Best Personal Loans in Springfield (MA)
We have found 106 personal loans to apply for in Springfield, MA. Add more criteria to compare personal loans and find the best one for you.
- Minimum credit:Fair (580-669)
- Autopay discount:0.5%
- Origination fee:No origination fee.
- Funds available in:1 business day.
- Loan Purpose:Personal Loan
- Pros:
- Low rates
- No fees
- Fast approval and funding
- Rate discount for autopay
- Digital experience
- Cons:
- Minimum loan amount is a bit high
- Requires a long credit history
LightStream is the online lending division of Truist (formerly SunTrust Bank).
The key feature of LightStream's online personal loans is that they can be up to $100,000 and used for nearly any reason.
LightStream charges no fees on its personal loans. Plus, it offers to send you $100 if you’re unsatisfied with the loan process.
- Minimum credit:Fair (580-669)
- Autopay discount:0.25%
- Origination fee:No origination fee.
- Funds available in:5 business days.
- Loan Purpose:Personal Loan
- Pros:
- No fees
- Autopay discount
- Cons:
- Long time to receive funds
- No Cosigner Option
Marcus offers unsecured personal loans up to $40,000 with rates from 6.99% to 24.99%.
Marcus does not charge origination, late payment and check processing fees.
- Minimum credit:Poor (300-579)
- Origination fee:10%
- Funds available in:1 business day.
- Loan Purpose:Personal Loan
- Pros:
- No prepayment penalty
- Next day funding
- Cons:
- Origination Fee
- Extra Fees
Upstart loans range from $1,000 to $50,000. Not all applicants will qualify for the full amount.
The minimum loan amount: $7,000 (MA), $6,000 (Ohio), $5,100 (NM), $3,100 (GA), $2,100 (HI).
Borrowers need credit scores of 580 or higher.
Upstart offers fixed-rate APRs that vary from 5.60% to 35.99%. Loan terms are available for 3 or 5 years.
The origination fee ranges from 0% to 8%.
- Minimum credit:Poor (300-579)
- Origination fee:3 - 6%
- Funds available in:1 business day.
- Loan Purpose:Personal Loan
- Pros:
- Quick, easy online application
- Fast funding
- Cons:
- Origination fee
LendingClub offers loans of $1,000 to $40,000.
The APR range is from 8.30% to 36.00%. Loan terms are available for 3 or 5 years.
LendingClub charges an origination fee of 3% to 6% on personal loans.
- Minimum credit:Good (670-739)
- Autopay discount:0.25%
- Origination fee:No origination fee.
- Funds available in:1 business day.
- Loan Purpose:Personal Loan
- Pros:
- Fast approval and funding
- Rate discount for autopay
- No Fees
- Cons:
- Not available to residents of Mississippi
- No secured loan option
SoFi loans range between $5,000 to $100,000.
The APR range is from 7.99% to 23.43% (with discounts). Loan terms are available for 2 or 7 years.
The loan is not available in Mississippi.
SoFi personal loans have no fees: no origination fees, no late fees, no prepayment penalties.
- Minimum credit:Poor (300-579)
- Origination fee:4.75%
- Funds available in:1 business day.
- Loan Purpose:Personal Loan
- Pros:
- Fast approval and funding
- Low minimum credit score requirements
- No prepayment fees
- Cons:
- Fees
- No Autopay discount
- No Cosigner Option
Avant offers unsecured loans of $2,000 to $35,000. Rates range from 9.95% to 35.95%.
Avant charges an origination fee up to 4.75%.
Avant personal loans are not available in Colorado, Iowa, West Virginia, New York, Vermont, Hawaii, and Nevada.
- Minimum credit:Fair (580-669)
- Origination fee:2.41 - 5%
- Funds available in:1 business day.
- Loan Purpose:Personal Loan
- Pros:
- Fast approval and funding
- Simple application process
- Cons:
- Origination fee
- Extra Fees
- No Autopay Discount
- Not available in all states
Prosper offers fixed-rate APRs that vary from 7.95% to 35.99%. Loan terms are available for 3 or 5 years.
The origination fee ranges from 2.41% to 5%. Prosper charges $15 for failed payments or returned checks. Payments that are 15 or more days late are assessed a late fee.
If you don't qualify for a personal loan with Prosper, consider applying with a co-applicant.
- Minimum credit:Good (670-739)
- Origination fee:0.99 - 8.99%
- Funds available in:1-3 business days.
