MoneyGeek analyzed over 30 data points for each lender, comparing them to one another to provide you with the best personal loan companies in Springfield. Some of the factors we considered are their loan amount cap, lowest and highest interest rates, how long it takes before they release funds, restriction on the usage of the lent money and more. We also considered how accessible they are by looking into factors, such as application options, mobile apps and whether they disclose rates on their website.
Top Lenders & Best Picks for You
Best Personal Loans in Springfield, MA
The best personal loans in Springfield, Massachusetts, are from LightStream. Other top lenders are Upstart, SoFi, Upgrade and Best Egg.
Updated: October 30, 2024
Advertising & Editorial Disclosure
- The Best Overall Personal Loan Lender in Springfield
- The Best Personal Loan Lender for Bad Credit in Springfield
- The Best Personal Loan Lender for Good Credit in Springfield
- The Best Personal Loan Lender for Debt Consolidation in Springfield
- The Best Personal Loan Lender for Home Improvements in Springfield
- How to Choose the Right Personal Loan Lender for You
- Frequently Asked Questions About Personal Loans in Springfield
MoneyGeek’s Pick for Best Lender in Springfield, MA: LightStream
Best Overall Personal Loan Lender in Springfield: LightStream
- LightStream
- 4.49% to 20.49%APR Range
- 660Minimum Credit Score
- $5,000 to $100,000Loan Amount Range
- 24 to 84 monthsRepayment Terms
- Same DayTime to Receive Funds
LightStream is MoneyGeek's pick for the best personal loan company in Springfield. Founded in 2013, it is the online consumer lending business of SunTrust Bank.
LightStream is great for those in need of large sums of money. That's because it offers a maximum of $100,000 loan and a repayment period of two to seven years. You can receive funds as early as the same day of approval, which makes it great for those in need of urgent funds. It also has an A+ rating from the Better Business Bureau. Moreover, it doesn’t charge for late or early payments nor does it chaan origination fee.
One disadvantage of LightStream is that it conducts a hard inquiry, which can negatively impact your credit score. It also limits how you can use the money you borrow. For example, you can't use it for college or post-secondary education expenses, stock and bond purchases or business-related expenses.
Pros
- Offers joint loans
- No origination fee
- No prepayment penalty
- 0.5% autopay discount rate
Cons
- Conducts hard credit inquiry
- Restriction on funds usage
- No co-signers allowed
- 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
Best Personal Loan Lender for Bad Credit in Springfield: 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
MoneyGeek considers Upstart, a company that was founded in 2012, the best option for Springfield borrowers with bad credit. This is because it doesn't have a high credit score requirement. It also conducts soft credit checks that can help you protect your credit score.
The borrowed money will be accessible to you the next day after Upstart approves your application. If you have an outstanding loan, you may still be eligible to apply for a second one. However, you will only be accepted if you have been making payments on time.
The company has a browser-based dashboard where you can easily manage your loan online, but it has no mobile app. Additionally, rates aren’t disclosed online.
Pros
- Low credit score requirement
- No prepayment penalty
- Next-day funding
- Soft credit check that doesn’t impact credit score
- Low income requirement
Cons
- DTI limit of 45%
- Potentially high-interest rates
- No mobile app
- $50,000 loan limit
- 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
Best Personal Loan Lender for Good Credit in Springfield: 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 has been in business since 2011 and provides a wide range of financial services, including personal loans.
For a lender that lets you borrow up to $100,000, the company's credit score requirement isn't that much higher than others. They also run soft credit checks that have no bearing on your credit score. It offers a 0.25% discount when you use auto repayment. Moreover, you won't have to worry about prepayment, origination or late penalties because they're not part of your monthly bill.
However, apart from a good credit score, the company requires personal loan applicants to have a $50,000 minimum gross income. It's also not particularly open about how it calculates rates and doesn't readily publish them on its website.
Pros
- Auto payment discount of 0.25%
- No restrictions on fund usage
- No prepayment penalty
- No origination fee
- No late payment fee
Cons
- Won't accept co-signers
- 680 minimum credit score
- $50,000 minimum gross income requirement
- 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
Best Lender for Debt Consolidation in Springfield: 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
Our study shows that Upgrade provides the best personal loan deals for debt consolidation in Springfield. It's a company founded in 2016 that allows customers to apply for both secured and unsecured personal loans as well as credit cards, auto loans and reward checking accounts.
If you take out a loan to consolidate your debts, Upgrade pays your creditors directly and can provide funds on the same day following approval. This is perfect for last-minute debt payments. The personal loans offered can range from $1,000 to $50,000, making it a good choice for people searching for smaller loans. When you set up automatic payments with Upgrade, you enjoy a substantial 1% discount as well.
On the downside, Upgrade frequently charges relatively higher interest rates. If you have an excellent credit history, shopping around and comparing quotes from several lenders may help you find lower rates.
Pros
- Direct payment in case of debt consolidation
- Soft credit inquiry
- No prepayment penalty
- 1% auto payment discount
Cons
- Restrictions on the usage of funds
- As high as 35.99% interest rate
- High origination fee of up to 8%
- 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 Lender for Home Improvement in Springfield: 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
Best Egg was launched in 2014 and has since established itself as a relatively low-cost online loan company. It’s a great option if you're looking for a local home improvement loan.
