Melrose at a glance
- Population: about 29,357 residents, ranking 44th of 54 Census places in Massachusetts (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: 29,819 residents at the 2020 Census (US Census Bureau, 2020 count).
- 2020 to 2023 change: about 1.5% below the 2020 Census base (US Census Bureau).
- Rank among Massachusetts places: 44th of 54 by population (US Census Bureau, Vintage 2023).
- Size percentile: about 19% of Massachusetts's Census places are smaller (US Census Bureau).
- Coordinates: 42.4557, -71.0590 (Census Gazetteer, US Census Bureau).
- Nearest larger cities: Malden, MA (2 mi); Medford, MA (3 mi); Everett, MA (3 mi); Revere, MA (4 mi); Chelsea, MA (4 mi); US Census Bureau population estimates.
- Nearest smaller places: Winthrop Town, MA (7 mi); Newburyport, MA (26 mi); Bridgewater Town, MA (34 mi) (US Census Bureau estimates).
What a personal loan costs in Melrose
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
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 repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
Pre-qualifying with several lenders takes minutes, uses a soft pull, and gives you real numbers to compare before any hard inquiry.
Massachusetts lending rules that apply in Melrose
The table lists the Massachusetts rules that apply to a loan made in Melrose, each with the regulator that published it.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Melrose
These steps are the ones that most affect the offer you receive in Melrose:
- 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.