Good to excellent credit
American Express
- Credit profile
- Excellent
- APR range
- 6.99% – 19.99%
- Loan amount
- $3,500 – $40,000
Personal finance / MA
Personal loans, banking, insurance, and debt help in Massachusetts
Massachusetts residents use personal loans to consolidate credit card debt, cover emergencies, fund home improvements, or pay for major life events, with both unsecured and secured options available.
24lenders in the dataset
MAstate guide
$1,712/yraverage homeowners premium in dataset
51jurisdictions in the dataset
01 / Personal loans
Personal loans in Massachusetts
Massachusetts residents use personal loans to consolidate credit card debt, cover emergencies, fund home improvements, or pay for major life events, with both unsecured and secured options available.
Interest-rate law
Massachusetts caps licensed small loans up to $6,000 at a flat 23% plus a $20 administrative fee. Above $6,000, a general 20% cap applies, and exceeding it requires specific Attorney General approval.
| Loan range | Rate | Statute |
|---|---|---|
| Licensed small loans up to $6,000 | 23% flat plus $20 administrative fee | 209 CMR 26.01 |
| Above $6,000 | 20% general cap (AG approval needed to exceed) | Not specified in dataset |
Lender complaints: Massachusetts Division of Banks
02 / Lender directory
Lenders by credit profile
Good to excellent credit
Axos Bank
- Credit profile
- Excellent
- APR range
- 11.79% – 20.84%
- Loan amount
- $7,000 – $50,000
Good to excellent credit
Citi
- Credit profile
- Good - Excellent
- APR range
- 9.99% – 17.49%
- Loan amount
- $2,000 – $30,000
Good to excellent credit
Discover
- Credit profile
- Good - Excellent
- APR range
- 6.99% – 24.99%
- Loan amount
- $2,500 – $40,000
Good to excellent credit
KeyBank
- Credit profile
- Not specified
- APR range
- 8.99% – 22.99%
- Loan amount
- $2,000 – $100,000
Good to excellent credit
LightStream
- Credit profile
- Good - Excellent
- APR range
- 6.74% – 25.39%
- Loan amount
- $5,000 – $100,000
Good to excellent credit
M&T Bank
- Credit profile
- Not specified
- APR range
- 7.74% – 13.94%
- Loan amount
- $2,000 – $5,000
Good to excellent credit
PenFed
- Credit profile
- Good
- APR range
- 7.99% – 17.99%
- Loan amount
- $500 – $50,000
Good to excellent credit
PNC Bank
- Credit profile
- Not specified
- APR range
- 7.89% – 24.99%
- Loan amount
- $1,000 – $35,000
Good to excellent credit
Prosper
- Credit profile
- Good
- APR range
- 8.99% – 35.99%
- Loan amount
- $2,000 – $50,000
Good to excellent credit
Reach Financial
- Credit profile
- Not specified
- APR range
- 5.99% – 35.99%
- Loan amount
- $3,500 – $40,000
Good to excellent credit
Rocket Loans
- Credit profile
- Good
- APR range
- 8.01% – 29.99%
- Loan amount
- $2,000 – $45,000
Good to excellent credit
Santander
- Credit profile
- Not specified
- APR range
- 7.99% – 24.99%
- Loan amount
- $5,000 – $50,000
Good to excellent credit
SoFi
- Credit profile
- Good - Excellent
- APR range
- 8.74% – 35.99%
- Loan amount
- $5,000 – $100,000
Good to excellent credit
USAA
- Credit profile
- Good - Excellent
- APR range
- 9.89% – 18.51%
- Loan amount
- $2,500 – $100,000
Good to excellent credit
Wells Fargo
- Credit profile
- Good - Excellent
- APR range
- 6.74% – 25.99%
- Loan amount
- $3,000 – $100,000
Fair credit
Achieve
- Credit profile
- Fair
- APR range
- 6.25% – 35.99%
- Loan amount
- $5,000 – $50,000
Fair credit
Best Egg
- Credit profile
- Fair
- APR range
- 6.99% – 35.99%
- Loan amount
- $2,000 – $50,000
Fair credit
Happen Bank (formerly LendingClub)
- Credit profile
- Fair
- APR range
- 7.04% – 35.99%
- Loan amount
- $1,000 – $60,000
Fair credit
LendingPoint
- Credit profile
- Fair
- APR range
- 7.99% – 35.99%
- Loan amount
- $1,000 – $36,500
Fair credit
Navy Federal Credit Union
- Credit profile
- Fair - Excellent
- APR range
- 8.74% – 18%
- Loan amount
- $250 – $50,000
Fair credit
TD Bank
- Credit profile
- Fair - Excellent
- APR range
- 9.99% – 23.99%
- Loan amount
- $2,000 – $50,000
Fair credit
Upgrade
- Credit profile
- Fair
- APR range
- 7.74% – 35.99%
- Loan amount
- $1,000 – $50,000
Fair credit
Upstart
- Credit profile
- Fair
- APR range
- 6.20% – 35.99%
- Loan amount
- $1,000 – $75,000
03 / Debt consolidation
Debt consolidation
Massachusetts caps small loans at 23% and larger ones at 20%, so a well-priced debt consolidation loan should land comfortably under those ceilings compared to a typical credit card APR; comparing multiple lenders is still worthwhile.
