What is the best personal loan lender in Massachusetts?

The best lender for you is based on your exact needs. In Massachusetts, LightStream is the overall best personal loan lender. However, if you have bad credit, Upstart might be a better choice.

Which lender in Massachusetts has the lowest interest rate?

In Massachusetts, Upstart offers the lowest rate starting at 3.22%. That said, this may vary based on the loan and borrower.

Can I use a personal loan for vacations in Massachusetts?

It’s possible to use a personal loan for vacations. Keep in mind that some lenders have restrictions, so it’s best to double-check with your particular lender.

Can I use a personal loan for home improvement in Massachusetts?

Yes. MoneyGeek found that Best Egg is the top pick for homeowners looking to improve their homes.

What can I not use my personal loan for in Massachusetts?

This varies based on the lender. Some lenders don’t have restrictions, while others won’t allow loan funds to be used for investments, gambling, life insurance or post-secondary education expenses. Consult with your lender to ensure you get the right loan for your needs.

How much can I borrow in Massachusetts?

Some lenders allow you to borrow up to $50,000, while others have higher loan amounts like $100,000. Ultimately, the lender decides how much you can borrow.

How long does it take to get a personal loan in Massachusetts?

It can take up to one week, but it depends on the company. For example, with LightStream, you can get a loan on the same day.

Can I pay off my loan early in Massachusetts?

Yes, it’s possible to pay off your loan early. However, check to see if your lender has any fees for paying your personal loan earlier than the agreed loan term.

Top Lenders & Best Picks for You

Best Personal Loans in Massachusetts

MoneyGeek determined that LightStream provides the best personal loans in Massachusetts. LightStream offers same-day funding, no late fees and has an A+ Better Business Bureau rating.

According to MoneyGeek's research, the top personal loan providers in Massachusetts include Upstart for those with poor credit, SoFi for those with good credit, Upgrade for debt consolidation and Best Egg for home improvement projects.

WHAT WE’RE GEEKING OUT ON

The Best Overall Personal Loan Lender in Massachusetts
The Best Personal Loan Lender for Bad Credit in Massachusetts
The Best Personal Loan Lender for Good Credit in Massachusetts
The Best Personal Loan Lender for Debt Consolidation in Massachusetts
The Best Personal Loan Lender for Home Improvements in Massachusetts
How to Choose the Right Personal Loan for You
What to Do if You Can’t Get a Debt Consolidation Loan in Massachusetts
Calculate Your Monthly Payment
Frequently Asked Questions About Personal Loans in Massachusetts

MoneyGeek’s Best Personal Loan Lender in Massachusetts: LightStream

MoneyGeek analyzed more than 30 factors when rating lenders that offer personal loans in Massachusetts. A few of the things we looked at included repayment terms, maximum loan amounts, origination fees and more.

When you are considering lenders for your personal loan needs, make sure to look at eligibility requirements to ensure you choose a lender that you have a good chance of getting approval with. To give you a headstart in this process, MoneyGeek listed the best personal loan lenders that may fit your needs.

Best Overall Personal Loan Lender in Massachusetts: LightStream

LightStream
MoneyGeek found that LightStream is the best overall lender for personal loans in Massachusetts. Available in all states across the country, LightStream was established in 2013. It also leads online consumer lending under SunTrust Bank.
LightStream has relatively minimal fees since they don’t charge origination fees, prepayment penalties or late fees. It also doesn’t have employment requirements or a minimum amount for gross income. If you immediately need a loan, this may be a good option for you.
However, LightStream isn’t the best option for everyone. You won’t qualify for a LightStream loan if you have a credit score below 660 or if you have new or no credit. LightStream also has restrictions on the usage of funds. You can’t use your loan for post-secondary educational expenses, investments, life insurance or business purposes.
Pros
A+ BBB rating
Same-day funding
No late fee
0.5% autopay discount
No minimum gross income requirement

Cons
Individuals with new or no credit don’t qualify
Fund usage restrictions
No co-signers
APR Range: 4.49%–20.49%
Minimum/maximum loan amount: $5,000–$100,000
Minimum credit requirements: 660
Repayment terms: 24–84 months
Time to receive funds: Same day
on LightStream Website

