Waltham at a glance
- Population: 64,477 people, the 17th-largest place among Massachusetts's 54 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: the 2020 Census recorded 65,206 residents here (US Census Bureau).
- 2020 to 2023 change: roughly 1.1% fewer residents than at the 2020 Census (US Census Bureau).
- Rank among Massachusetts places: 17th by size among 54 communities (US Census Bureau).
- Size percentile: it is larger than about 69% of the places in Massachusetts (US Census Bureau).
- Coordinates: it sits at 42.3889, -71.2423 in the US Census Bureau Gazetteer.
- Nearest larger cities: Newton, MA (4 mi); Cambridge, MA (6 mi); Somerville, MA (7 mi); Malden, MA (10 mi); Framingham, MA (11 mi), each a US Census place with its estimated population.
- Smaller places close by: Medford, MA (7 mi); Woburn, MA (8 mi); Everett, MA (10 mi) (US Census Bureau).
What a personal loan costs in Waltham
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
APR is the figure that lets you compare like with like, since it wraps fees into the rate; run your own numbers with the personal loan calculator.
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.
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 Waltham
The table carries the Massachusetts rate and licensing rules that apply to consumer loans made in Waltham.
| 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 Waltham
A few practical steps will make the process in Waltham less costly:
- 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.