Best Loans for Bad Credit in Massachusetts for 2024

Achieve provides the best loans for bad credit in Massachusetts, with a MoneyGeek score of 92 out of 100. It excels in reputation and transparency, customer service and the application process.

Updated: November 20, 2024

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The Achieve stands as the best personal loan lender for bad credit in Massachusetts, with a MoneyGeek score of 92 out of 100. It extends commendable customer service, offers competitive interest rates, and upholds a reputation for transparency about its loan terms and process.

Following in the rankings is Prosper, the runner-up for the best personal loan lender for bad credit in Massachusetts. It holds a MoneyGeek score of 90 out of 100. Its features include good customer service, a broad range of loan payment options and a transparent approach to loan terms and conditions.

MoneyGeek reviewed two personal loan lenders in Massachusetts that set and disclosed their minimum credit score requirements between 580 and 640. However, local services such as Somerset Federal Credit Union, New Bedford Credit Union, and MassMutual Federal Credit Union are worth exploring for personal loan options.

Best Bad CreditLendersMassachusetts

2024

Best Bad Credit Loans in Massachusetts

Best Overall - Achieve

Runner-Up - Prosper

MoneyGeek scored personal loan lenders in Massachusetts that explicitly disclose their minimum credit score requirements on their websites to find the state's best personal loan for bad credit. Only 12% of lenders disclose this information.

We filtered our analysis to include lenders with minimum credit score requirements between 580 and 640, which meets Experian's definition of fair credit. Our research did not find any published minimums lower than 580.

Our analysis was completed in April 2024 and considers banks and lenders who are licensed to do business in Massachusetts. We also consider financial companies who partner with federally insured institutions to offer competitive rates.

34Lenders Analyzed

Overall Best Bad Credit Loan Lender in Massachusetts

Achieve

92MoneyGeek Score
8.99% to 35.99%APR Range
620Minimum Credit Score
$5,000 to $50,000Loan Amount Range
24 to 60 monthsRepayment Terms

Achieve is MoneyGeek's pick for the best personal loan lender for bad credit in Massachusetts, with a MoneyGeek score of 92 out of 100. This lender facilitates personal loans originated by Cross River Bank, a New Jersey State Chartered Commercial Bank, or Pathward, an FDIC member. With a minimum credit score requirement of 620 and a loan amount ranging from $5,000 to $50,000, borrowers can receive funds the same day. A co-borrower can lower your interest rate, and there's no penalty for early repayment. However, be aware that it charges an origination fee and the loan amount is capped at $50,000.

Pros

Offers an interest rate discount when you add a qualified co-borrower to your application, show proof of sufficient retirement funds in an eligible account or use your loan funds to directly pay your creditors when consolidating debt
Low starting APR at 8.99%
Performs soft credit checks

Cons

Charges an origination fee between 1.99% and 6.99%
Loan amount caps at $50,000
High minimum loan amount

Runner-Up for Best Bad Credit Loan Lender in Massachusetts

Prosper

90MoneyGeek Score
8.99% to 35.99%APR Range
600Minimum Credit Score
$2,000 to $50,000Loan Amount Range
24 to 60 monthsRepayment Terms

With a MoneyGeek score of 90 out of 100, Prosper stands as the runner-up for the best bad credit loan lender in Massachusetts. Personal loans through this lender are originated by WebBank, an FDIC-insured industrial bank. Candidates with lower credit scores can apply since the minimum requirement is just 600. Prosper offers loans ranging from $2,000 to $50,000 with a turnaround time to receive funds as soon as the next day. On the positive side, it does not penalize for early loan repayment and provides flexible payment terms. However, applicants should consider the origination fee and the potential for additional charges related to payments.

Pros

Doesn't charge prepayment penalties
Flexible repayment terms from 24 to 60 months
Does soft credit inquiries

Cons

Has an origination fee between 1% and 7.99%
Charges check payment, late and insufficient funds fees
High maximum APR at 35.99%

Calculate Your Monthly Loan Payment in Massachusetts

In Massachusetts, the average new account balance for personal loans stands at $11,641 according to TransUnion's Credit Industry Snapshot report. A personal loan, typically an unsecured loan, is repaid in fixed monthly installments over a predetermined period. This repayment process means that borrowers pay back a portion of the principal and interest each month.

Knowing your monthly loan payments is especially crucial for borrowers with bad credit. Higher interest rates are common for such individuals, which can lead to larger monthly payments. To help estimate your loan payments, consider using MoneyGeek's personal loan calculator, which provides a quick and personalized estimation.

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Updated: Dec 22, 2024

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Best Bad Credit Loans by Credit Score in Massachusetts

The average credit score in Massachusetts is 732, surpassing the national average of 715 according to Experian data.

