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Find the Best Personal Loan Companies in Boston, MA

Whether it’s for emergency funds, large purchases or debt consolidation, many people in the Boston area are looking for a personal loan. Boston.com has partnered with ConsumerAffairs to create this guide by comparing requirements, loan amounts, limits, funding times and customer reviews of 22 of lenders to find the top 10 personal loan companies in Boston.

This content was created by a Boston.com partner. The editorial department of Boston.com had no role in writing, production, or display. Boston.com may be compensated for publishing this content and/or receive a commission on purchases of products or services described within the post.

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How to get a personal loan in Boston

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When beginning a personal loan application process, you’ll provide personal information like your name, date of birth, address and social security number. Typically, companies will also ask for employment history, proof of income and proof of address. If you’re asking someone to cosign on the loan, they will need to provide their information, too. Most banks and personal loan companies have online applications that can speed up the approval process. Additionally, there are varying APR interest rates and repayment terms. Longer repayment terms typically mean you will pay more interest.

Once you’re ready to choose a personal loan company, there are important considerations. An important factor is the monthly payment amount. Be sure you have a payment that fits your budget so you don’t have late or missed payments. Some banks — similarly to credit unions — only allow members to receive personal loans. Additionally, there are loan minimums and maximums, so you’ll need to ensure your lender will fund the amount you need. Lenders tend to have minimum credit requirements. If you have a low credit score or no credit history, you’ll need a lender that works with this type of credit profile — or you can get credit repair help first.

Beyond checking into their specific services and features, it’s important to do your due diligence on the companies you’re considering. Check reviews online, ask family and friends for recommendations and always read the fine print. Unfortunately, personal loans scams are floating around. Red flags to look for include no credit check required, non-disclosure of fees, guaranteed loan approval, high-pressure tactics, paying fees upfront and the lender asking for a prepaid credit card as payment. The Consumer Financial Protection Bureau provides resources to help protect you from scams and ensure you’re treated fairly by lenders.

Types of personal loans in Boston

The average debt in Massachusetts is around $67,010, which includes auto loans, credit cards, mortgages and student loans. If you are looking to combine debt and lower monthly payments or interest rates, personal loans may be a good fit. There are a variety of personal loan types you may qualify for. These include:

  • Secured: A secured loan uses an asset as collateral to protect the lender against non-payment. Collateral examples are a vehicle, house, boat or savings account. If you don’t pay back the loan, the lender can seize that asset.
  • Unsecured: An unsecured loan doesn’t require collateral. Typically, borrowers with good or excellent credit can qualify for unsecured loans, but there is a chance you will pay more in interest.
  • Co-signed and joint: Some lenders allow co-signers on personal loans if you aren’t able to qualify on your own. The co-signer doesn’t typically have access to the loan money; however, they do take on responsibility for payments if you default on the loan.
  • Fixed-rate: Fixed-rate personal loans mean the interest rate doesn’t change over time. You make the same monthly payment for the life of the loan.
  • Variable-rate: Variable-rate loans have a fluctuating interest rate. As the benchmark changes, the interest rates will too. This means your payment amounts will fluctuate and go up or down. Variable-rate loans are best for borrowing for a short time.

Personal loans can be borrowed through a bank, online lender or credit union, and will have a variety of interest rates and repayment terms. One benefit of personal loans is that the funds can be used for a variety of reasons.

“A personal loan can be utilized in a variety of ways, even though consumers can currently choose from a large number of specialized loans,” said Matthew Dailly, managing director at Tiger Financial. “It can be a wonderful alternative for consolidating debt, covering unexpected medical bills and other costs, launching a business, funding investment and making a significant purchase. In this sense, using a personal loan, whichever best suits your needs, is pretty flexible.”

There are other reasons you may be looking for a Boston personal loan. These include:

  • Home improvements and remodeling
  • Credit card refinancing
  • Moving expenses
  • Student loans
  • Travel
  • Adoptions and childbirth
  • Special occasions
  • Payday loan alternative

What are personal loan rates in Boston?

Interest rates in Boston depend on your personal situation; expect to pay between 3.99 and 35.99 percent APR on personal loans.

“After deciding on the loan amount, you must consider the interest rate, which is the single most important aspect in determining the entire cost of your loan,” said Chris Muller, vice-president for brand at Money Under 30. “The interest rate is determined by a number of variables, including your income, creditworthiness, place of employment, etc. Therefore, you should evaluate your cash flow, expenses and debt before applying for a personal loan.”

In addition to loan rates, it’s important to consider minimum and maximum loan requirements. For example, some companies require borrowers in Massachusetts to borrow at least $6,500. If you’re working with a credit union, there may be other stipulations for new versus established members. Be sure to research your lender requirements fully before accepting a personal loan offer.

