Malden at a glance
- Population: 65,133 people, the 16th-largest place among Massachusetts's 54 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 66,271 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: population fell about 1.7% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Massachusetts places: 16th of the state's 54 Census places (US Census Bureau).
- Size percentile: roughly 70% of Massachusetts's places have fewer residents (US Census Bureau).
- Coordinates: mapped at 42.4294, -71.0587 by the US Census Bureau Gazetteer.
- Nearest larger cities: Somerville, MA (3 mi); Cambridge, MA (5 mi); Lynn, MA (6 mi); Boston, MA (7 mi); Newton, MA (10 mi) — straight-line distances, US Census Bureau populations.
- Nearest smaller communities: Everett, MA (2 mi); Melrose, MA (2 mi); Medford, MA (3 mi), each a US Census place.
What a personal loan costs in Malden
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.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
Pre-qualifying with several lenders takes minutes, uses a soft pull, and gives you real numbers to compare before any hard inquiry.
Massachusetts lending rules that apply in Malden
The Massachusetts rate caps and licensing rules that reach Malden are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Malden
The steps below are worth completing first when you borrow in Malden:
- 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.