Best Personal Loan Lender 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
Since its launch in 2012, Upstart has approved more than 620,000 personal loans. Upstart serves 48 states, including Massachusetts.
With a minimum credit score requirement of 300, Upstart is a great choice if you’re working to improve your credit score. To balance this, Upstart has a low loan limit of $50,000. Some other companies in the state offer loan amounts of up to $100,000.
Upstart conducts soft credit inquiries, meaning it won’t affect your credit score. You can receive funds relatively fast, with a waiting time of one to two days.
If you need higher loan amounts or if your debt-to-income ratio is above 45%, Upstart may not be for you.
Pros
A+ BBB rating
Offers joint loans
Conducts a soft credit inquiry
Low credit score limit
No prepayment penalty

Cons
Minimum gross income requirement of $12,000
Origination fee can reach up to 8%
No co-signers
APR range: 3.22%–35.99%
Minimum/maximum loan amount: $1,000–$50,000
Minimum credit requirements: 300
Repayment terms: 36–60 months
Time to receive funds: Next day
on Upstart Website

Best Personal Loan Lender 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
SoFi is available in 49 states, and Massachusetts is one of them. The company launched in 2011, providing financial products like personal loans.
MoneyGeek found that SoFi is the best choice for individuals with good credit. To qualify, you’ll need a minimum credit score of 680 and a minimum gross income of $50,000. With SoFi, you can borrow up to $100,000.
You also get to save money since SoFi doesn’t have prepayment penalties, origination fees or late fees. However, SoFi may not be your best option if you’re looking to get funds immediately. It can take up to seven days until your loan is funded, although most loans are funded within two business days.
Pros
A+ BBB rating
No prepayment penalty
Discount of 0.25% automatic repayment
No origination fee
Has a mobile app

Cons
Good to excellent credit score is required
No co-signers
Minimum gross income requirement of $50,000
APR range: 5.74%–20.28%
Minimum/maximum loan amount: $5,000–$100,000
Minimum credit requirements: 680
Repayment terms: 12–60 months
Time to receive funds: Two days
on SoFi Website

Best Loan Lender for Debt Consolidation 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
If you’re looking to consolidate debt, MoneyGeek discovered that Upgrade is the best company for personal loans in Massachusetts. Upgrade is a neobank that is available in all 50 states across the country. Since its founding in 2017, it has originated over $10 billion in loans.
Individuals with fair credit might qualify since Upgrade’s minimum credit requirement is only 560. Upgrade also doesn’t require a minimum gross income, unlike some other lenders. It even provides a mobile app where you can manage your account from almost anywhere.
With Upgrade, you’re limited to borrowing up to $50,000 for your personal loan. The company has some restrictions when it comes to funding usage. For example, it won’t allow personal loans to be used for post-secondary education expenses or investments.
Pros
A+ BBB rating
No prepayment penalty
Moderate credit score requirement
Conducts soft credit inquiries
Auto payment discount of 1%

Cons
Limits on fund usage
$50,000 maximum loan amount
Potentially high origination fee
APR range: 5.94%–35.47%
Minimum/maximum loan amount: $1,000–$50,000
Minimum credit requirements: 560
Repayment terms: 36–60 months
Time to receive funds: Same day
on Upgrade Website

Best Loan Lender for Home Improvement in Massachusetts: Best Egg

Best Egg
- 4.99% to 35.99%APR Range
- 700Minimum Credit Score
- $2,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Next DayTime to Receive Funds
It’s common for homeowners to use personal loans for home improvements. For home improvements in Massachusetts, MoneyGeek rated Best Egg as the best option for personal loans. Best Egg has funded more than 1 million loans since 2014.
Interest rates start at 4.99%, depending on your loan amount and credit score. You can get funds within one to three days and receive a 0.5% discount through Best Egg’s auto payment process.
Note that you’ll need a credit score of 700 or above and a $50,000 minimum gross income to qualify for a loan. Since Best Egg charges a late fee, it’s best to pay before each monthly deadline.
Pros
No debt-to-income requirements
A+ rating from the BBB
Mobile app
0.5% auto payment discount
No prepayment penalty

