Cambridge at a glance
- Population: 118,214 — 4th in Massachusetts, which has 54 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 118,395 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: down roughly 0.2% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Massachusetts places: 4th of 54 by population (US Census Bureau, Vintage 2023).
- Size percentile: about 93% of places in Massachusetts are smaller (US Census Bureau).
- Coordinates: it sits at 42.3760, -71.1187 in the US Census Bureau Gazetteer.
- Nearest larger cities (within 120 miles): Boston, MA (6 mi); Worcester, MA (36 mi); Providence, RI (41 mi); Springfield, MA (75 mi); Hartford, CT (91 mi) (US Census Bureau populations).
- Smaller towns nearby: Somerville, MA (1 mi); Medford, MA (3 mi); Everett, MA (4 mi) (US Census Bureau).
What a personal loan costs in Cambridge
Personal loans are closed-end installment debt, so the monthly payment and the payoff date are known from the start.
Two loans can share an interest rate and still differ in APR once fees are counted, so compare APR; our personal loan calculator shows the difference over the full term.
A longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
Set the loan amount from the expense itself rather than the maximum you are approved for, and keep the payment within your existing budget.
Massachusetts lending rules that apply in Cambridge
Each row below is a Massachusetts rule with its publisher and the date it was retrieved.
| 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 Cambridge
A few practical steps will make the process in Cambridge less costly:
- 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.