Lawrence at a glance
- Population: 88,172 — 12th in Massachusetts, which has 54 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 89,149 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: a decline of roughly 1.1% between the 2020 count and the 2023 estimate (US Census Bureau).
- Rank among Massachusetts places: 12th of 54 by population (US Census Bureau, Vintage 2023).
- Size percentile: about 78% of places in Massachusetts are smaller (US Census Bureau).
- Coordinates: 42.7003 latitude, -71.1614 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: Lowell, MA (9 mi); Nashua, NH (17 mi); Lynn, MA (19 mi); Cambridge, MA (23 mi); Manchester, NH (24 mi) — straight-line distances, US Census Bureau populations.
- Nearest smaller communities: Haverhill, MA (7 mi); Woburn, MA (15 mi); Peabody, MA (15 mi) (Census populations).
What a personal loan costs in Lawrence
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.
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.
Because interest accrues for longer, a longer term means a lower installment and a higher total cost — decide which matters more to you.
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 Lawrence
Read the table as the compliance picture for a lender serving Lawrence: label, sourced figure, publisher and date.
| 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 Lawrence
A few practical steps will make the process in Lawrence less costly:
- 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.