Boston at a glance
- Population: about 653,833, 1st by size in Massachusetts of 54 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 678,617 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: about 3.7% lower than the 2020 Census base (US Census Bureau).
- Rank among Massachusetts places: 1st-largest of 54 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: roughly 98% of places in Massachusetts rank below it by population (US Census Bureau).
- Coordinates: mapped at 42.3386, -71.0183 by the US Census Bureau Gazetteer.
- Nearest larger cities: none within 120 miles — the next larger place is further out.
- Nearest smaller communities: Winthrop Town, MA (4 mi); Chelsea, MA (4 mi); Everett, MA (5 mi), each a US Census place.
What a personal loan costs in Boston
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
Judge an offer by its APR, which blends the interest rate with fees, and use the personal loan calculator to see the total cost.
The offer you receive reflects the lender's read of your credit, income and debts, and the term controls the balance between payment size and total interest.
A payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
Massachusetts lending rules that apply in Boston
The table carries the Massachusetts rate and licensing rules that apply to consumer loans made in Boston.
| Rule | Detail | Source |
|---|---|---|
| Payday lending status | Restricted: DOB states payday lending is not prohibited, but a 'payday loan' is illegal due to the high APR Source says: "Payday lending is not prohibited in Massachusetts. Yet what is referred to as a 'payday loan' is illegal" | Massachusetts Division of Banks as of 2026-09-16 |
| Small-loan / installment lender licensing | Small-loan license required for loans of $6,000 or less when interest and expenses exceed 12% per year (M.G.L. c. 140, § 96) Source says: "No person shall directly or indirectly engage in the business of making loans of six thousand dollars or less ... without first obtaining ... a license" | Massachusetts General Court as of 2026-09-16 |
| State lending regulator | Division of Banks (Office of the Commissioner of Banks) Source says: "The Division of Banks (DOB) cautions you when applying for a payday loan" | Massachusetts Division of Banks as of 2026-09-16 |
| Small-loan rate order | Maximum 23% per annum plus a $20 administrative fee (209 CMR 26.00/26.01) Source says: "Regulation 209 CMR 26.00 et seq. limits the annual interest rate that can be charged on small loans to 23%" | Massachusetts Division of Banks as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 20% per annum criminal-usury threshold (M.G.L. c. 271, § 49); statutory exceptions apply Source says: "interest and expenses the aggregate of which exceeds an amount greater than twenty per centum per annum upon the sum loaned" | Massachusetts General Court as of 2026-09-16 |
How to compare offers in Boston
These steps are the ones that most affect the offer you receive in Boston:
- Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
- Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
- Pre-qualify with at least three lenders and compare the APR, not the interest rate.
- Check that the lender is licensed in Massachusetts using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.