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Personal loans in Springfield, MA

Borrowers in Springfield use personal loans to consolidate balances or cover a one-time cost, and the terms depend on your credit, income and existing obligations. The Census counts about 153,672 residents in Springfield, ranking it 3rd among the 54 places in Massachusetts. Lenders in Massachusetts work under state rate caps and licensing rules, each listed with its publisher in the table below.

By the Personalloaned Editorial Team · Last updated 2026-09-16

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Springfield at a glance

  • Population: 153,672 residents, the 3rd-largest of 54 places in Massachusetts (US Census Bureau, Vintage 2023).
  • 2020 Census base: the 2020 Census recorded 155,929 residents here (US Census Bureau).
  • 2020 to 2023 change: down roughly 1.4% across the 2020-to-2023 comparison (US Census Bureau).
  • Rank among Massachusetts places: 3rd in population of 54 places (US Census Bureau).
  • Size percentile: it is larger than about 94% of the places in Massachusetts (US Census Bureau).
  • Coordinates: mapped at 42.1155, -72.5400 by the US Census Bureau Gazetteer.
  • Nearest larger cities within 120 miles: Worcester, MA (39 mi); Providence, RI (61 mi); Boston, MA (79 mi); Yonkers, NY (106 mi); Paterson, NJ (118 mi) (US Census Bureau).
  • Nearest smaller places: Chicopee, MA (5 mi); West Springfield Town, MA (6 mi); Agawam Town, MA (7 mi) (US Census Bureau estimates).

What a personal loan costs in Springfield

Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.

Judge an offer by its APR, which blends the interest rate with fees, and use the personal loan calculator to see the total cost.

A longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.

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 Springfield

The Massachusetts rate caps and licensing rules that reach Springfield are listed below, each with its source and retrieval date.

RuleDetailSource
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 statusRestricted: 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 licensingSmall-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 regulatorDivision 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 orderMaximum 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 Springfield

The steps below are worth completing first when you borrow in Springfield:

  1. Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
  2. Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
  3. Pre-qualify with at least three lenders and compare the APR, not the interest rate.
  4. Check that the lender is licensed in Massachusetts using the regulator named above.
  5. Read the disclosure for origination fees and any prepayment penalty before you sign.

Common questions

Frequently asked questions

Can I get a personal loan with bad credit in Springfield?
Yes, but expect a higher APR and possibly a smaller amount. Lenders that serve borrowers with lower scores are licensed statewide, so your options in Springfield are the same as elsewhere in Massachusetts.
How much can I borrow with a personal loan in Springfield?
Loan amounts are set by each lender and depend on your income, credit and existing debts, so we do not quote a range we cannot source. The Consumer Financial Protection Bureau explains how lenders assess an application, and our personal loan calculator will model the payment for any amount before you apply.
Does a personal loan in Springfield require collateral?
Unsecured personal loans do not require collateral. A secured loan, such as a home-equity or auto-secured loan, does — and it puts the pledged asset at risk if you default.
Will shopping for a loan in Springfield hurt my credit?
Pre-qualification usually uses a soft credit pull that does not affect your score. A full application triggers a hard inquiry, which may lower your score by a few points temporarily.

Nearby places

Where these figures come from

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