Gloucester at a glance
- Population: a Census-estimated 29,959, placing it 42nd among Massachusetts's 54 places (Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 Census recorded 29,731 residents here (US Census Bureau).
- 2020 to 2023 change: about 0.8% growth over the 2020 Census base (US Census Bureau).
- Rank among Massachusetts places: 42nd-largest of 54 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: it is larger than about 22% of the places in Massachusetts (US Census Bureau).
- Coordinates: 42.6288, -70.6859 (US Census Bureau Gazetteer).
- Nearest larger cities: Beverly, MA (10 mi); Salem, MA (14 mi); Peabody, MA (16 mi); Lynn, MA (18 mi); Revere, MA (21 mi), each a US Census place with its estimated population.
- Nearest smaller communities: Newburyport, MA (16 mi); Melrose, MA (22 mi); Winthrop Town, MA (23 mi) (Census populations).
What a personal loan costs in Gloucester
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
Compare offers on APR rather than the headline rate — the APR includes most fees, and you can model the total with our personal loan calculator.
A lender weighs your credit profile, income and debts when setting the rate, and a longer term lowers the payment at the cost of more interest overall.
Shop with more than one lender and treat pre-qualification as an estimate, since the final terms follow a full application.
Massachusetts lending rules that apply in Gloucester
The table carries the Massachusetts rate and licensing rules that apply to consumer loans made in Gloucester.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Gloucester
The order below is a sensible way to approach a loan in Gloucester:
- 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.