- Loan Purpose:Personal Loan
- Pros:
- Fast approval
- Low fixed rates
- Fast funding
- Cons:
- Fee charged
Best Egg is a national online lending platform offering personal loans starting at $2,000 for a variety of purposes.
Best Egg’s personal loans are ideal for consolidating debt or funding major expenses. Borrowers cannot use loans toward securities or postsecondary educational expenses.
There are no prepayment penalties, so you can pay off the loan ahead of schedule without extra fees.
Best Egg origination fees vary from 0.99% to 8.99%.
The quote you receive is based on multiple factors, including: Credit score and history, Income, Debt obligations, Loan amount, Repayment term (36 vs. 60 months).
- Minimum credit:Good (670-739)
- Origination fee:Depends on the lender
- Funds available in:24 hours
- Loan Purpose:Personal Loan
- Pros:
- Checking rates will not affect your credit score
- Personal information is not sold to lenders
- Available rates and lenders will appear based on preferred settings, with no bias
- Receive actual rates based on your credit profile, not estimates
- Cons:
- Not a direct lender
Credible.com is a financial marketplace that helps thousands of Americans to get personal loans at the best rates they qualify for.
On Credible.com you can apply for a personal loan of up to $100,000. Then it will match your application with offers on the market and help you to find the lowest rate, based on your credit profile.
Credible.com is free to use and doesn't have any hidden fees.
- Minimum credit:Poor (300-579)
- Origination fee:1.85 - 9.99%
- Funds available in:1 business day.
- Loan Purpose:Personal Loan
- Pros:
- Fast funding**
- Wide range of loan amounts
- Accessible to most borrowers
- Cons:
- Origination fee
Upgrade personal loans are designed for mainstream appeal, supporting a wide range of credit scores and incomes.
Upgrade offers 36-month or 60-month fixed-rate personal loans, which generally range from $1,000 to $50,000, in 44 states. Upgrade loans are not available in Colorado, Connecticut, Iowa, Maryland, Vermont and West Virginia.
You can repay your Upgrade personal loan over three or five years.
To apply for an Upgrade personal loan, you’ll start by filling out a one-page application to see which terms you qualify for based on a soft credit check (or credit inquiry that doesn’t impact your credit score).
** Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 8.49% - 35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/.
** Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds sent directly to you should be available within one (1) business day. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor.
TOP 4 banks offering personal loans in Springfield
- Bank name
- Total Assets
- Branches
How to Select the Best Personal Loan in Springfield, Massachusetts?
Personal loans, when used wisely, can serve as a valuable tool for bridging budget gaps and enhancing financial well-being. Therefore, it is crucial to find a loan that aligns with your specific financial situation. Here are some strategies for effectively comparing and selecting the right personal loan in Springfield, Massachusetts.
- Consider the Annual Percentage Rates (APR). When assessing loan options, pay close attention to the annual percentage rate (APR), as it provides a more comprehensive understanding of the total loan cost, including fees. Comparing APRs instead of solely focusing on interest rates can help identify the loan that will incur higher expenses in the long run. In Springfield, APRs range from 4.49% to 36%.
- Evaluate the Loan Amount. Conduct thorough research on loan amount options and choose a lender that offers the desired loan size. In Springfield, loans are available ranging from $100 to $500,000. Look for lenders that provide the flexibility to withdraw funds incrementally, allowing you to pay interest only on the amount utilized. This flexibility is particularly advantageous for projects with varying funding needs, such as home renovations or car repairs.
- Assess Monthly Payments. Ensure that the monthly payment comfortably fits within your budget. It is crucial to manage your regular expenses while repaying the loan and accounting for interest payments.
- Understand Credit Requirements. While many lenders prefer borrowers with good to excellent credit scores (typically 670 or higher), there are lenders who consider individuals with poor to fair credit. While a higher credit score does not guarantee a lower interest rate, it increases the likelihood of loan approval. In Springfield, the minimum acceptable credit score is Poor (300 - 579). Tailor your search to lenders that accommodate your credit score for more favorable loan terms.
- Consider Collateral. While most personal loans are unsecured and do not require collateral, certain loans may necessitate it. Secured loans generally offer lower interest rates as the collateral reduces the lender's risk. Conversely, unsecured loans often come with higher interest rates. If you are concerned about high interest rates (which can reach 36% in Springfield), consider exploring secured personal loan options.
