Fair to Bad Credit Loans in MA

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Last updated December 9th 2018

Commentary is for informational purposes only. See legal disclaimers here.

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MA Usury and Regulations

Summary of Massachusetts Usury Law(s) / Quote: "Legal: 5% / Contract: 9%; any rate business loans / Judgment: 9% / Corporate: Any rate allowed"

(WeFindLenders.com endeavors to include the most up to date legal data for Massachusetts, but no guarantee or warranty of any kind is expressed or implied as to the accuracy of said data. This data is not intended to be legal advice. For legal help speak with a lawyer in Massachusetts, and/or contact the Massachusetts State government's division of banking and finance - legal statutes researched by FindLaw.com & American Lawyers Quarterly - see credits)

Massachusetts Usury Law Information:

Legal Maximum Interest Rates: Quote: "Determined by the laws applicable at the time the contract is made (815 ILCS 205/4)"

Usury Penalties: Quote: "Recipient subject to suit for twice total of all interest, charges, and attorney's fees and court costs (815 ILCS 205/6)"

Judgment Interest Rates: Quote: "9% or 6% when judgment debtor is unit of local government, school district, or community college (735 ILCS 5/2-1303; 735 ILCS 5/12-109)"

Legal Exceptions: Quote: "Under Consumer Installment Loan Act (205 ILCS 670/1); short-term loans (815 ILCS 205/4.1a); installment loans (815 ILCS 205/4a; 205 ILCS 670/15); pawnbrokers (§205 ILCS 510/2); farm development loan (20 ILCS 3605/5 to 3605/12); reverse mortgage loan (205 ILCS 305/46)"

Massachusetts Lenders By City

Boston MA / Springfield MA / Worcester MA / Cambridge MA / Lowell MA / Brockton MA / New Bedford MA / Quincy MA

Complaints to:

Massachusetts Division of Banks / Massachusetts Complaint Process / Massachusetts Complaint Form (PDF)

Mail of fax to: Commonwealth of Massachusetts Division of Banks / Attention: Consumer Assistance Unit, 1000 Washington Street, 10th Floor, Boston, Massachusetts 02118-6400 / Phone: 617.956.1500 Fax: 617.368.2700

Massachusetts Lender Service Areas Map

Massachusetts Bad Credit Lenders Map - Initial Static Image

Click or tap map image above for interactive version.
Lenders
contact us for listing removal or amendment.


Mass Bay Credit Union
147 W 4th St South Boston
MA 02127 - 617.269.2700
www.massbaycu.org

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Metro Credit Union
1071 Massachusetts Avenue
Boston, MA 02118
www.metrocu.org
877.696.3876

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Alpha Credit Union
1 Deaconess Rd, Boston
MA 02215 - alphacu.com
617.632.8164

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Worcester Credit Union
520 W Boylston St, Worcester
MA 01606 - 508.853.9966
www.worcestercu.com

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Leominster Credit Union
137 Shrewsbury St, Worcester
MA 01604 - leominstercu.com
978.537.8021

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Millbury FCU Worcester
460 W Boylston St, Worcester
MA 01606 - millburycu.com
508.852.7510

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Arrha Credit Union
145 Industry Ave, Springfield
MA 01104 - www.arrhacu.com
413.732.9812

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Greater Springfield Credit Union
1030 Wilbraham Rd, Springfield
MA 01109 - www.grscu.org
413.782.3161

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Freedom Credit Union
1976 Main St, Springfield
MA 01103 - www.freedom.coop
413.739.6961

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Franklin First FCU
3113 57 Newton Street
Greenfield, MA 01301
www.franklinfirst.org
413.774.6700

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Freedom Credit Union
74 Main Street, Greenfield
MA 01301 - 413.774.4182
www.freedom.coop

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Mycom Federal Credit Union
101 Fenn Street, Pittsfield
MA 01201 - 413.442.6501
www.autoloansma.com

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Credit Union of the Berkshires
744 Williams Street, Pittsfield
MA 01201 - cuotb.org
413.443.1313

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Greylock Federal Credit Union
150 West Street, Pittsfield
MA 01201 - www.greylock.org
413.236.4000

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Bad Credit Loan Form for Massachusetts

Fast Loan Pre-App Method
Accessing Bad Credit Lender Pool (?)

Learn about GAP (Gift Angel Program)

 

Signature Loan Example In Massachusetts

Tasha and her husband just moved into a condo that her parents purchased as an investment property.

They are going to pay rent for the property at a reduced rate so that it covers the property taxes and HOA fees. They will also pay all of the utilities.

Tasha’s parents asked them to pay a small amount towards the mortgage payments, but clearly Tasha’s parents are subsidizing the monthly mortgage payment.

