Best Personal Loans in Boston, MA

SunTrust Bank and BB&T merged to form LightStream, an entirely online lender and a division of Truist. With an A+ rating from the BBB, a wide selection of loan alternatives, and other features, the lender topped our ranking. Most likely, the lender will process your funds the same day. You won't be charged any additional fees with a Lightstream loan. They also offer autopay discounts and joint loans with no minimum income requirement.

If, on the other hand, your credit score is less than 660, the lender will not approve your loan. It's also a poor choice for borrowers wanting to apply with a co-signer. If you want to pay off a previous LightStream debt or use the money to pay for school expenses, invest, or for business, you should consider other lenders.

Pros

• No origination fee, late fee and prepayment penalty
• No minimum income requirement
• Loans of up to $100,000
• Same day loan processing
• Auto-pay discount

• APR range: 4.49% to 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

Upstart, an artificial intelligence loan platform, was founded in 2012. Because it accepts clients with credit scores as low as 300, MoneyGeek rated it the best for borrowers with bad credit. Upstart has no minimum income requirement, making it widely accessible. It’s also notable for processing loans in one to two days after completing a soft credit check. This lender allows borrowers with debt-to-income (DTI) ratios of up to 45%, whereas most others don't accept those with DTIs over 43%.

There are a few things to consider before applying for an Upstart loan. Avoid this lender if you don't want to spend a lot of money in interest. Because it accepts those with bad credit, interest rates are higher. You won't be accepted for a loan greater than $50,000, as well. Also, the lender does not allow co-signers, so this is not a suitable alternative for those needing loan repayment assistance.

Pros

• Low credit score requirement
• Soft credit inquiry
• Low minimum income requirement of $12,000
• Same day funding
• No prepayment penalty

• APR range: 3.22% to 35.99%
• Minimum/maximum loan amount: $1,000–$50,000
• Minimum credit requirements: 300
• Repayment terms: 36 to 60 months
• Time to receive funds: Next day

MoneyGeek named SoFi as the lender the best for borrowers with strong credit due to its distinct offers and the BBB's A+ rating. It has an unemployment protection program that lets you postpone your loan payments if you lose your job. There are no fees for obtaining a loan from SoFi, and applying for a loan does not affect your credit score because it conducts a soft credit check inquiry. You may save even more money by opting for monthly auto-payments.

Although you may have a good credit score, this does not mean that this lender is the best option for you. If you need a loan with a cosigner or don’t meet the income requirement of $50,000, SoFi’s loans may not work for you.

Pros

• No origination fee, late fee or prepayment penalty
• Larger maximum loan amount of $100,000
• Soft credit check inquiry
• Unemployment protection
• Autopay discount of 0.3%

• APR range: 5.74% to 20.28%
• Minimum/maximum loan amount: $5,000–$100,000
• Minimum credit requirements: 680
• Repayment terms: 12 to 60 months
• Time to receive funds: Two days

Upgrade is a newcomer in the market, having only started in 2016, yet it boasts an A+ rating from the Better Business Bureau. MoneyGeek also rated it as the top lender for debt consolidation, primarily because Upgrade's personal loan consolidates debt by delivering cash directly to your third-party lender. Applying for a loan through this vendor won’t impact your credit score because of the lender's soft credit inquiries. Setting up automatic payments for your monthly premiums can also reduce your repayment costs by 1%.

Drawbacks of Upgrade personal loans include fund usage restrictions and a high APR in comparison to other lenders’ loan options. Educational costs, investments, business acquisitions and gambling activities are prohibited from being paid for with the lender’s loans. With a credit score that is on the lower end of the spectrum, you will be charged a higher APR on the loan. As a result of this, consumers searching for low-interest loans should avoid this lender.

Pros

• Same day loan processing
• No prepayment penalty
• Soft credit check
• Pays third-party creditors directly for debt consolidation loans
• High auto payment discount of 1%

• APR range: 5.94%–35.47%
• Minimum/maximum loan amount: $1,000–$50,000
• Minimum credit requirements: 560
• Repayment terms: 36 to 60 months
• Time to receive funds: Same day

Best Egg, an online loan platform, was established in 2014 by Marlette Funding. For home remodeling loans, MoneyGeek ranked it as the best lender, while the Better Business Bureau awarded it an A+ rating. If you choose to repay your loan early, you may do so without incurring any penalties. Making automatic monthly payments also gives you a 0.5% discount on your payment cost. The lender also performs a soft credit inquiry check, which won’t affect your credit score during the application process.

Though there are many benefits for applying for a loan with Best Egg, the lender has certain drawbacks as well. Joint loans and loans with co-signers are not available via this lender, so if you're considering either of these alternatives, Best Egg is not the best fit. Furthermore, the lender has a minimum income requirement of $50,000; borrowers who make less than this amount annually are not eligible for a loan.

Pros

• Soft credit inquiry
• Auto payment discount of 0.5%
• No loan usage restriction
• Same day funding
• Reports to all the three major credit agencies

• APR range: 4.99% to 35.99%
• Minimum/maximum loan amount: $2,000–$50,000
• Minimum credit requirements: 700
• Repayment terms: 36 to 60 months
• Time to receive funds: Next day