Top Lenders & Best Picks for You

Best Personal Loans in Boston, MA

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Updated: December 28, 2023

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MoneyGeek’s Pick for Best Personal Loan Lender in Boston: LightStream

MoneyGeek analyzed Boston's lenders using more than 30 distinct factors. These factors included APR range, fees, term length, credit score and income requirements and customer service.

Overall, LightStream was ranked as the best lending institution for personal loans in Boston, Massachusetts. However, other lenders may be better suited for you based on a range of criteria, including your credit score and whether you require a loan for debt consolidation or home improvements. In the following sections, you'll learn which company is the best match for your specific requirements.

Best Overall Personal Loan Lender in Boston: LightStream


Best Personal Loan Lender for Bad Credit in Boston: Upstart


Best Personal Loan Lender for Good Credit in Boston: SoFi


Best Personal Loan Lender for Debt Consolidation in Boston: Upgrade


Best Personal Loan Lender for Home Improvement in Boston: Best Egg


How to Choose the Best Personal Loan Lender In Boston for You

Borrowers in Massachusetts owe around $14,678 in personal loans. Lenders assess a variety of factors when evaluating your personal loan application in Boston, including your credit score, income, employment history and debt-to-income ratio. The following methods will assist you in choosing the best lender in your area:


Ask Yourself the Important Questions

It is critical that you determine how much money you have and how much money you need before beginning the application process. While applying for a personal loan, you should have answers to the following questions:

  • How much funding do I need?
  • What is my current debt?
  • What is my credit score?
  • Can I afford the monthly payment?
  • How soon do I need the loan?

Do Your Research

Following an evaluation of your financial status, it is time to select a lender that best fits your financial situation. If you've picked a few lenders, be sure you understand their terms and conditions. It's also critical to evaluate the attributes of each lender to find the best match.

Long-term loans may cost more, but they are ideal for people who wish to pay less each month. Consider how the loan will impact your finances in the long term. You wouldn't want a loan that may hinder your long-term financial goals like owning a house.

If a lender does a hard credit check, your credit score will go down, so look for a lender who only does soft credit checks. MoneyGeek provided best personal loan rankings for a few borrower profiles, but you may be able to find a lender that better suits your specific financial needs.



It’s best to wait a few days before making a final decision. Applying for a loan is a huge financial commitment, so it’s wise to think it over and do your homework beforehand.


Read the Fine Print

It's easy to ignore the most important aspects that seem insignificant at the moment when there are so many lenders and personal loans to examine. Certain lenders may impose extra or hidden costs, which you may not know of until you sign the agreement. When choosing a lender, make a note of all of the related charges, including interest, penalties and late fees. The loan's collateral requirements and possible use restrictions should also be considered. If you do not read the fine print, you may end up paying hidden costs, which can add up in the long term.



Prior to applying for the loan, you should have thoroughly investigated the lender and its features, so that you may apply with complete confidence. The loan application process requires documentation to verify the borrower's identity, address and source of income. You must have all of the necessary information readily available. If you have questions about loan terms or a lender’s application process, you can contact them over the phone or in person.

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

Borrowers with bad credit scores, high debt-to-income ratios or incomplete applications may all have their loan applications rejected by banks. If this happens to you, first find out why you were rejected and what you can do better the next time around.

Some lenders will provide you a loan if you reduce the term or amount while meeting all other lender requirements. Additionally, as a workaround, some lenders offer the option for a co-signer or collateral. You should, however, consider reapplying only after determining and resolving the reason for your rejection.

Short-term loans with high interest rates, such as payday loans, are an option for people who have been rejected for a traditional loan. However, we advise against taking a short term loan for multiple reasons. These loans typically have high interest rates and require repayment within a short time period.

Frequently Asked Questions About Personal Loans in Boston

Personal circumstances, credit history and income all play a role in determining the best personal loans in Boston. Here are a few commonly asked questions about personal loans and lending companies in Boston:

LightStream's personal loans are the best in Boston. Borrowers with good credit should use SoFi, while those with bad credit should consider Upstart. Upgrade and Best Egg are the top lenders for debt consolidation and home improvement, respectively.

Upstart offers low-interest personal loans in Boston. If you meet the lender's criteria, you may be eligible for a personal loan with an interest rate starting at 3.22%.

Personal loans are taken out by Boston’s residents for a variety of purposes, including vacations. However, some lenders are increasingly allowing the use of their loans only for specific purposes. You must contact your lender to check whether your loan may be used to fund your vacation.

The majority of personal loans in Boston can be used to finance home improvements. If you are unsure whether the loan has any restrictions on how it can be used, you should speak with the lender.

A number of lenders in Boston offer personal loans that can be utilized for any reason. However, the policies of some lenders may restrict your ability to use the funds for certain purposes. For example, some lenders limit their borrowers from using personal loans to refinance their homes or other loans, make investments or gamble. You should ask your lender if there are any restrictions on their loans.

Each lender in Boston has its own maximum and minimum loan limit. Loan amounts are available from as low as $1,000 to upwards of $100,000.

The time it takes to get a personal loan in Boston may vary greatly by lenders, but most personal loans are funded within a few days to a week.

If you pay off your personal loan early, you may be charged with a penalty. However, not all lenders charge a fee for early loan repayment. To learn whether your lender imposes a penalty, read the fine print in your loan agreement and ask your lender if you need further clarification.

Our Personal Loan 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 determined 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.

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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.