Westfield at a glance
- Population: about 40,509, 34th by size in Massachusetts of 54 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 40,821 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: about 0.8% below the 2020 Census base (US Census Bureau).
- Rank among Massachusetts places: the 34th-largest of 54 (US Census Bureau, 2023 estimate).
- Size percentile: it is larger than about 37% of the places in Massachusetts (US Census Bureau).
- Coordinates: 42.1388, -72.7559 (Census Gazetteer, US Census Bureau).
- Nearest larger cities (within 120 miles): Chicopee, MA (10 mi); Springfield, MA (11 mi); Hartford, CT (26 mi); New Britain, CT (32 mi); Bristol, CT (33 mi) (US Census Bureau populations).
- Nearest smaller communities: West Springfield Town, MA (6 mi); Agawam Town, MA (7 mi); Holyoke, MA (8 mi), each a US Census place.
What a personal loan costs in Westfield
A personal loan is structured as an installment plan, with a set number of monthly payments and a fixed amount due each time.
Two loans can share an interest rate and still differ in APR once fees are counted, so compare APR; our personal loan calculator shows the difference over the full term.
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 Westfield
The Massachusetts rate caps and licensing rules that reach Westfield 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 Westfield
Before you commit to a personal loan in Westfield, work through these steps:
- 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.