2/8/2023
Updated
Living in the Pilgrim State can be quite an adventure in education, history and economic opportunity. While MA is a place full of innovation and has been ranked as one of the best places to live, it's also expensive.
That's why we show you how to get personal loans in Massachusetts near you.
Featured Loans in Massachusetts
A multitude of financial institutions operate in the state of Massachusetts, both national and regional banks, which have physical offices throughout the territory, in addition to having online services to lend money. These are some of the most interesting loans you can find:
- Amount: between $ 2,000 and $ 50,000
- Term: between 3 years and 5 years
- Interest: 8.99%
- APR: 8.99%
- Amount: between $ 2,000 and $ 50,000
- Term: between 3 years and 5 years
- Interest: 8.99%
- APR: 8.99%
- Amount: between $ 7,500 and $ 100,000
- Term: between 4 years and 6 years
- Interest: 6.39%
- APR: 6.39%
- Amount: between $ 2,000 and $ 50,000
- Term: between 3 years and 5 years
- Interest: 8.99%
- APR: 8.99%
- Amount: between $ 7,500 and $ 100,000
- Term: between 4 years and 6 years
- Interest: 6.39%
- APR: 6.39%
- Amount: between $ 1,000 and $ 150,000
- Term: 0 months
- Interest: 4.43%
- APR: 4.43%
- Amount: between $ 2,000 and $ 50,000
- Term: between 3 years and 5 years
- Interest: 8.99%
- APR: 8.99%
- Amount: between $ 7,500 and $ 100,000
- Term: between 4 years and 6 years
- Interest: 6.39%
- APR: 6.39%
- Amount: between $ 1,000 and $ 150,000
- Term: 0 months
- Interest: 4.43%
- APR: 4.43%
- Amount: between $ 5,000 and $ 50,000
- Term: between 3 years and 7 years
- Interest: 6.99%
- APR: 6.99%
Where to get personal loans in Massachusetts
First we feel it is important to clarify that payday and car title loans are limited in the Commonwealth of Massachusetts.
According to the law, small dollar personal loans in MA cannot have an interest rate above 23% and no lender is allowed to charge you more than $20 in administrative fees.
Despite these regulations, there are many alternatives you can use to get that extra money you may need at a certain time.
In most parts of the United States you have banks, credit unions, thrifts, online quick loan platforms, loan stores, private firms and more.
To make things easier for you, we have compiled a list of the most important financial institutions in MA that specialize in providing money loans:
TD, Citizens, Santander and Bank of America are the ones with the most offices in the state, so it will be easier for you to find them. They also have a lot of experience providing financing to people in the area and understand your needs.
Common terms and conditions for loans in MA
When applying for a personal loan in Massachusetts, you should have a clear strategy. First of all, we advise you to narrow down the list of potential candidates based on your chances of approval. Researching the terms well is what will save you money and get you a favorable rate.
There are several fundamental aspects that govern a good choice:
Fees
There are several additional charges that usually accompany the different credits available. Thus you will find:
| Origination fee | It is the most common and can be from 1% to 6% of the requested amount. |
Application fee
| It is usually between $25 and $50. |
Penalty for early payment
| This charge ranges from 2% to 5% of the amount borrowed. |
Late payment fee
| It can be 3%-5% of the monthly payment or $25 to $50. |
Repayment Deadlines
Unless you have automated the installments, you will receive an invoice with the due date. The term of the loan is made up of a certain number of monthly installments and its length depends on the lender. The usual duration is between 12 and 60 months, but it can also be from 3 months to 7 years.
Amount limits
The amount of money you are granted depends on your credibility and the lender. While some provide a maximum of $10,000, others can go up to $100,000 or more. The ideal is to request an amount that is close to what you will use and that you can manage financially.
Speed in the dispatch of funds
The urgency to obtain the requested money is sometimes urgent and sometimes not so urgent. While some lenders may take weeks, others will deposit the funds the same day or 1-2 days later. Depending on your need, you will have to weigh who is best for you.
Loans in Massachusetts near me
An easy way to find a lender near your location is to use the Massachusetts personal loan map below, which tells you the location of each one and their contact in case you want to call or drop by during their opening hours:
A brief overview of Massachusetts
There is a lot to say about the Commonwealth of Massachusetts, starting with the fact that it is one of the original 13 colonies and has been called the birthplace of the revolution.
Initially inhabited by various indigenous peoples, its first settlers arrived in Plymouth in 1620, who were then followed by the Puritans, who arrived in 1630.
It is the most populous state in the New England region and its capital Boston also has the largest population in the area. It has about 6.9 million inhabitants and the Greater Boston metropolitan area is home to at least two-thirds of its population. It is also the third most densely populated in the nation.
Throughout its history, MA has played a leading role in science, culture, commerce and history. Its early economy depended on agriculture, trade and fishing, but became a manufacturing center in the industrial revolution.
During the 20th century, it evolved towards services, excelling in biotechnology, university education, engineering and finance. Home to MIT and Harvard, the Bay State hosted important social movements, such as abolitionists, transcendentalists and temperance.
It is the site where they invented volleyball (Holyoke), basketball (Springfield) and first legalized same-sex marriage. It is also known for its political dynasties, such as the Kennedys and the Adamses.
Español: Préstamos personales en Massachusetts cerca de mí