Lowell at a glance
- Population: 114,296 people, the 5th-largest place among Massachusetts's 54 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 115,553 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: population fell about 1.1% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Massachusetts places: 5th by size among 54 communities (US Census Bureau).
- Size percentile: roughly 91% of Massachusetts's places have fewer residents (US Census Bureau).
- Coordinates: latitude 42.6390, longitude -71.3210 (US Census Bureau Gazetteer).
- Nearest larger cities (120-mile radius): Cambridge, MA (21 mi); Manchester, NH (25 mi); Boston, MA (26 mi); Worcester, MA (36 mi); Providence, RI (57 mi) (US Census Bureau).
- Nearest smaller communities: Lawrence, MA (9 mi); Nashua, NH (11 mi); Woburn, MA (13 mi) (Census populations).
What a personal loan costs in Lowell
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
The APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
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 Lowell
Where a figure is not published by the state, the row points to the source instead of guessing.
| 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 Lowell
Before you share your details with a lender in Lowell:
- 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.