Best Personal Loans in Worcester (MA)
We have found 106 personal loans to apply for in Worcester, 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 9.99% - 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 Worcester
- Bank name
- Total Assets
- Branches
How to Choose the Ideal Personal Loan in Worcester, Massachusetts?
Personal loans can be an invaluable resource for filling financial gaps and improving your overall financial health. However, it is essential to employ effective strategies for comparing and selecting the ideal personal loan in Worcester that suits your specific financial situation. By doing so, you can ensure that you find a loan that aligns perfectly with your needs.
Annual Percentage Rates (APR)
When considering different loan options, it is crucial to give careful attention to the annual percentage rate (APR). The APR offers a more comprehensive view of the total loan cost by factoring in both the interest rate and any additional fees associated with the loan. By comparing APRs, you can determine which loan will result in higher overall costs over the long run. In Worcester, the APR can vary from 4.49% to 36%.
Loan Amount
Since you may not have an exact figure in mind, researching loan amount options can be beneficial. Look for lenders that offer a wide range of loan amounts, ensuring you have access to a substantial sum. Additionally, consider lenders who allow you to withdraw funds in parts, allowing you to pay interest only on the amount you utilize. This flexibility is particularly useful for projects with fluctuating financial needs, such as home renovations or car repairs.
Monthly Payments
It is crucial to choose a loan with monthly payments that comfortably fit within your budget. Ensure that you can fulfill your regular financial obligations while also repaying the loan amount and interest.
Credit Requirements
Most lenders prefer borrowers with good to excellent credit scores (typically 670 or higher). In Worcester, the lowest acceptable credit score is Poor (300 - 579). Tailor your loan search to match your credit score to secure the best possible loan terms.
Collateral
In general, personal loans are unsecured, meaning they don't require collateral. However, certain loan options may necessitate collateral, resulting in lower interest rates due to reduced risk for the lender. On the other hand, unsecured loans tend to have higher interest rates. If you aim to steer clear of high interest rates, it may be worth considering a secured personal loan as an alternative.
Origination Fee
Many lenders charge origination fees alongside interest charges. These fees, expressed as a percentage of the total loan amount, vary among lenders. Opting for a personal loan with lower processing fees can lead to long-term cost savings.
Compare and choose the best personal loan in Worcester
This side-by-side comparison will facilitate your research and empower you to choose a loan that offers favorable terms specifically tailored to your financial circumstances.
| 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 | 9.99 - 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 |
Increasing Personal Loan Approval Odds in Worcester: 5 Simple Tips
When considering borrowing funds in Worcester, it is crucial to optimize your chances of loan approval. By taking proactive measures to improve your personal loan approval odds, you can greatly benefit in the long term. Here are five helpful tips to maximize your chances of getting approved for a personal loan:
- Improve Your Credit. Elevating your credit score is the most effective way to enhance your chances of loan approval. While Worcester may have a minimum credit score requirement of Poor (300 - 579), having a higher credit score significantly increases your odds. To improve your credit score, ensure you make timely debt payments, keep your credit utilization low, avoid excessive applications for new credit, and address any errors on your credit report.
- Increase Income. Lenders take into account your debt-to-income ratio when evaluating loan applications. By increasing your income, you can improve this ratio and enhance your approval prospects.
- Avoid New Debt. While applying for a personal loan, refrain from taking on additional debt. Lenders view debt as a risk factor, and any outstanding debt decreases your approval odds. Pay off existing debts and avoid acquiring new ones. A lower debt burden makes it easier to repay the personal loan.
- Be Realistic with Loan Amounts. Lenders are generally cautious about lending large sums, as they entail higher risks. In Worcester, the maximum loan amount available is $500,000, but approval for this amount is challenging. Applying for smaller loan amounts increases your chances of approval. Determine the exact amount you need and request the minimum necessary from the lenders. In Worcester, the minimum loan amount offered is $100.
- Consider Joint Applicants. Exploring the option of a joint applicant or co-signer can enhance your chances of loan approval. Lenders assess the credit scores and incomes of both applicants in a joint application. A reliable joint applicant or co-signer strengthens your financial standing during the loan approval process.
Conclusion
Obtaining a personal loan is an important decision that requires proper preparation. By taking proactive steps now, you can maximize your chances of getting a loan in Worcester, Massachusetts.