Cons
Requires a minimum credit score of 700
$15 late fees
Gross income requirement of $50,000
APR range: 4.99%–35.99%
Minimum/maximum loan amount: $2,000–$50,000
Minimum credit requirements: 700
Repayment terms: 36–60 months
Time to receive funds: Next day
on Best Egg Website

How to Choose the Best Personal Loan Lender in Massachusetts for You

The average personal loan debt in Massachusetts is $14,678. Personal loans can help fund large expenses such as medical emergencies, home renovations and more. Companies consider factors like credit score, income, employment and current debts when you apply for a personal loan in Massachusetts. MoneyGeek created a step-by-step guide to help you get started with your personal loan application process.

Ask Yourself the Important Questions

To make the best financial decision, consider if a personal loan is what you need. It will help to ask questions such as the following:

How much funding do you need? - This can help you determine which lender offers a funding range that meets your financial needs.
What is your credit score? - Lenders have certain requirements when it comes to credit scores. Make sure your chosen lender will accept your credit score.
Can you afford the monthly payment? - For your own peace of mind and financial health, make sure your budget can handle another monthly expense.
How much debt do you already have? - Certain lenders have requirements in terms of debt-to-income ratios. Make sure you can meet these requirements.

Do Your Research

Doing your research is valuable, especially in the long run. Ask for quotes and compare the pros and cons of each lender. Because monthly payment terms are two to four years, it’s important that you learn and understand as much as you can before committing to a personal loan.

MoneyGeek gathered key information to help you find the best lenders in Massachusetts. However, lenders that fit most borrowers may not be the best option for you. Consider what you’re looking for in a personal loan and lender so that you can pick one that fits your specific needs. It is important to do your own research to find the right option.

Wait

Even if you want to make an immediate decision, it might be best to wait a day or two so you can make an objective choice. Remember that personal loans are a huge financial commitment. Ensure that you’re ready for that kind of responsibility and that there isn’t another option that you can pursue to alleviate any financial needs you might have.

Read the Fine Print

Sometimes, borrowers overlook small yet very important details about their loan. Once you’ve narrowed your choices down to one or two lenders, read the fine print. Some lenders charge early payoff fees, prepayment penalties and origination fees. You might be able to find companies that don’t charge certain fees, saving you more money in the long run. Or, you might find that you need to meet certain requirements to avoid fees, which can also help you save money.

Apply

Once you’re confident about your preferred lender and know you can meet their eligibility requirements, you’re ready to apply. Get your identification, proof of income and address verification ready to go since most lenders ask for these. You can usually apply for a loan online, but if you prefer to visit or call the lender, you’re free to do so. Talking with them directly can be wise so you can get any additional questions answered as they arise.

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

It’s possible for personal loans to be denied, regardless of the lender. Don’t let this stop you from getting a personal loan in Massachusetts. Different factors can influence the lender’s decision, such as low credit or high debt-to-income ratios.

MoneyGeek recommends taking a step back to evaluate your situation. You can ask the lender for the exact reason your application was rejected. It might be possible for you to modify the loan terms, such as decreasing the loan amount or shortening the loan term.

If that isn’t possible, you can try applying with another company. However, you should only do this once you figure out and improve what caused your first loan application to be denied.

While it sounds appealing, payday loans are short-term solutions that aren’t ideal. They have incredibly high interest rates and quick payback periods.

Frequently Asked Questions About Personal Loans in Massachusetts

MoneyGeek answered some commonly asked questions to help with your decision-making process when applying for personal loans. The best personal loan lender in Massachusetts for you depends on your unique situation.

METHODOLOGY

We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking criteria 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 decided and chosen with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.

sources

Best Egg. "About Best Egg." Accessed March 7, 2022.
Upgrade. "Who We Are." Accessed March 7, 2022.
Upstart. "Overview." Accessed March 7, 2022.

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.