Personal loans in Beverly, MA
U.S. Census Bureau, ACS 2020–2024 5-year estimates for Beverly, MA.
The median household in Beverly earns $106,044 a year, about the same as the Massachusetts median of $103,960. About 9% of residents live below the federal poverty line, and 39.9% of households rent their home.
Massachusetts law that applies in Beverly
| Rate cap | Licensed small loan companies may charge no more than 23% a year on the unpaid balance (actuarial method), plus a $20 administrative fee when the loan is made. |
|---|---|
| License required | Yes. |
| Loan sizes covered | Loans of $6,000 or less (measured by the amount the borrower actually keeps after deductions). |
Full rules with statute citations: Personal Loans in Massachusetts. Cities in Massachusetts cannot set their own payday or title loan rate caps in most cases; zoning rules for storefronts are local.
What you need for a personal loan in Beverly
Lenders that serve Beverly typically ask for the following:
- Be 18 or older and a US resident
- Your Social Security number for identity verification
- A steady source of income
- An active checking account in your name
- A working phone number and email address
Popular loan amounts in Beverly
What Beverly borrowers use it for
the fastest options online
Car repairskeep getting to work while the shop fixes it
Moving costsdeposits, trucks and first-week expenses
Holiday expensesgifts and travel without maxing a card
Loans for your situation
How to get a personal loan in Beverly
- Choose an amount from $100 to $5,000 and complete one form.
- Lenders in our network review your request; many accept fair or bad credit.
- Compare the APR, monthly payment and total cost on any offer.
- If you accept, money is usually deposited in 1–2 business days.
Estimate your cost
Personal / installment loan calculator
Estimate only. Your rate depends on your credit, income and state; your lender shows the exact terms before you sign.
Banks and credit unions in the area
Banks with branches in Beverly
17 FDIC-insured bank branches from 10 banks. Many banks offer small-dollar loans or overdraft lines to existing customers.
| Bank | Branches | Example location |
|---|---|---|
| TruNorth Bank | 3 | 254 Cabot St, Beverly 01915 |
| Salem Five Cents Savings Bank | 3 | 495 Cabot St, Beverly 01915 |
| Manufacturers and Traders Trust Company | 2 | 240 Cabot St, Beverly 01915 |
| Bank of America, National Association | 2 | 165 Cabot St, Beverly 01915 |
| Eastern Bank | 2 | 428 Rantoul St, Beverly 01915 |
| TD Bank, National Association | 1 | 55 Dodge St, Beverly 01915 |
| Citizens Bank, National Association | 1 | 2 Enon St, Beverly 01915 |
| First-Citizens Bank & Trust Company | 1 | 57 Enon St, Beverly 01915 |
Source: FDIC BankFind Suite, retrieved Oct 2026.
Credit unions in Beverly
2 credit-union locations from 2 credit unions.
| Credit union | Location |
|---|---|
| Hanscom | 50 Dodge St, Beverly 01915 |
| Beverly Municipal | 139 Cabot St, Beverly 01915 |
Source: NCUA credit union branch data, June 30, 2026.
Nearby cities
County: Essex County ·
Frequently asked questions
Can I get a personal loan with bad credit in Beverly?
Possibly. Lenders in our network consider applicants with fair and bad credit across Massachusetts, including Beverly. Expect higher APRs than prime borrowers get, and compare every offer's total cost.
Is there a maximum interest rate on personal loans in Beverly, MA?
23% APR plus $20 fee on loans up to $6,000; 20% usury above.
How fast can I get a personal loan in Beverly?
Many online lenders give a decision within minutes and deposit funds in one to two business days after you sign. Your bank's processing time can add a day.
Are personal loans bad for your credit?
Not necessarily. Checking offers often uses a soft inquiry that doesn't affect your score, though a lender may do a hard pull before final approval. Once you have the loan, on-time payments can help build your credit history, especially with lenders that report to the major bureaus, while missed payments can lower your score. Beverly residents can see their options in about 3 minutes.
How do I apply for a personal loan with bad credit in Beverly?
Start by gathering your ID, proof of income and bank account details. Then complete our online form with accurate information about your income and the amount you need. Lenders in our network review your request, and many respond within minutes. Asking for an amount that fits your income can improve your chances. If you're approved, you'll review the full terms before signing.
Can I get a personal loan in Beverly with bad credit?
Yes, it's possible. Many lenders in our network work with borrowers who have fair, poor or limited credit, and they look at factors like income and employment, not just your score. Approval and rates depend on your full profile, and nothing is guaranteed, but checking your options is free. Beverly residents can see if they qualify for $100 to $5,000 in about 3 minutes.
Can I get a personal loan with a 500 credit score?
It may be possible. A score around 500 limits options with traditional banks, but some online lenders consider low scores when you have steady income and an active bank account. Offers may be for smaller amounts, and approval isn't guaranteed. The quickest way to find out is to submit one request through our network and see whether lenders respond with an offer. It takes about 3 minutes.
What credit score do I need for a personal loan?
There's no single minimum. Some lenders want good credit, but many lenders in our network consider fair, poor and limited credit and weigh your income and job history too. A higher score may get you better rates and larger amounts, while lower scores may still qualify for smaller loans. Find out what's available to you in Beverly with our free 3-minute form.
Do I need to visit a store in Beverly?
No. You can request offers online from a phone or computer. Some lenders, especially title lenders, may ask you to visit a location or send photos of your vehicle.