Best Personal Loans in Worcester, MA: Top Lenders & Best Picks for You

LightStream provides loans at relatively low interest rates to borrowers with high credit scores. Whether you're in need of a consolidation loan or a home improvement loan, LightStream offers loan amounts up to $100,000, depending on your credit score.

The lender’s loan products vary in amount from $5,000 to $100,000 with repayment terms from 24 to 84 months. Though the lender’s maximum APR is high, you can lower your rate by 0.5% by signing up for automatic payments. It should be noted that only those with excellent credit will receive the lender’s lowest advertised rate.

There is no pre-approval option with this lender, so you may not be able to see your rate without them first completing a hard credit check. Furthermore, the lender does not accept information by phone, fax or email, which is something to keep in mind.

Pros

• High maximum loan amount of $100,000
• Varied repayment terms
• Quick funding
• Low minimum APR
• Mobile application available
• Autopay discount

If you have bad credit, it can be difficult to qualify for a loan. Some lenders take into account other factors, like employment history and income, but the vast majority rely on your credit score to assess your financial responsibility. Upstart is one of the few lenders that offers loans to borrowers with low credit scores — those with a credit score of 300 can qualify.

Using AI technology, Upstart combines data from your employment, education, income and credit history to assess your loan eligibility. However, because it takes these other factors into account, you must be employed to be eligible for a loan.

The lender’s loan products range from $1,000 to $50,000, with repayment terms of 36 or 60 months. Though borrowers with a low credit score can qualify, they should be wary of potentially receiving a high interest in excess of 35%. Those that receive a high interest rate can avoid paying more in interest by repaying their loan early without a penalty.

Pros

• Low minimum credit score requirement
• Low APR for creditworthy borrowers
• Low minimum loan amount
• No prepayment fees

If you're a borrower who has excellent credit, MoneyGeek found that SoFi offers the best personal loan in Worcester for you.

The lender’s loan products feature one of the lowest APR ranges. Borrowers can save an additional 0.25% by signing up for autopay. SoFi allows borrowers to obtain loans from $5,000 up to $100,000 with repayment terms between 12 and 60 months.

With SoFi, you can view your rate without a hard credit check, though the lender does complete a hard credit check after you submit your application. It also doesn't charge an origination fee, and you have the option to repay your loan early without paying a fee.

One of the most notable benefits of a SoFi personal loan is its unemployment protection. With this feature, your payments are temporarily put on hold if you unexpectedly lose your job.

Pros

• Fixed interest rates
• Autopay discount
• High maximum loan amount
• Unemployment protection

When you’re buried in debt, it can be difficult to make any forward progress. MoneyGeek recommends getting a personal loan from Upgrade to manage your debt with one monthly payment. Upgrade provides the best personal loans in Worcester for debt consolidation because it offers direct payment to creditors.

Upgrade allows borrowers to obtain loans from $1,000 to $50,000 with repayment terms between 36 and 60 months. Though the lender has a low starting APR, those with poor credit scores may receive an extremely high APR in excess of 35%.

While the lender doesn’t charge an application fee, it does charge fees for loan origination and late payments. If you’re concerned about these fees increasing the cost of your loan, you may want to consider a different lender.

Pros

• A+ rating from the Better Business Bureau (BBB)
• No application fees
• No prepayment fees
• Varied repayment terms
• Low minimum APR

If you want to give your bathroom a facelift or add an all-access kitchen, a home improvement loan from Best Egg can help you accomplish your goals without breaking the bank. Borrowers have the option to get up to a $50,000 loan at a fixed monthly interest rate. Best Egg can also disburse loans in as little as 24 hours, which can be beneficial to those needing funds for immediate repairs.

However, if you're just starting out with credit or trying to rebuild after struggling with past debt, meeting Best Egg’s credit requirement of 700 may prove difficult. Additionally, if you have a poor credit score, you may be subject to an extremely high interest rate. That being said, there’s no harm in checking your rate, since Best Egg doesn’t conduct a hard credit check during pre-approval.

Pros

• No prepayment fees
• No origination fees
• Soft credit check for viewing rates