04 / Banking and credit unions
Banking in Massachusetts
National banks offer scale and convenience while Massachusetts-based regional and community banks compete on relationship banking and local decision-making.
Banks listed
- Bank of AmericaNational bank.
- Citizens BankHeadquartered in Providence, RI.
- TD BankU.S. headquarters in Cherry Hill, NJ.
- Santander BankU.S. headquarters in Boston, MA.
- Eastern BankHeadquartered in Boston, MA.
- Rockland TrustHeadquartered in Rockland, MA.
- ChaseNational bank.
Credit unions
Massachusetts credit unions are member-owned, not-for-profit institutions that often post lower rates and fewer fees than banks, with membership tied to location, employer, or association.
Median membership growth of about -0.8% year over year (Q4 2025 NCUA data), versus a national median of about -0.5%, alongside solid median asset growth (about 3.4%).
Massachusetts is the historical epicenter of the U.S. credit union movement, passing the nation's first general credit union enabling statute in 1909 (championed by Edward Filene and Pierre Jay). Workers Credit Union began serving Fitchburg's Finnish textile mill workers in 1914. The state never pursued the field-of-membership liberalization seen in Utah or Texas, and its Division of Banks regulates both banks and credit unions together.
Federally insured credit union deposits are protected up to $250,000 through the National Credit Union Share Insurance Fund.
Credit unions listed
05 / Debt settlement
Debt settlement
Not legal for a typical for-profit debt settlement company. Massachusetts law (Mass. Gen. Laws ch. 180, § 4A) restricts credit counseling and budget-planning services to attorneys or nonprofit charitable corporations only.
06 / Insurance
Massachusetts insurance
Regulator
Massachusetts Division of Insurance
Insurance regulator websiteAuto insurance
20/40/5
Massachusetts requires liability insurance of $20,000 per person/$40,000 per accident bodily injury, plus $5,000 property damage, plus personal injury protection (PIP) as a no-fault state.
Homeowners and renters
$1,712/yr
- State requirement
- No
- National homeowners average
- $1,337/yr
- Renters average
- $168/yr
Nor'easters and coastal flooding along the extensive Atlantic shoreline, plus heavy winter snow and ice loads inland.
07 / Questions
Massachusetts FAQs
How do I file a complaint against a lender in Massachusetts?
Contact the Massachusetts Division of Banks, which licenses and supervises consumer lenders operating in Massachusetts.
How do I file a complaint against my insurance company in Massachusetts?
File with the Massachusetts Division of Insurance.
What's the maximum interest rate a lender can legally charge on a personal loan in Massachusetts?
23% plus a $20 administrative fee for licensed small loans up to $6,000. Above $6,000, a general 20% cap applies to both commercial and consumer loans, requiring specific Attorney General approval to exceed.
What credit score do I need for a personal loan in Massachusetts?
It depends on the lender. Banks and credit unions generally want a FICO score of 700+, FinTech lenders work with fair credit (low-to-mid 600s), and some lenders serve poor/limited credit at higher APRs.
Are payday loans legal in Massachusetts, and are there caps on fees or loan amounts?
No. Massachusetts has never authorized payday loans, and the 23% small loan cap makes triple-digit payday rates illegal. Lenders making loans of $6,000 or less at aggregate rates above 12% annually must be licensed, with a minimum 90-day term.
How long can a debt collector legally pursue an unpaid debt in Massachusetts before the statute of limitations runs out?
Massachusetts applies a uniform 6-year statute of limitations to essentially all consumer debt (Mass. Gen. Laws ch. 260, § 2). A court judgment is enforceable for 20 years at 12% statutory interest. A payment or acknowledgment can restart the original 6-year clock.
What's the difference between a debt consolidation loan and debt settlement for someone living in Massachusetts?
A consolidation loan pays off debts in full with new borrowed money at a lower rate; settlement negotiates a reduced payoff but requires halting payments first. In Massachusetts, state law restricts credit counseling and debt settlement services to attorneys and nonprofits, so a consolidation loan, subject to the state's 20-23% usury caps, is the clearly available for-profit path.
