Southbridge Town at a glance
- Population: a Census-estimated 17,880, placing it 51st among Massachusetts's 54 places (Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 count put the population at 17,732 (US Census Bureau).
- 2020 to 2023 change: population rose about 0.8% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Massachusetts places: 51st-largest of 54 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: about 6% of places in Massachusetts are smaller (US Census Bureau).
- Coordinates: latitude 42.0597, longitude -72.0339 (US Census Bureau Gazetteer).
- Nearest larger cities: Worcester, MA (19 mi); Springfield, MA (26 mi); Woonsocket, RI (28 mi); Chicopee, MA (29 mi); Agawam Town, MA (32 mi) (Census populations, approximate straight-line distance).
- Nearest smaller communities: Palmer Town, MA (17 mi); Danielson, CT (19 mi); Jewett City, CT (31 mi) (Census populations).
What a personal loan costs in Southbridge Town
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
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.
A longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
If you are consolidating debt, the loan only helps if you stop adding to the balances it clears; otherwise the total debt grows.
Massachusetts lending rules that apply in Southbridge Town
The table lists the Massachusetts rules that apply to a loan made in Southbridge Town, each with the regulator that published it.
| 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 Southbridge Town
Before you share your details with a lender in Southbridge 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.