Somerville at a glance
- Population: 80,407 (US Census Bureau, Vintage 2023 subcounty estimate), the 13th-largest of 54 places in Massachusetts.
- 2020 Census base: 81,030 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: about 0.8% lower than the 2020 Census base (US Census Bureau).
- Rank among Massachusetts places: 13th of 54 by population (US Census Bureau, Vintage 2023).
- Size percentile: larger than about 76% of the Census places in Massachusetts (US Census Bureau).
- Coordinates: mapped at 42.3904, -71.1010 by the US Census Bureau Gazetteer.
- Nearest larger cities: Cambridge, MA (1 mi); Boston, MA (6 mi); Newton, MA (7 mi); Lynn, MA (9 mi); Quincy, MA (10 mi); US Census Bureau population estimates.
- Smaller towns nearby: Medford, MA (2 mi); Everett, MA (3 mi); Malden, MA (3 mi) (US Census Bureau).
What a personal loan costs in Somerville
A personal loan is an installment loan: you receive a lump sum and repay it in fixed monthly payments over a set term, usually two to seven years.
The APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
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.
Most lenders offer pre-qualification with a soft credit pull, so you can see an estimated rate and amount without affecting your credit score.
Massachusetts lending rules that apply in Somerville
The table lists the Massachusetts rules that apply to a loan made in Somerville, each with the regulator that published it.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Somerville
Run through this list before signing anything in Somerville:
- 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.