Palmer Town at a glance
- Population: 12,315 — 54th in Massachusetts, which has 54 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: the 2020 count put the population at 12,458 (US Census Bureau).
- 2020 to 2023 change: about 1.1% lower than the 2020 Census base (US Census Bureau).
- Rank among Massachusetts places: 54th out of 54 Census places (US Census Bureau).
- Size percentile: it exceeds roughly 0% of Massachusetts's Census places by population (US Census Bureau).
- Coordinates: it sits at 42.1889, -72.3065 in the US Census Bureau Gazetteer.
- Nearest larger cities: Springfield, MA (13 mi); Chicopee, MA (14 mi); Amherst Town, MA (16 mi); Southbridge Town, MA (17 mi); Holyoke, MA (17 mi) (Census populations, approximate straight-line distance).
- Smaller towns nearby: Danielson, CT (34 mi); Jewett City, CT (44 mi); Jacksonville, VT (49 mi) (US Census Bureau).
What a personal loan costs in Palmer Town
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
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.
Choosing a longer term eases the monthly budget but adds interest over the life of the loan; a shorter term costs more per month and less 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 Palmer Town
The table carries the Massachusetts rate and licensing rules that apply to consumer loans made in Palmer Town.
| 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 Palmer Town
Here is a short checklist for comparing personal loans in Palmer Town:
- 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.