Woburn at a glance
- Population: 41,647 residents, the 31st-largest of 54 places in Massachusetts (US Census Bureau, Vintage 2023).
- 2020 Census base: 40,884 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: about 1.9% more residents than the 2020 Census base (US Census Bureau).
- Rank among Massachusetts places: 31st out of 54 Census places (US Census Bureau).
- Size percentile: about 43% of places in Massachusetts are smaller (US Census Bureau).
- Coordinates: 42.4887, -71.1544 (US Census Bureau Gazetteer).
- Nearest larger cities: Medford, MA (5 mi); Malden, MA (6 mi); Somerville, MA (7 mi); Everett, MA (8 mi); Cambridge, MA (8 mi) — straight-line distances, US Census Bureau populations.
- Nearest smaller communities: Melrose, MA (5 mi); Chelsea, MA (9 mi); Winthrop Town, MA (12 mi) (Census populations).
What a personal loan costs in Woburn
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
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.
The offer you receive reflects the lender's read of your credit, income and debts, and the term controls the balance between payment size and total interest.
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 Woburn
Where a figure is not published by the state, the row points to the source instead of guessing.
| 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 Woburn
A few practical steps will make the process in Woburn 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.