Best Personal Loans in Springfield, MA

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.

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.

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.

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.

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.