Personal loans in Cambridge, MA
U.S. Census Bureau, ACS 2020–2024 5-year estimates for Cambridge, MA.
The median household in Cambridge earns $130,748 a year, 26% above the Massachusetts median of $103,960. About 13% of residents live below the federal poverty line, and 66.5% of households rent their home.
Massachusetts law that applies in Cambridge
| 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 Cambridge
Lenders that serve Cambridge 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 Cambridge
What Cambridge borrowers use it for
handle the unexpected the same week
Need money nowthe fastest options online
Rent duecover a short gap before payday
Medical billspay a doctor, dentist or pharmacy bill now
Loans for your situation
How to get a personal loan in Cambridge
- 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 Cambridge
35 FDIC-insured bank branches from 12 banks. Many banks offer small-dollar loans or overdraft lines to existing customers.
| Bank | Branches | Example location |
|---|---|---|
| Bank of America, National Association | 6 | 1414 Massachusetts Ave, Cambridge 02138 |
| Eastern Bank | 6 | 1336 Massachusetts Ave, Cambridge 02138 |
| Cambridge Savings Bank | 4 | 1374 Massachusetts Ave, Cambridge 02138 |
| Citizens Bank, National Association | 4 | 698 Massachusetts Ave, Cambridge 02139 |
| East Cambridge Savings Bank | 3 | 292 Cambridge St, Cambridge 02141 |
| TD Bank, National Association | 3 | 235 Alewife Brook Pkwy, Cambridge 02138 |
| Santander Bank, N.A. | 2 | 599 Massachusetts Ave, Cambridge 02139 |
| Manufacturers and Traders Trust Company | 2 | 485 Massachusetts Ave, Cambridge 02139 |
Source: FDIC BankFind Suite, retrieved Oct 2026.
Credit unions in Cambridge
10 credit-union locations from 8 credit unions.
| Credit union | Location |
|---|---|
| Mass. Institute Of Tech. | 84 Massachusetts Ave, Cambridge 02139 |
| Transportation | 220 Binney St, Cambridge 02142 |
| Hanscom | 330 Mount Auburn St, Cambridge 02138 |
| Webster First | 20 Felton Street, Cambridge 02138 |
| Harvard | 104 Mount Auburn St Ste 4, Cambridge 02138 |
| Naveo | 251 Hampshire St, Cambridge 02139 |
| Cambridge Municipal Employees | 795 Massachusetts Ave, Cambridge 02139 |
| Cambridge Firefighters | 113 Garden St, Cambridge 02138 |
Source: NCUA credit union branch data, June 30, 2026.
Nearby cities
County: Middlesex County ·
Frequently asked questions
Can I get a personal loan with bad credit in Cambridge?
Possibly. Lenders in our network consider applicants with fair and bad credit across Massachusetts, including Cambridge. Expect higher APRs than prime borrowers get, and compare every offer's total cost.
Is there a maximum interest rate on personal loans in Cambridge, MA?
23% APR plus $20 fee on loans up to $6,000; 20% usury above.
How fast can I get a personal loan in Cambridge?
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.
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.
Where can I find a loan for bad credit in Cambridge?
You can apply at local banks and lenders in Cambridge, or go online to reach more lenders at once. Banks often have stricter credit requirements, while many online lenders consider all credit types. Our free form sends one request to multiple lenders in our network, so you don't have to apply one by one. Many applicants get a decision within minutes.
How do installment loans work in Cambridge?
You apply, the lender reviews your income and credit profile, and if you're approved you receive a lump sum deposited into your bank account. You then repay it in equal scheduled payments over an agreed term, with interest built in. Your agreement shows each payment amount and date before you sign. Cambridge residents can see installment loan offers with our free 3-minute form.
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 Cambridge with our free 3-minute form.
What is an installment loan?
An installment loan is money you borrow and repay in fixed, scheduled payments, usually every two weeks or monthly, until it's paid off. Personal loans, auto loans and many short-term loans are installment loans. Because repayment is spread out, each payment is smaller than a lump sum. Lenders in our network offer installment loans from $100 to $5,000 to Cambridge borrowers who qualify.
Do I need to visit a store in Cambridge?
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.