Massachusetts is one of the most scenic and historic states in New England. Located on the east coast, the Commonwealth of Massachusetts was one of the original thirteen colonies. The Mayflower ship docked at the northern tip of Cape Cod, which is now the city of Provincetown. The first colonial settlement was erected in Plymouth.
The state of Massachusetts is home to over 6,900,000 people. Of the total population, about 62.4% own a home. The median value of owned homes in Massachusetts is $381,600. While residents that rent pay an average of $1,282 per month. The cost of living in Massachusetts is high, and the median household income is $81,215.
What are Bad Credit Loans in Massachusetts?
When faced with financial hardship, people often choose to get a personal loan. A personal loan offers quick emergency cash to individuals that need money in their bank account for medical bills, credit card debt, mortgage payments, and more.
Residents of Massachusetts with a bad credit score tend to struggle to get loan approval. But it’s still possible for eligible residents to get a personal loan with a bad credit score.
It may be easier for someone with a bad credit score to qualify for secured loans. However, it is still possible to obtain unsecured bad credit installment loans. Bad credit doesn’t have to stop you from getting instant cash in your bank account when you need it in Massachusetts.
Unsure if you have a bad credit score? There are five categories for credit scores: poor, fair, good, very good, and excellent. A credit score lower than 670 is deemed fair, but anything lower than 579 is considered a bad credit score. The good news is that you can raise a credit score in just 30 days by changing your financial habits.
Bad Credit Loan Options in Massachusetts
There are plenty of loan options to choose from in Massachusetts, even if you have a bad credit score. A bad credit loan is any type of loan that can be obtained with a less-than-perfect credit history, such as the options listed below:
Payday Loans
A payday loan is a short-term loan with a repayment period of two weeks. As the name suggests, a payday loan was designed to financially boost people that need money in between paychecks.
This is a popular loan option for many people because the financing process is quick. A good credit score is not generally needed for payday loan approval. However, payday loans are considered predatory loans because the average interest rate is 391%, but rates can reach as high as 600%. When combined with such a short repayment schedule, many people end up buried in debt due to payday loans.
Payday loans roll over when they are not paid within the two-week timeframe. This means the borrower is given a payment extension, but additional fees are added to the balance. A rollover only makes repayment that much more difficult with payday loans.
Bad Credit Personal Installment Loans
If you are looking for bad credit loans in Massachusetts, you may have considered personal installment loans. Installment loans can be secured or unsecured. Eligible borrowers receive money upfront that is then repaid in monthly payments for a set period.
The amount borrowers receive with installment loans depends on their credit score and income. If you need to borrow money to pay an expensive home repair bill, you likely need a few thousand dollars in financial support. Installment loans could help you get more than enough money to quickly handle unexpected financial emergencies.
You may think that a bad credit score may make you ineligible for installment loans. Still, there are bad credit installment loans you could qualify for. A less-than-perfect credit history does not make it impossible to get quick cash in your bank account.
Credit Card Loans
Using credit cards to borrow money may seem more convenient than applying for loans in Massachusetts. If you already have credit cards, you could use your available credit lines for financing. After all, applying for a new loan could potentially drop your credit score.
The downside to credit cards is that even with good credit history, interest rates and fees can pile up quickly. If you have bad credit, you may have to pay a lot of money in interest fees. And higher credit card balances will cause higher monthly payments and interest charges.
Unlike with installment loans, there is more flexibility with credit card payments. You can choose to pay the minimum monthly amount or more with credit cards. It all depends on your financial circumstances.
Suppose you need a significant amount of money to unburden yourself of monthly bills. In that case, you may be hard-pressed to obtain enough financing with credit cards. The average credit card limit is $30,365, but people with bad credit may have a much smaller credit line. And if you already use your credit card, you may not have enough money available to use.
Why Personal Installment Loans are a Better Financing Option
You may benefit significantly from personal installment loans if you have bad credit. Installment loans offer borrowers with bad credit more benefits than other loan options.
Take a look at the perks you could take advantage of below:
- Flexible Qualification: Bad credit may hinder you from getting the financial help you need quickly with most loan options. But personal installment loans generally have flexible qualification requirements that make approval easier.
- Sizeable Loans: You may be able to secure more money than payday loans with personal installment loans, even if you have bad credit.
- Static Payment Schedule: With bad credit installment loans, your monthly payments are kept the same throughout your repayment period. This makes budgeting easier.
- Affordable Rates: Personal installment loans offer some of the most affordable interest rates compared to options like payday or title loans. Even if you have bad credit, you could obtain lower than average rates with installment loans than you would with other bad credit loan options.
Top 10 Cities in Massachusetts
There are dozens of cities in the pristine state of Massachusetts. Each city has a unique quality that residents take pride in.
These are the top ten populated cities in Massachusetts:
- Boston
- Worcester
- Springfield
- Lowell
- Cambridge
- New Bedford
- Brockton
- Quincy
- Lynn
- Fall River
Monthly Payments with a Personal Installment Loan
There are many loans in Massachusetts for people with bad credit histories. Still, you could get significantly more benefits with online installment loans.
If you’re thinking about getting personal loans in Massachusetts, you should first consider how repayment will affect your monthly budget. Personal loans can be an affordable option, but you should still pay attention to the interest rates, fees, and repayment period.
You could use a personal loan calculator online to easily see how much a personal loan will cost without a credit check. All you have to do is input your desired loan amount, your desired length of repayment, and the annual percentage rate (APR). The results can help you see clearly how personal loans will affect your budget and how much you will pay each month.
It’s vital that you carefully consider personal loans before applying and disrupting your credit history. You may need money quickly, but personal loans should work with your current financial situation and not burden you with expensive monthly payments.
How to Take Out Bad Credit Installment Loans in Massachusetts
When you are ready to get the approval process started for personal loans, you can expect to fill out an application form online. You will initially have to provide your income and identification information to determine how much you may be eligible to borrow.
Once you are preapproved for a bad credit personal loan, a personalized agreement will be drawn up with your repayment information. Before signing the contract make sure you review it thoroughly.
Once you are confident in your installment loan decision, you can sign your name and receive quick emergency cash as soon as the next business day, depending on when you’re approved!