Top Lenders & Best Picks for You

Best Personal Loans in Boston, MA

Updated: October 30, 2024

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WHAT WE’RE GEEKING OUT ON

MoneyGeek’s Pick for Best Personal Loan Lender in Boston: LightStream

MoneyGeek analyzed Boston's lenders using more than 30 distinct factors. These factors included APR range, fees, term length, credit score and income requirements and customer service.

Overall, LightStream was ranked as the best lending institution for personal loans in Boston, Massachusetts. However, other lenders may be better suited for you based on a range of criteria, including your credit score and whether you require a loan for debt consolidation or home improvements. In the following sections, you'll learn which company is the best match for your specific requirements.

Best Overall Personal Loan Lender in Boston: 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

    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

    Cons

    • Hard credit check lowers your credit score
    • Restrictions on funds usage
    • Minimum credit score of 660
    • Debt consolidation loans will not be paid directly to the third-party lender
    • 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
    LightStream

Best Personal Loan Lender for Bad Credit in Boston: 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

    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

    Cons

    • Potentially high interest rates
    • Origination fee of up to 8% and late fee of $15
    • Maximum loan amount of $50,000
    • Only two repayment terms
    • Rejects applications if the applicant's credit report contains delinquencies or bankruptcy.
    • 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
    Upstart

Best Personal Loan Lender for Good Credit in Boston: 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

    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%

    Cons

    • High credit score requirement of 680
    • Minimum income requirement of $50,000
    • 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
    SoFi

Best Personal Loan Lender for Debt Consolidation in Boston: 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

    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%

    Cons

    • Funds usage subject to restrictions
    • Potentially high interest rates
    • $10 late fee and 2.9%–8% origination fee
    • 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
    Upgrade

Best Personal Loan Lender for Home Improvement in Boston: 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, 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

    Cons

    • Potentially high interest rates
    • $15 late fee, between 1% and 6% origination fee
    • Minimum income requirement of $50,000
    • 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
    Best Egg

How to Choose the Best Personal Loan Lender In Boston for You

Borrowers in Massachusetts owe around $14,678 in personal loans. Lenders assess a variety of factors when evaluating your personal loan application in Boston, including your credit score, income, employment history and debt-to-income ratio. The following methods will assist you in choosing the best lender in your area:

  1. 1
    Ask Yourself the Important Questions

    It is critical that you determine how much money you have and how much money you need before beginning the application process. While applying for a personal loan, you should have answers to the following questions:

    • How much funding do I need?
    • What is my current debt?
    • What is my credit score?
    • Can I afford the monthly payment?
    • How soon do I need the loan?
  2. 2
    Do Your Research

    Following an evaluation of your financial status, it is time to select a lender that best fits your financial situation. If you've picked a few lenders, be sure you understand their terms and conditions. It's also critical to evaluate the attributes of each lender to find the best match.

    Long-term loans may cost more, but they are ideal for people who wish to pay less each month. Consider how the loan will impact your finances in the long term. You wouldn't want a loan that may hinder your long-term financial goals like owning a house.

    If a lender does a hard credit check, your credit score will go down, so look for a lender who only does soft credit checks. MoneyGeek provided best personal loan rankings for a few borrower profiles, but you may be able to find a lender that better suits your specific financial needs.

  3. 3
    Wait

    It’s best to wait a few days before making a final decision. Applying for a loan is a huge financial commitment, so it’s wise to think it over and do your homework beforehand.

  4. 4
    Read the Fine Print

    It's easy to ignore the most important aspects that seem insignificant at the moment when there are so many lenders and personal loans to examine. Certain lenders may impose extra or hidden costs, which you may not know of until you sign the agreement. When choosing a lender, make a note of all of the related charges, including interest, penalties and late fees. The loan's collateral requirements and possible use restrictions should also be considered. If you do not read the fine print, you may end up paying hidden costs, which can add up in the long term.

  5. 5
    Apply

    Prior to applying for the loan, you should have thoroughly investigated the lender and its features, so that you may apply with complete confidence. The loan application process requires documentation to verify the borrower's identity, address and source of income. You must have all of the necessary information readily available. If you have questions about loan terms or a lender’s application process, you can contact them over the phone or in person.

What to Do if You Can’t Get a Personal Loan in Boston

Borrowers with bad credit scores, high debt-to-income ratios or incomplete applications may all have their loan applications rejected by banks. If this happens to you, first find out why you were rejected and what you can do better the next time around.

Some lenders will provide you a loan if you reduce the term or amount while meeting all other lender requirements. Additionally, as a workaround, some lenders offer the option for a co-signer or collateral. You should, however, consider reapplying only after determining and resolving the reason for your rejection.

Short-term loans with high interest rates, such as payday loans, are an option for people who have been rejected for a traditional loan. However, we advise against taking a short term loan for multiple reasons. These loans typically have high interest rates and require repayment within a short time period.

Frequently Asked Questions About Personal Loans in Boston

Personal circumstances, credit history and income all play a role in determining the best personal loans in Boston. Here are a few commonly asked questions about personal loans and lending companies in Boston:

What is the best personal loan lender in Boston?
Which lender in Boston has the lowest interest rate?
Can I use a personal loan for vacations in Boston?
Can I use a personal loan for home improvement in Boston?
What can I not use my personal loan for in Boston?
How much can I borrow in Boston?
How long does it take to get a personal loan in Boston?
Can I pay off my loan early in Boston?

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 Boston headshot

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.

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sources
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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.

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