Credit

  • Discover

    • 93MoneyGeek Score
    • 7.99% to 24.99%APR Range
    • 660Minimum Credit Score
    • Up to $40,000Loan Amount Range
    • 36 to 84 monthsRepayment Terms

    Discover is MoneyGeek's pick for the best personal loan provider in Massachusetts for borrowers with low credit, scoring a MoneyGeek score of 93 out of 100. This bank originates its own personal loans, offering debt consolidation loans with lower APRs than those for general purposes. With an APR range of 7.99% to 24.99%, which is competitive compared to others, and a minimum credit score requirement of 660, it stands out particularly for its streamlined application process and solid customer-focused approach.


    • No prepayment penalties
    • Option to directly pay off multiple creditors, streamlining debt consolidation
    • FDIC-insured institution


    • High upper APR limit compared to the competition
    • A minimum individual or household income of $25,000 per year is required
    • Cannot be used to pay off a Discover credit card

How Does MoneyGeek Score Lenders for Bad Credit Loans?

    Best Personal Loan Lender in Massachusetts for Debt Consolidation

  • Truist

    • 96MoneyGeek Score
    • 8.74% to 17.39%APR Range
    • UndisclosedMinimum Credit Score
    • From $3,500Loan Amount Range
    • 24 to 60 monthsRepayment Terms

    MoneyGeek's pick for the best personal loan lender for debt consolidation in Massachusetts is Truist, with a 96 out of 100 score. Truist's APR range lies between 8.74% and 17.39%, which is competitive compared to others in MoneyGeek's analysis. The two areas where Truist excels are ease of application and approval and advantageous interest rates and fees. These aspects significantly contribute to its high ranking, ensuring borrowers can access a smooth process and cost-effective options for managing their debts.


    • FDIC insured
    • No origination fees
    • Difficult to qualify for the lowest rates


    • High minimum loan requirement compared to competitors
    • Qualifying for the most competitive rates can be challenging

How Does MoneyGeek Score Lenders for Debt Consolidation?

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Interest on personal loans is generally not tax deductible, as personal loans are considered consumer debt. But there are some exceptions where the interest may qualify:

  • When consolidating high-interest qualifying debts like credit cards or student loans, if used to pay off those debts.
  • If used for home improvements that increase the home's value.
  • If the loan proceeds can be demonstrated as used exclusively for business expenses or starting a business.
  • In some cases, if the loan is used for investment purposes related to income-generating assets.

Alvin Yam, CFP®

Impact of Credit Score on Loan Repayment in Massachusetts

Lenders in Massachusetts consider your credit score, credit history, income, and debt-to-income ratio to determine your eligibility and loan terms, including the APR. A higher credit score in the state can significantly improve your loan term conditions.

Refer to the accompanying table for a clear understanding of how your credit score affects your monthly payments.

Data filtered by:Results filtered by:
Credit Band:
Credit Band:690 to 719
Loan Amount:
Loan Amount:$2,000
$348Term Length (Months)6
$180Term Length (Months)12
$97Term Length (Months)24
$69Term Length (Months)36
$55Term Length (Months)48
$47Term Length (Months)60
$42Term Length (Months)72
$38Term Length (Months)84

This table approximates monthly payments, calculated using median personal loan interest rates typical for various credit score ranges. These numbers are median estimates provided for general guidance. They should not be taken as precise rates for everyone in each credit score category. Actual interest rates can differ due to lender-specific policies, prevailing market conditions and unique borrower profiles.

Pros and Cons of Personal Loans in Massachusetts

Personal loans offer the flexibility to manage your finances through lower interest rates, consolidating multiple debts into a single, manageable payment and allowing for versatile use across various personal financial needs. However, it's important to consider that personal loans are not without risks, such as additional costs from origination fees to prepayment penalties.

For a comprehensive understanding, explore the pros and cons of personal loans before making a decision.

The pros and cons of personal loans

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  • Competitive interest rates compared to credit cards
  • Consolidation of higher-interest debts
  • Quick funding for immediate expenses
  • Potential for improved loan terms with co-signer assistance
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  • Higher overall borrowing costs due to origination fees
  • Financial penalties for early loan repayment
  • Risk of asset loss with secured personal loans
  • Risk of excessive debt from easy access to credit

FAQ About Personal Loans in Massachusetts

If you have questions about personal loans, MoneyGeek has answers to help you make an informed decision before applying.

Who is the best lender in Massachusetts for personal loans?
Where is the best place to get a personal loan in Massachusetts?
Who has the best personal loan interest rates in Massachusetts?
What can I use a personal loan for in Massachusetts?
What are some personal loan red flags to look out for?
Do lenders consider income level when applying for a personal loan?
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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.