Boston personal loan FAQ

Can I get a loan with bad credit?
Yes, there are several companies that offer loans even if you have bad or no credit. Be sure to check to see if you’re eligible for a personal loan with a given company before starting the loan process.
How do I get a loan from the bank?
Most personal loan lenders have an online application to start the process. You need to submit personal information like proof of income, employment history, name, address, phone number and social security number to get your personalized rates. Some companies help you compare rates and term lengths after you apply so you can find the right fit.
Which bank has the lowest interest rate for a personal loan?
Interest rates vary based on your specific personal information and financial situation. However, LendingTree connects you with lenders that have interest rates as low as 3.99 percent for qualified borrowers.
What is the average interest rate on a personal loan?
Interest rates vary based on your credit score. BankRate provides this table on average interest rates.
Where can I get a personal loan?
You can get personal loans online or through a local Boston bank. Online lenders and third-parties can help you compare interest rates between several companies. Local banks may offer personal loan promotions, so it’s important to research all options before committing to a lender.

Boston personal loan company information

Best Egg

Best Egg offers personal loans from $2,000 to $50,000. Annual percentage rates (APR) range from 5.99 percent to 35.99 percent, with three- or five-year payment terms. You can check your interest rate without a hard inquiry on your credit report. After an application is received and verified, loan money can be deposited into your account within one to three business days. Massachusetts residents must take out a loan of $6,500 or more.

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Upgrade offers personal loans with APRs of 6.95 percent to 35.97 percent. The lowest APR rates are available if you enroll in auto pay and pay off some debt directly. Origination fees are 1.85 percent to 8 percent. Loan amounts range from $1,000 to $50,000, and term repayment lengths range from 24 to 84 months. Once a loan offer is accepted, funds can be deposited into a personal account within one business day. Upgrade can also pay creditors directly, but this could take up to two weeks to clear.

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LendingTree is a marketplace, meaning it partners with several lenders to offer personal loan comparisons. This helps you find the best interest rates and term lengths available. After you apply, LendingTree matches you with up to five lenders out of its network. Once you choose a lender, LendingTree offers ongoing support through free credit monitoring and personalized budgeting recommendations to help you stay on track. LendingTree currently has lenders with APRs from 3.99 percent to 35.99 percent.



LendingClub offers personal loans up to $40,0000. Upon loan approval, funds can be dispersed within 24 hours. There are no application or prepayment fees, and you can set up auto-drafted withdrawals. LendingClub can quickly check your rate online without a hard credit inquiry. APR ranges from 6.34 percent to 35.89 percent, and term lengths are three or five years. Loan origination fees range from two percent to six percent of the loan amount. LendingClub personal loans cannot be used for anything related to post-high school education, making investments or funding an illegal activity.



Credible is a personal loan marketplace, which means it provides pre-qualified offers from several lenders. This helps you compare interest and APR rates and fees. Pre-qualification does not require a hard inquiry, so there is no impact on your credit report. You can get pre-qualified online, compare lenders and select the right one to fund your loan. Credible only gets paid if you close a loan with one of its partners. After your loan application is accepted, funds can be released the same or next business day.

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Upstart offers an online personal loan application that gives you a rate in about five minutes. Checking an initial rate won’t affect your credit score. Loan amounts are available from $1,000 up to $50,000, and payment terms are three or five years. Fixed interest rates range from 5.6 percent to 35.99 percent. There are no prepayment fees, and personal loan funds are typically deposited one business day after signing. Upstart can help you get a loan if you have bad or no credit. Upstart has a $7,000 minimum personal loan amount for Massachusetts residents.


City of Boston Credit Union

The City of Boston Credit Union offers personal loans up to $30,000 for established members or up to $5,000 for new members. Term lengths go up to 72 months. Interest rates are based on your credit score and range from 7.99 percent to 17.99 percent. City of Boston Credit Union serves Suffolk, Middlesex and Norfolk counties in the Boston area. Once a loan is accepted and signed for, funds can be dispersed in 24 hours. City of Boston Credit Union has local administrative offices at 1 Union St., 3rd floor, Boston, MA 02108.

City of Boston Credit Union


UniBank serves central Boston and offers personal loans from $1,000 to $5,000. Funds are available in as little as one day after loan application approval. Personal loans are unsecured for terms up to four years. UniBank personal loans have an APR rate between 12 and 15 percent. There’s a .25 percent reduction in rate when you choose automatic withdrawal payments. UniBank has a Boston local branch at 193 Boston Turnpike, Shrewsbury, MA 01545.


Commonwealth Bank

Commonwealth Bank offers personal loans from $1,000 to $5,000. APR rates are 14 percent for two-year terms. You have to have a Commonwealth Bank account for a minimum of six months before being eligible for a personal loan. Funding can be deposited within 24 to 48 hours after loan application approval. Commonwealth Bank has a local branch at 1172 River St., Hyde Park, MA 02136.

Commonwealth Bank

First Republic Bank

First Republic Banks offers a personal loan, the Eagle Gold Loan, ranging from $70,000 to $250,000. Interest will vary, and your banking relationship with First Republic Bank does have an impact on rate. You need a minimum of 36 months of credit history to qualify for a personal loan and get immediate access to funds after approval. First Republic Bank has a Boston branch at 1 Post Office Square, Boston, MA 02109.

First Republic Bank