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Christine Tait

Last updated: 8/2019

Find the Best Personal Loan for Your Needs

Boston, Massachusetts ranks 11th according to creditcardlocal.com for having an above average credit score rating of resident. With a credit score of 714, Boston offers many financial options for people seeking to pay off unexpected medical bills and emergencies or accomplish some home repairs. One of these options that is gaining more traction is applying for a personal loan.

A personal loan gives you the benefit of cash when you need it. However, it is vital that you are well prepared before you go to your local Boston personal loan lender and fill out the paperwork.

Credit Score in Boston

Although the credit score in Boston is above the national average, it is important that you know your credit score. Pulling your credit score allows you the opportunity to get your credit score in order before applying for a personal loan.

In the case that you notice something odd within your credit score you can dispute it, which also allows you a window of time to pay off outstanding debt or pay any collections. These are aspects that can harm your personal loan application if they are not taken care of.

Personal Loans in Boston, MA

Calculate Your Debt-to-Income

Your debt-to-income ratio will give the lender an idea of how much money you must pay monthly on debt. With this, having an above average debt-to-income ratio of 30%-40% can harm your chances of being pre-approved for a personal loan. In any case, the lender will take this into account alongside your credit score to determine the next aspect of the personal loan process.

Fees and Interest Rate

Once you have done proper research on personal loan lenders in the Boston area it is time to meet them in person. Whether you are applying for a banking institution or private lender, these questions will help you during the decision process. As always, if you have any of your own questions, feel free to ask add them to the list!

  1. Is the personal loan lender reputable?
  2. Do they work with people with your credit score?
  3. Is there an origination fee?
  4. What are potential interest rates?
  5. Is the interest rate fixed or non-fixed?
  6. Is the loan secured or non-secured?
  7. Are there late fees?
  8. Is there 0% interest and for how long?

As we said before, these questions will give you the knowledge you need to apply for a personal loan. Once you are ready and feel secure, a personal loan is only a signature away!

 

Are Payday and Title Loans the Same as Personal Loans?

No not really. A payday loan, or cash advance, is easier to get and has a shorter term(unless it’s a longer installment option) but higher fees and much higher interest than personal loans. The same is true for title loans with the addition of your car being used as collateral. Be very cautious with these types of loans.

Personal Loans in Boston

Personal Loans in Boston,Massachusetts
Map data © 2019 Google.

Mass Bay Credit Union

147 W 4th St, South Boston, MA 02127, USA
(617) 269-2700
http://www.massbaycu.org/
3.8 / 5 Stars

Empire Loan of Boston

1130 Washington St, Boston, MA 02118, USA
(617) 423-9366
http://empireloan.com/
2.9 / 5 Stars

Christine has a solid background in personal finance as she spent the last eight years working at one of the biggest banks in the US. She managed her own team of financial advisors that helped hundreds of people with their financing needs. Her innate understanding of different financial products and loans helped her move up the ranks quickly after graduating with a degree in Business Administration.


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