Beverly at a glance
- Population: 42,318, the 30th-largest community in Massachusetts out of 54 (US Census Bureau, Vintage 2023).
- 2020 Census base: 42,672 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: down about 0.8% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Massachusetts places: 30th out of 54 Census places (US Census Bureau).
- Size percentile: larger than about 44% of the Census places in Massachusetts (US Census Bureau).
- Coordinates: 42.5567, -70.8450 (Census Gazetteer, US Census Bureau).
- Nearest larger cities: Salem, MA (5 mi); Peabody, MA (7 mi); Lynn, MA (8 mi); Revere, MA (12 mi); Malden, MA (14 mi) — straight-line distances, US Census Bureau populations.
- Nearest smaller communities: Gloucester, MA (10 mi); Melrose, MA (13 mi); Winthrop Town, MA (14 mi), each a US Census place.
What a personal loan costs in Beverly
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
Because the APR includes origination and finance charges, it is the honest comparison number; the personal loan calculator turns an APR and term into a monthly payment.
The term is the lever: extend it and the payment falls while total interest climbs; shorten it and the reverse happens.
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 Beverly
The table lists the Massachusetts rules that apply to a loan made in Beverly, each with the regulator that published it.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Beverly
The order below is a sensible way to approach a loan in Beverly:
- 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.