This is a really great deal for Tasha and her family. The parents get a great tenant who will look after the place and they hopefully will make money from a property appreciation perspective over the long run.

Tasha gets a good deal from a cost of living perspective and they will be able to set aside some money for a down payment for a home sometime in the future.

Of course when you move into your first home there are lots of things you need. Everything from towels, dishes, furniture, bedrooms and much more.

Tasha and her husband would like to borrow approximately $15,000 to help them get set up with everything they need.

They are counting on gifts and some help from friends and family as well. They will have some things that are new and many that are used, but that is ok with them.

They are just happy they have a place they can call their own and it is not costing them a huge amount. They would like to repay this loan over a 5 year term.

A $15000 loan with a 5 year term 5.96% interest rate for Tasha would cost her the following per month:

• Loan Amount (principal) = $15000
• Interest Rate = 5.96%
• Term Length =5 year
• Monthly Payment = $289.71
• Total Paid Back = $17382.79
• Total Interest = $2382.79

This will be the first loan that Tasha and her husband will be borrowing together. He already has a car loan which will be factored into the lending decision.

They both have credit cards which are paid in full each month and they have no late payments or missed payments registered against them.

They should have really high credit scores, however their problem is that they just do not have sufficient history to give them a good score.

Lenders look for a history of borrowing and then repaying loans on time. This includes renting an apartment or paying a mortgage.

Since this is their first home they have none of these things. They only have the car loan and they each have a credit card which are positive factors in their favor.

They may be requested to pay a slightly higher interest on the loan to reflect the perceived increased risk of being first time borrowers.

It is extremely important that they repay this loan on time and never miss a monthly payment. If they could pay it off early at some point that would be even better.

They want to purchase a home of their own at some point. Having an excellent credit score will not only help them be approved for the mortgage easily, they should also be eligible for a more competitive interest rate as well which will save them money.

We wish Tasha and her husband good luck in their new venture together.

If you live in the State of Massachusetts and you're struggling to get a loan approval with a bad credit rating we hope our website helps you in some way.

Sincerely,

Chris Somerset

Chris Somerset is the daughter of Lance Somerset who founded the We Find Lenders Pool. She contributes to WeFindLenders.com whenever she's not having fun with her three children and her husband Ron.

Debt Consolidation Loans In MA

Last 5 debt service loans approved in the State of Massachusetts. Source: WFL Lender Pool. Updated Weekly. Principals rounded to the nearest $1000. Relative interest rates listed below in order left to right.

$20000 $25000 $8500 $70000 $60000

13.16% 8.26% 8.11% 5.39% 11.94%

Debt Consolidation Providers In MA

Massachusetts Debt Consolidation Loan Providers - Initial Static Image

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Lenders
contact us for listing removal or amendment.

Debt Hero: Boston Debt Consolidation
75 Arlington St Boston
MA 02116 - 617.273.2427

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Student Debt USA
31 St James Ave, Boston
MA 02116 - 800.461.9203
student-debt-usa.business.site

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Massachusetts Debt Relief Foundation
300 Commercial Street, Boston
MA 02109 - 508.232.4633
massdebtrelieffoundation.org

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A American Debt Consolidation
70 South St, Pittsfield
MA 01201 - 413.442.7650

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Xpress Debt Relief
323 Old Connecticut Path, Wayland
MA 01778 - 516.210.4114

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Cambridge Credit Counseling Corp.
67 Hunt St #305, Agawam
MA 01001 - 800.235.1407
www.cambridge-credit.org

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A American Debt Consolidation
70 South St, Pittsfield
MA 01201 - 413.442.7650

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Hanscom Federal Credit Union
495 Summer Street, Barnes
Building, Room 115 - Boston
MA 02210 - www.hfcu.org
617.542.3184

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Cabot Boston Credit Union
2 Seaport Ln # 1300, Boston
MA 02210 - www.cbcu.com
617.342.6154

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Liberty Bay Credit Union
131 Oliver Street Boston
MA 02110 - 617.439.6500
www.libertybaycu.org

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Premier Source Credit Union
254 Cottage Street, Springfield
MA 01104 - 413.731.8200
www.premier-sourcecu.com

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West Springfield FCU
58 Union Street, W Springfield
MA 01089 - 413.733.6108
www.wsfcreditunion.com

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Holyoke Credit Union
333 Elm Street, W Springfield
MA 01089 - www.holyokecu.com
413.732.2798

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Digital Federal Credit Union
131 Gold Star Boulevard
Worcester, MA 01606
www.dcu.org - 800.328.8797

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Millbury FCU of Worcester
117A Stafford Street, Worcester
MA 01603 - millburycu.com
508.860.7500

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MA Debt Consolidation Application Form

Massachusetts Application Form
Bad Credit Debt Consolidation Loans (?)
 