It runs a soft credit check, so it won't hurt your credit score. Plus, you can save around 0.5% when you use its automatic payment system. Not only that, Best Egg has an A+ rating from the Better Business Bureau and offers a mobile app so that borrowers can manage their loans online.
That said, the lender collects origination fees of up to 6% as well as $15 in late fees. It's also worth noting that this lender requires applicants to have a minimum gross income of $50,000 and for them to be employed at the time of application.
Pros
- 0.5% discount for auto payments
- A+ rating from the BBB
- Soft credit pull
- Has mobile app
Cons
- High credit score requirement
- High gross income requirement
- 1%–6% origination fee
- $15 late fee
- 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
How to Choose the Best Personal Loan Lender in Springfield For You
In Massachusetts, the average personal loan debt is $14,678. This figure, however, will vary based on your personal profile as well as how you want to use your loan. Several criteria come into play when applying for personal loans in the city, including your job history, current debt, income and creditworthiness. The following is a series of steps you can take as a guideline for finding the best personal loans in Springfield.
Ask Yourself the Important Questions
Before applying for a loan, there are a few things to consider. You can begin by assessing your existing financial condition and determining whether obtaining a personal loan will truly benefit you. Because a personal loan is a long-term commitment that can take a couple of years to pay off, it is best to first check whether you can cover your immediate expenses in any other way.
Furthermore, if you have any prior debt, adding monthly payments might be too much of a burden. Also, lenders frequently have varying restrictions, such as income limits and credit score minimums. Check to see if you meet all of the requirements.
To get you up to speed, ask yourself the following questions:
- How much funding do I need?
- What is my credit score?
- Can I afford the monthly payment?
- How much debt do I already have?
Do Your Research
While we do our best to provide all of the necessary information to assist you during the entire process of acquiring a personal loan, the importance of completing independent research and comparing quotes prior to applying for a loan cannot be overstated. That's because our recommendations might not be appropriate for your current needs or profile, so looking into different options will provide you with the edge you need to get the most out of this transaction.
We also can't stress enough the importance of commitment in this major financial undertaking. Keep in mind that after the disbursement of the loan, you will have an obligation to pay monthly for an average of two to four years. This is a long period that might impact your finances for the foreseeable future.
Wait
After you've finished researching different lenders' features, offers, rates and fees, you should take a few days to consider your options. Take your time, weigh your financial obligations and figure out which lender would be the best fit for you. Because taking out a personal loan is such a large commitment, it's wise to take time to reconsider if it's the best decision for your financial status.
Read the Fine Print
Before applying for a personal loan, you should always check the rates and costs associated with it. This information can be found in the lender's loan agreement. It's a good idea to ask the provider about any upfront or hidden costs like origination fees, prepayment penalties and late payment fees while you're inquiring about the loan.
It's crucial to read the fine print carefully to determine how much you'll be paying and whether your financial position will allow you to make payments in the long run.
Apply
Once you've decided on a lender, you can apply. Lenders are obligated to request proof of identity, residence verification and proof of income during the application process. Online application is typically more convenient, if available, but an in-person visit or a phone call allows for a more personal experience.
What to Do if You Can’t Get a Personal Loan in Springfield
You could be turned down for a personal loan for a variety of reasons, including poor credit, a high debt-to-income ratio, low income, insecure job or missing papers on your application. However, in many cases, a low credit score is the major cause of loan rejection.
The best course of action is to request that the lender supply you with the explanation for the loan application's denial and follow the steps to correct it. Although it may be enticing to seek a different lender right away, you should wait until you've addressed the issue that caused you to be declined in the first place.
MoneyGeek also advises to carefully rethink if you’re planning to get a payday loan because they have extremely high-interest rates and can lead to a lot of debt in the long run.
Frequently Asked Questions About Personal Loans in Springfield
There are various personal loan lenders in the city, and the best one for you depends on your credit and income as well as your specific requirements. By understanding the answers to some of the most frequently asked questions about personal loans in Springfield, you can make a more informed decision.
LightStream is the best personal loan lender in Springfield overall. On the other hand, Upstart and SoFi are the best options for those with bad credit and good credit, respectively. Meanwhile, Upgrade is best for debt consolidation and Best Egg is ideal for funding home improvement.
Upstart, which has interest rates as low as 3.22%, offers the lowest rates among its competitors in the city.
You can use your Springfield personal loan for a variety of things, including a vacation. However, be cautious and check for any lender-imposed restrictions.
Most lenders in Springfield will let you utilize a personal loan for home improvements and repairs, but it's always a good idea to read the lender's loan agreement to see if there are any limits.
While a personal loan can be used to cover any emergency or large expense, lenders frequently ban the use of personal loans to pay for college tuition, a down payment on a home, company expenses, gambling or other illegal activity. That's why it's a good idea to double-check the loan's usage limits first.
While it will depend on your lender, you should expect to be able to borrow between $500 and $100,000. However, many lenders frequently limit it at $50,000.
The time it takes for a loan to be approved varies depending on the lender. A personal loan typically takes one to seven days to process. Some lenders, on the other hand, provide same-day funding.
You have the option of paying off your debt early. While some lenders charge a prepayment penalty, others do not. For further details, check the fine print of the lender's loan agreement.
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.
About Christopher Boston
Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.
Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.
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.