Even with a bad credit score, obtaining a personal loan is still possible. Some lenders in Massachusetts are willing to work with individuals who have poor credit, but be aware that these loans often come with higher interest rates and less favorable terms. Refer to the table provided to identify personal loan lenders in Massachusetts that match your credit score range.


Prosper	600	8.99% to 35.99%	$2,000 to $50,000	24 to 60 months	1 business day	90
Achieve	620	8.99% to 35.99%	$5,000 to $50,000	24 to 60 months	Same Day	92

What to Do if Your Loan Application Is Denied in Massachusetts

It's not uncommon to face a personal loan application denial in Massachusetts, but this doesn't halt your borrowing journey. Understanding the next steps can help you navigate this setback. Here are some measures to enhance your chances for approval on future applications.

1
Find out the reason for the denial
If your loan application is denied, it may be due to a poor credit score, a high debt-to-income ratio, a low income level or errors in your application. Review the lender's reasons to identify and improve on these areas for future applications.
2
Modify your loan terms
You may be able to adjust the loan amount or repayment terms with your lender to secure approval.
3
Find another lender
Different lenders have their own criteria for loan approval. Shopping around is crucial to find the best option for your needs and credit history. Consider the following factors when choosing a lender:
- Eligibility requirements: Different credit scores, income levels, debt-to-income ratios and employment histories are required by lenders. It's key to know these requirements.
- Interest rates: Look for lenders offering competitive rates, which can be more beneficial if your credit is less than ideal.
- Additional fees: Understand the fees lenders might charge, such as origination, late or prepayment fees, which can be significant with a less than perfect credit.
- Loan terms: Repayment terms vary among lenders, and choosing between short or long terms can affect repayment amounts.
- Customer service and reputation: Assess the quality of customer service and the lender's reputation, as these are significant when managing your personal loan.
4
Look for alternatives
For those with bad credit, alternatives to personal loans might be a better fit. Explore other options such as secured loans, credit unions or borrowing from friends and family.
5
Improve your credit score
Enhancing your credit score can lead to loan approval later on. Methods include paying bills on time, reducing debt and fixing errors on your credit report. Learn more about improving your credit score to prepare for future lending opportunities.

EXPERT TIP

Work on improving your credit score before applying for a personal loan to increase your chances of approval and getting better terms. Here are some long-term steps to consider:

Monitor your credit utilization ratio: Keep your credit utilization ratio low, as high credit utilization can negatively impact your credit score. Aim to use less than 30% of your available credit limit.
Don’t close old credit cards: The length of your credit history contributes to your credit score. Even if you no longer use a credit card, keep it open unless it has an annual fee.

—Alvin Yam, CFP

FAQ About Bad Credit Loans in Massachusetts

When shopping for personal loans in Massachusetts, it's common for borrowers, especially those with bad credit, to have questions or concerns. To assist in this process, we compiled answers to some frequently asked questions, offering clarity and guidance to help you make well-informed decisions.

Who is the best personal loan lender for bad credit in Massachusetts?

The best personal loan for bad credit in Massachusetts is Achieve with a MoneyGeek score of 92 out of 100.

Which lender in Massachusetts has the lowest APR rates for personal loans?

Achieve and Prosper both offer personal loans with a starting APR of 8.99%. Typically, only borrowers with excellent credit can secure this rate.

Which lender in Massachusetts has the lowest minimum credit score requirement for personal loans?

Prosper has the lowest minimum credit score requirement for personal loans, which is 600.

How to apply for a personal loan for bad credit in Massachusetts?

To apply for a personal loan with bad credit in Massachusetts, start by reviewing your credit report to understand your financial standing. Research lenders that specialize in bad credit loans, including online lenders, local credit unions and community banks. Compare loan offers by evaluating interest rates, repayment terms and fees, then accurately complete the application, whether online or in person. Be prepared to provide additional information, like a co-signer or collateral if needed.

How long does it take to get a bad credit loan in Massachusetts?

The timeframe to receive funds from a bad credit loan in Massachusetts depends on the lender. Some lenders offer same-day funding, while others may require a few business days to a week.

Can I pay off my personal loan early in Massachusetts?

You can pay off your loan early in Massachusetts. It's advised to check with your lender regarding potential prepayment penalties.

Is there a difference between personal loans and installment loans in Massachusetts for bad credit?

In Massachusetts, there's no significant difference between personal loans and installment loans for bad credit, as both require borrowing a set amount and repaying it in regular, fixed installments over a specified period.

Best Personal Loans

Best Bad Credit Loans

Sources

Experian. "What Is the Average Credit Score in the US?." Accessed April 11, 2024.

TransUnion. "Credit Industry Snapshot." Accessed April 11, 2024.

About Zachary Romeo, CBCA

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.

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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.