Springfield at a glance
- Population: 153,672 residents, the 3rd-largest of 54 places in Massachusetts (US Census Bureau, Vintage 2023).
- 2020 Census base: the 2020 Census recorded 155,929 residents here (US Census Bureau).
- 2020 to 2023 change: down roughly 1.4% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Massachusetts places: 3rd in population of 54 places (US Census Bureau).
- Size percentile: it is larger than about 94% of the places in Massachusetts (US Census Bureau).
- Coordinates: mapped at 42.1155, -72.5400 by the US Census Bureau Gazetteer.
- Nearest larger cities within 120 miles: Worcester, MA (39 mi); Providence, RI (61 mi); Boston, MA (79 mi); Yonkers, NY (106 mi); Paterson, NJ (118 mi) (US Census Bureau).
- Nearest smaller places: Chicopee, MA (5 mi); West Springfield Town, MA (6 mi); Agawam Town, MA (7 mi) (US Census Bureau estimates).
What a personal loan costs in Springfield
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
Judge an offer by its APR, which blends the interest rate with fees, and use the personal loan calculator to see the total cost.
A longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
Work out the payment you can comfortably carry each month first, then borrow no more than that figure supports.
Massachusetts lending rules that apply in Springfield
The Massachusetts rate caps and licensing rules that reach Springfield 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 Springfield
The steps below are worth completing first when you borrow in Springfield:
- 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.