Salem at a glance
- Population: about 44,744, 27th by size in Massachusetts of 54 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 count put the population at 44,483 (US Census Bureau).
- 2020 to 2023 change: roughly 0.6% higher than at the 2020 Census (US Census Bureau).
- Rank among Massachusetts places: 27th largest of 54 (US Census Bureau).
- Size percentile: about 50% of Massachusetts's Census places are smaller (US Census Bureau).
- Coordinates: 42.4992 latitude, -70.8982 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: Lynn, MA (4 mi); Peabody, MA (4 mi); Revere, MA (7 mi); Malden, MA (9 mi); Everett, MA (10 mi); each population is a US Census Bureau estimate.
- Nearest smaller communities: Beverly, MA (5 mi); Melrose, MA (9 mi); Winthrop Town, MA (9 mi) (Census populations).
What a personal loan costs in Salem
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
Compare offers on APR rather than the headline rate — the APR includes most fees, and you can model the total with our personal loan calculator.
A longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
Set the loan amount from the expense itself rather than the maximum you are approved for, and keep the payment within your existing budget.
Massachusetts lending rules that apply in Salem
The table lists the Massachusetts rules that apply to a loan made in Salem, each with the regulator that published it.
| 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 Salem
Before you share your details with a lender in Salem:
- 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.