- Assess Origination Fees. Take note of any origination or processing fees charged by lenders in addition to the interest rate. Origination fees are typically a percentage of the total loan amount and can vary among lenders. Opting for a personal loan with lower origination fees can result in long-term savings.
Compare and Choose the Best Personal Loan in Springfield, Massachusetts
The provided table presents key information to facilitate an easy and comprehensive comparison.
| Lender | APR | Loan Amount | Loan term | Origination Fee | Score Required | Apply |
|---|---|---|---|---|---|---|
LightStream | 6.49 - 21.99% | $5,000 - $100,000 | 2 - 6 years | No origination fee. | From Fair (580-669) to Fair (580-669) | Check rates On partner's site |
Marcus by Goldman Sachs | 7.24 - 25.24% | $3,500 - $40,000 | 3 - 6 years | No origination fee. | From Fair (580-669) to Excellent (740-799) | Check rates On partner's site |
Upstart | 5.6 - 35.99% | $1,000 - $50,000 | 3 - 5 years | 10% | From Poor (300-579) to Excellent (740-799) | Check rates On partner's site |
LendingClub | 8.3 - 36% | $1,000 - $40,000 | 3 - 5 years | 3 - 6% | From Poor (300-579) to Excellent (740-799) | Check rates On partner's site |
SoFi | 8.24 - 23.68% | $5,000 - $100,000 | 2 - 7 years | No origination fee. | From Good (670-739) to Excellent (740-799) | Check rates On partner's site |
Avant | 9.95 - 35.95% | $2,000 - $35,000 | 1 - 5 years | 4.75% | From Poor (300-579) to Excellent (740-799) | Check rates On partner's site |
Prosper | 7.95 - 35.99% | $2,000 - $40,000 | 3 - 5 years | 2.41 - 5% | From Fair (580-669) to Excellent (740-799) | Check rates On partner's site |
Best Egg | 7.99 - 35.99% | $2,000 - $50,000 | 3 - 5 years | 0.99 - 8.99% | From Good (670-739) to Good (670-739) | Check rates On partner's site |
Credible | 5.4 - 35.99% | $600 - $100,000 | 1 - 7 years | Depends on the lender | From Good (670-739) to Excellent (740-799) | Check rates On Credible.com |
Upgrade | 8.49 - 35.99% | $1,000 - $50,000 | 3 - 5 years | 1.85 - 9.99% | From Poor (300-579) to Fair (580-669) | Check rates On partner's site |
Tips for Increasing Personal Loan Approval Odds in Springfield, Massachusetts
Maximizing your chances of personal loan approval in Springfield, Massachusetts involves taking proactive steps. Consider the following tips:
- Improve Your Credit. Increasing your credit score is the most effective way to enhance your loan approval odds. Although the minimum credit score requirement in Springfield can be Poor (300 - 579), a higher credit score significantly improves your chances. Focus on making timely debt payments, maintaining low credit utilization, minimizing credit applications, and disputing any errors on your credit report.
- Increase Your Income. Lenders evaluate your debt-to-income ratio when considering approval. Increasing your income reduces this ratio and improves your odds. Seek opportunities to increase your income, such as negotiating a raise at your current job or taking on a part-time job to generate additional income.
- Avoid New Debt. Minimize acquiring new debt while searching for a personal loan. Lenders view existing debt as a risk factor, which can decrease your approval chances. Prioritize paying off current debts and refrain from accumulating new ones. The less debt you have, the easier it will be to manage the personal loan repayment.
- Be Realistic About Loan Amounts. Lenders tend to be cautious about approving large loan amounts due to increased risk. In Springfield, the maximum amount available is $500,000, but it's challenging to secure such substantial funds. Aim for smaller loan amounts that align with your income and repayment capabilities. Smaller loans carry less risk for lenders and are more manageable for borrowers. Determine the exact amount you need and request the minimum required amount, which starts at $100 in Springfield.
- Consider a Joint Applicant. Explore the option of having a joint applicant or co-signer for your loan. Lenders consider the credit scores and incomes of joint applicants, potentially improving your approval odds. Ensure that you trust the joint applicant or co-signer as your finances will be linked.
Conclusion
In general, careful preparation is vital when considering getting a personal loan in Springfield, Massachusetts. By taking proactive steps, you can greatly increase your chances of being approved for a loan. Start applying these strategies today to improve your chances and get the best loan terms available to you.