Chelsea at a glance
- Population: 38,319, the 37th-largest community in Massachusetts out of 54 (US Census Bureau, Vintage 2023).
- 2020 Census base: 40,784 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: a loss of about 6.0% since the 2020 count (US Census Bureau).
- Rank among Massachusetts places: 37th in population of 54 places (US Census Bureau).
- Size percentile: roughly 31% of places in Massachusetts rank below it by population (US Census Bureau).
- Coordinates: latitude 42.3968, longitude -71.0313 (US Census Bureau Gazetteer).
- Nearest larger cities (within 120 miles): Everett, MA (1 mi); Malden, MA (3 mi); Revere, MA (3 mi); Somerville, MA (4 mi); Boston, MA (4 mi) (US Census Bureau populations).
- Smaller places close by: Winthrop Town, MA (3 mi); Melrose, MA (4 mi); Randolph Town, MA (15 mi) (US Census Bureau).
What a personal loan costs in Chelsea
Personal loans are closed-end installment debt, so the monthly payment and the payoff date are known from the start.
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.
Lenders weigh your credit history, income and debts when they set the rate, and the term you choose then determines how that rate compounds into total cost.
A useful rule is to keep the new payment inside the room your budget already has, so the loan eases pressure instead of adding to it.
Massachusetts lending rules that apply in Chelsea
The table carries the Massachusetts rate and licensing rules that apply to consumer loans made in Chelsea.
| 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 Chelsea
The steps below are worth completing first when you borrow in Chelsea:
- 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.