Peabody at a glance
- Population: about 54,056, 23rd by size in Massachusetts of 54 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 54,492 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: population fell about 0.8% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Massachusetts places: 23rd largest of 54 (US Census Bureau).
- Size percentile: ahead of around 57% of Massachusetts places in population terms (US Census Bureau).
- Coordinates: 42.5343 latitude, -70.9694 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: Lynn, MA (4 mi); Revere, MA (8 mi); Malden, MA (9 mi); Medford, MA (10 mi); Somerville, MA (12 mi), each a US Census place with its estimated population.
- Nearest smaller places: Salem, MA (4 mi); Beverly, MA (7 mi); Melrose, MA (7 mi) (US Census Bureau estimates).
What a personal loan costs in Peabody
With an installment loan the payment is fixed for the life of the loan, so the schedule is predictable from the first month to the last.
The advertised interest rate leaves out fees that the APR captures, which is why APR is the number to weigh; try the personal loan calculator before you apply.
The offer you receive reflects the lender's read of your credit, income and debts, and the term controls the balance between payment size and total interest.
Work out the payment you can comfortably carry each month first, then borrow no more than that figure supports.
Massachusetts lending rules that apply in Peabody
The Massachusetts rate caps and licensing rules that reach Peabody are listed below, each with its source and retrieval 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 Peabody
Here is a short checklist for comparing personal loans in Peabody:
- 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.