About Consolidation Loans In MA

If you are looking at a debt settlement anywhere Massachusetts you can check the rules and regulation of the state here. It's a good idea to fully understand how these kinds of services work. A debt settlement will hurt your credit rating because you're not paying your creditors back in full.

If you're looking for consolidation then you're simply applying for a loan to pay off all your creditors at once - leaving you with one creditor and one payment whether it be biweekly or monthly.

Consolidation Loan Example in MA

Mathew owes money to the city for property taxes, his credit cards and even a payday loan.

They are all threatening him with foreclosure, collection and higher interest rates and fees if he does not repay what he owes soon.

He needs a debt consolidation loan soon to clear everything up and get them all off his back.

His problems started of course when he lost his job. He has since found another one but not before he missed several payments on his credit card accounts.

His property taxes came due and he could not pay them on time either. His next mistake was turning to a pay day loan lender who lent him some money but at such high rates and charged fees for everything.

The cost this loan was just out of site. He desperately needs to pay everything off and just pay a reasonable interest rate along with a reasonable monthly payment.

Now that he is working again, he can afford the monthly payment. He is worried that he might not be approved for a loan because of his recent history of nonpayment on several debts that he would now like to consolidate.

In total he needs seven thousand dollars and he has asked for a two year term to repay this loan. He wants to get out of debt as soon as he can afford it.

Two years seemed like a realistic objective, although a three year term would help him with his cash flow.

A $7000 loan with a 2 year term 6.59% interest rate for Mathew would cost him the following per month:

• Loan Amount (principal) = $7000
• Interest Rate = 6.59%
• Term Length =2 year
• Monthly Payment = $312.11
• Total Paid Back = $7490.61
• Total Interest = $490.61

Mathew has applied for a loan with a two year term which will mean that his monthly payment will be $312 a month.

If he were to extend the term to a three year term, his monthly payments would decrease to $214 a month reducing his payments by almost $100 a month.

If Mathew’s cash flow is tight he may be interested in a longer term. Of course with a longer term, it is taking longer repay the loan and that generates more total interest paid over the life of the loan.

He has also struggled with his debts. When Mathew lost his job he did not have any savings to fall back on and did not have anything really to help him deal with no income.

It was fortunate that was able to find another job so quickly, but not before the damage was done in terms of missing payments.

Mathew needs to focus on getting approval for this loan, paying off all of his debts and then repaying his loan over whatever term he decides on.

He also needs to start a savings plan to help him deal with future cash flow issues. There will be more issues that impact his ability to pay his debts in the future.

He needs to make sure that he has savings to deal with whatever life throws at him.

If you live in the State of Massachusetts and you're trying to get approved for a debt consolidation loan, we hope our website helps you find a good lender regardless of your credit rating.

Sincerely,

Andy Somerset

Andy Somerset is the son of Lance Somerset who founded the We Find Lenders Pool. He writes for WeFindLenders.com whenever he's not working hard on his degree in finance.

Credit Counseling Services In MA

Massachusetts Credit Counseling Providers - Initial Static Image

Click or tap map image above for interactive version.
Counselors
contact us for listing amendment.

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Key Credit Repair
686 Morton St #2 Boston
MA 02126 - 617.265.7900
www.keycreditrepair.com

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New Leaf Financial Counseling
119 Washburn St, Northborough
MA 01532 - 508.393.5401
www.newleaffinancial.com

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American Consumer Credit Counseling
130 Rumford Ave #202, Auburndale
MA 02466 - 617.559.5700
www.consumercredit.com

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Cambridge Credit Counseling Corp.
67 Hunt St #305, Agawam
MA 01001 - 800.235.1407
www.cambridge-credit.org

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WFL Loan Product Menu

  • Bad credit scores below FICO 650
  • 200+ lenders review your pre-application(s)
  • Applying does not worsen your credit score
  • Interest rates starting as low as 9% (cs)
  • Collateral not always required
  • Funding between 24 hours and 5 days
  • Terms from 6 months to 10 years
  • Borrow between $500 and $50,000
  • Loans for people with 650+ credit scores
  • 500+ lenders can review your application
  • Interest rates starting as low as 7% (cs)
  • Fast approvals and fast funding
  • Line of credit approvals with reasonable APR
  • Borrow between $500 and $150,000
  • Lenders who provide bad credit consolidation
  • Debt settlement or debt relief services
  • 300+ lenders can review your application
  • Interest rates starting as low as 7% (cs)
  • Seamless approval and funding process
  • Debt relief counseling available
  • Borrow form $5000 - $150,000

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