Massena Loans Review

Overall, Massena loans favor the secured option, which is better for people who have collateral to use to back up their borrowing.

APR Range
Loan Amount
Up to 100% of collateral value
5–15 years
4 / 5.0
SimpleScore Massena 4
Rates 5
Loan Size N/A
Transparency N/A
Support 3
Fees N/A

When it comes to getting the money you need in New York, Massena Savings and Loan has several options available for secured and unsecured personal loans. Rates are a bit higher than you may find at other lenders, but if you’re looking for that at-home, neighborhood touch, Massena loans could be the right fit.

The bank was founded in 1924 at 14 Water Street in New York. Today, the company operates out of two branch locations in Massena and Waddington. As the bank is a smaller, private bank, there is little information public about the current size of the bank.

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    In this article

      Massena at a glance

      LenderLoan AmountAPR RangeTermsKey Benefit
      Massena Savings and Loan100% of collateral value6.75%– 15.25%5–15 yearsHigher number of secured loans

      Rates accurate as of 6/24/2020

      What we like about it

      When you’re looking for the best personal loans, one of the most important things to look at is the rates you are charged. Most banks are pretty cryptic about what they charge for different credit scores. With a Massena loan, though, you’ll know pretty close to what you’re going to be charged based on your credit score. The company publishes a base rate for the best credit scores and then adds several percentage points based on fair credit and less-than-great credit.  

      One other positive found during the Massena loans review is the duration of time you get to pay back your loans. The maximum term length on secured loans is out to 15 years, and on unsecured, it goes out to 5 years. While this might increase your interest costs, it does give great flexibility in spreading out costs.

      If technology scares you when it comes to banking and you prefer the more personal, old-school approach, Massena could be a good fit. While the bank does offer mobile banking services, much of the business is conducted in person at branch locations.

      Things to consider

      The rate for an unsecured personal loan through Massena Savings and Loan is considerably higher than with some other banks and lenders for great credit. The starting rate for great credit is 12.25%. But on that same note, the rate for people with a credit score below 649 is only 15.25%, which is a more attractive rate.

      Additionally, the website does not denote that the posted rates will vary based on factors outside of your credit score like loan terms, loan value and overall creditworthiness. While this might seem like a positive, it is more than likely an oversight. You will need to contact the bank with your specific loan details to get an accurate rate.

      What you need to know

      Massena loans are available as secured loans or unsecured personal loans. The maximum you are allowed to borrow is 100% of the value of your collateral. For example, if you put up your car as collateral and your car is appraised at $15,000, the maximum you can borrow is $15,000.

      Rates for unsecured personal loans start at 12.25% for credit scores above 700. Secured personal loans start at 6.75%, 7.25% or 7.75%, depending on your loan repayment terms. All of these loan rates increase by 1% for credit scores between 650 and 699 and 3% points to the base rate for credit scores 649 and below. Repayment terms on unsecured loans are available up to 5 years and up to 15 years on secured loans, which does give you plenty of time to pay off your balance.  

      To apply for a loan through Massena, you will need to contact a lender that works with the company. Massena is a servicer and not a provider, which means that you must go through a third-party to work with the company.

      Collateral and criteria

      No collateral is required for unsecured personal loans, though you will incur a higher rate. Secured personal loans allow you to put up collateral and borrow up to 100% of the value of that collateral. Both options are available at this bank. You will need to speak with a Massena loan officer to determine if your asset is an acceptable form of collateral.

      Massena Savings and Loan does not lay out specific eligibility criteria to secure a loan. However, the company does post rates for credit scores below 649, which shows a willingness to work with a wide array of different credit profiles.

      Massena vs. Avant

      With Avant personal loans, you can get up to $35,000 as soon as the next business day. Rates range from 9.95% up to 35.99% APR on these unsecured loans. If you’re looking for a secured loan, you won’t find them through Avant. The company only specializes in unsecured products. While these types of loans carry somewhat less risk (to your assets), they may be more expensive, depending on your credit profile.

      Avant also offers credit cards, which may be something you’re interested in if you need a small amount of funding. Credit lines are available from $300 up to $1,000.

      Check Your Personal Loan Rates

      Answer a few questions to see which personal loans you pre-qualify for. It’s quick and easy, and it will not impact your credit score.

      Get Started

      with our trusted partners at

      Massena vs. LightStream

      For borrowers with great credit, you’re going to love the rates offered through LightStream. Rates start as low as 5.95%. Additionally, the company advertises a rate beat guarantee where it is willing to beat any rate at any bank by at least 0.10%. The rate does need to be easily available to the public and people with similar credit profiles to qualify.

      LightStream loans are available out to 12 years, which is comparable to Massena’s term lengths. One thing, though, is that most loans through LightStream are unsecured. If you don’t have the capital to put up or don’t want to, LightStream could be a better fit. It’s worth noting that even as unsecured loans, the rates may be better than the secured products through Massena.

      We welcome your feedback on this article and would love to hear about your experience with the personal loans we recommend. Contact us at with comments or questions.



      The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.

      For every review, our editorial team:

      • Identifies five measurable aspects to compare across each brand
      • Determines the rating criteria for each aspect score
      • Averages the five aspect scores to produce a single SimpleScore

      Here’s a breakdown of the five aspect scores and their rating criteria for our review of the best personal loans of 2020.

      Why do some brands have different SimpleScores on different pages?

      To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.

      However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare NetCredit’s personal loans according to our criteria for the best personal loans, it scores a 2.3 out of 5. But when we compare NetCredit according to the criteria for the best bad credit personal loans, it scores considerably higher, since the criteria for the latter review are more lenient (lenders who serve borrowers with bad credit will always offer higher rates, so we needed to adjust our category methodology to account for different industry standards).

      Questions about our methodology?

      Email Hayley Armstrong at


      We looked at the maximum APR for each lender — the lower their maximum rate, the higher their score.

      Loan Size

      We awarded higher scores to lenders with more generous loan sizes.

      Customer Satisfaction

      We leveraged the J.D. Power 2019 Personal Loan Satisfaction Study℠ to see how customers rated their experience with each lender. (If a lender wasn’t included in J.D. Power’s study, we skipped this aspect and averaged the four remaining aspect scores.)


      We awarded higher scores to lenders with the most channels for customer support.


      We looked at the three most common fees — origination, late payment, and pre-payment — and penalized lenders for each fee charged.

      Jason Lee

      Contributing Writer

      Jason Lee is a U.S.-based freelance writer with a passion for writing about dating, banking, tech, personal growth, food and personal finance. As a business owner, relationship strategist, and officer in the U.S. military, Jason enjoys sharing his unique knowledge base and skill sets with the rest of the world. Follow Jason on Facebook here

      Reviewed by

      • Courtney Mihocik
        Courtney Mihocik
        Loans Editor

        Courtney Mihocik is an editor at The Simple Dollar who specializes in personal loans, student loans, auto loans, and debt consolidation loans. She is a former writer and contributing editor to,, and elsewhere.