Compare Personal Loan offers online in Massachusetts Now. We did the research so you don’t have to. Simply choose the personal loan company that best fits your needs or let us connect to a personal lender that will fit your needs here.
| Lender | Estimated APR | Min. Credit Score | Available Terms | Max Loan Amount | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
 | 6.95% - 35.99%Estimated APR | 640Min. Credit Score | 3 to 5 YearsAvailable Terms | $40,000Max Loan Amount | See Your Rate | ||||||
 | 5.99% - 35.99%Estimated APR | 680Min. Credit Score | 2 to 7 YearsAvailable Terms | $100,000Max Loan Amount | See Your Rate | ||||||
A personal loan is a fixed-rate loan offered in Massachusetts that can be used to cover the cost of a large expense or to consolidate your debt. Personal loans are unsecured, meaning that no collateral is required to obtain one. They are paid back in monthly installments lasting typically two to five years.
About Personal Loans in Massachusetts during 2019:
Personal loan interest rates range from 5.99% up to 35.99%. These rates are based on multiple factors including, but not limited to your credit score, your debt-to-income ratio, employment status, and other accessible alternative data. While lenders may look at multiple data points, your credit score is the most important determinant of your interest rate. A previous article of our took a deeper look into personal loan interest rates in Massachusetts.
| Average Credit Score | Average Interest Rate | Average Amount Funded |
|---|---|---|
| 720+ | 7.25% | $ 18,793 |
| 680-719 | 11.12% | $ 15,622 |
| 660-679 | 17.08% | $ 11,782 |
| 640-659 | 23.56% | $ 10,015 |
| 620-639 | 31.16% | $ 7,806 |
| 580-619 | 58.28% | $ 6,324 |
| 560-579 | 107.13% | $ 4,921 |
| Less than 560 | 136.50% | $ 3,549 |
Personal loans can be used to fund any major purchases or expenses. The most common reasons for personal loans in Massachusetts include:
A personal loan is an unsecured loan offered in Massachusetts ranging from as little as $1,000 up to $100,000. These loans carry an interest rate of 5.99% – 35.99% and typically have terms of 2 to 5 years. Personal loans are used for the funding of large purchases, debt consolidation or to cover unexpected expenses.
Whether or not you qualify for a personal loan depends on your credit history, debt obligations, income and for some lenders other factors like your profession or education. While different lenders have different qualification standards, most lenders typically look for a minimum FICO credit score above 600 with a monthly income above a few thousand dollars a month.
You do not need a cosigner to receive a personal loan in Massachusetts. However, using a cosigner could help to lower your interest rates or help you qualify if you have a lower credit score and do not qualify on your own.
The answer to this question varies from lender to lender. If you think you might like to pay your loan off early it is important to note whether your lender charges a prepayment penalty fee.
When applying for a personal loan, lenders will need some documentation to verify your identity along with your income. The documentation you will need when applying is:
When getting a personal loan there are some key factors you should keep in mind when choosing a lender.
The Good
The Not So Good
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Personal Loans
