An online search for “personal loans in Massachusetts” will offer a number of choices, ranging from a typical bank to a credit union, to a variety of online lenders. Among the major banks offering loans for personal uses include Santander Bank and TD Bank. You must have a great credit score to apply and get approved at a national or local bank.
Credit Unions are other great options if your score is average or slightly less than the average. City of Boston Credit Union and Community Credit Union are among the major credit unions providing financial services in Massachusetts.
Online lenders, network lenders, installment loan providers and bad credit lenders are among the third group of personal loan providers in the state.
Banks that offer personal lending in Massachusetts
The following are some of the popular local banks with secured and unsecured loan offers in MA.
East Boston Savings Bank
Home equity line of credit, auto loans, and credit builder loans are among the major products available at East Boston Savings Bank. A credit builder loan is what you need while seeking a solution for quick financial health as well as credit improvement. It is a type of unsecured loan available at low interest rates.
Charles River Bank
Borrowers may find a wide array of financing options at Charles River Bank. Among these include home equity loan and line of credit, passbook collateral loan, residential real estate loan and secured and unsecured loans.
Bank of Easton
Besides auto loans, home equity loans and lines of credit, Bank of Easton offers personal loans, which can be used for vacations, purchase and debt consolidation. The maximum loan amount can be $2,000.
Cambridge Savings Bank
A leading provider of financial services in Massachusetts, Cambridge Savings Bank can offer secured as well as unsecured personal loans to help borrowers do a variety of things. The loan amount can range between $1,500 and $5,000 with varying APR and a fixed term of 24 months.
Your chances to get approved at Berkshire Bank depend on your current income and credit rating. It is possible to borrow a higher loan amount if you have a steady source of income and your credit score ranges from good to excellent.
It is one of the banks that participated in the government-sponsored small dollar loan programs. Bank Five still has to offer many products similar to this program. Besides, you can also contact the bank for various vehicles loans that can help you buy cars, boats and RVs.
Belmont Savings Bank
Home equity loans, HELOC, auto loans and personal loans are some popular products at Belmont Savings Bank. These are available for a variety of loan terms and APRs. The loan amount depends on a borrower’s creditworthiness.