Woonsocket at a glance
- Population: about 43,135 residents, ranking 6th of 8 Census places in Rhode Island (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: 43,224 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: about 0.2% lower than the 2020 Census base (US Census Bureau).
- Rank among Rhode Island places: 6th in population of 8 places (US Census Bureau).
- Size percentile: about 25% of Rhode Island's Census places are smaller (US Census Bureau).
- Coordinates: it sits at 42.0017, -71.4999 in the US Census Bureau Gazetteer.
- Nearest larger cities: Pawtucket, RI (11 mi); Attleboro, MA (12 mi); Providence, RI (13 mi); East Providence, RI (16 mi); Cranston, RI (16 mi), each a US Census place with its estimated population.
- Smaller towns nearby: Franklin Town, MA (7 mi); North Attleborough Town, MA (9 mi); Central Falls, RI (9 mi) (US Census Bureau).
What a personal loan costs in Woonsocket
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
The APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
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.
Set the loan amount from the expense itself rather than the maximum you are approved for, and keep the payment within your existing budget.
Rhode Island lending rules that apply in Woonsocket
The table lists the Rhode Island rules that apply to a loan made in Woonsocket, each with the regulator that published it.
| Rule | Detail | Source |
|---|---|---|
| State lending regulator | Rhode Island Department of Business Regulation (DBR) - Division of Banking Source says: "any rule or regulation promulgated by the department of business regulation pertaining to check cashers" (R.I. Gen. Laws 19-14.4-3); DBR's own site returned HTTP 403 to automated requests. | Rhode Island General Assembly (R.I. General Laws 19-14.4-3) as of 2026-09-16 |
| Commercial loan rate exemption (state-specific rule) | No interest-rate limit on commercial loans exceeding $1,000,000 not secured by the borrower's principal residence. Source says: "there is no limitation on the rate of interest that may be legally charged" and "where the amount of money loaned exceeds the sum of one million dollars ($1,000,000)" (R.I. Gen. Laws 6-26-2(e)). | Rhode Island General Assembly (R.I. General Laws) as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | Loans may not exceed the greater of 21% per annum or the alternate rate (prime + 9 points); no cap for commercial loans over $1,000,000. Source says: "charge, or take interest on a loan... at a rate that shall exceed the greater of twenty-one percent (21%) per annum or the alternate rate" (R.I. Gen. Laws 6-26-2(a)). | Rhode Island General Assembly (R.I. General Laws) as of 2026-09-16 |
| Payday lending status | Legal for licensed check cashers: deferred deposits max $500, minimum 13-day term, fee limited to 10% of funds advanced; fee provision sunsets January 1, 2027. Source says: "The face amount of the check shall not exceed five hundred dollars ($500)" (19-14.4-5.1); "Charge deferred deposit transaction fees in excess of ten percent (10%) of the amount of funds advanced" (19-14.4-4(4)). | Rhode Island General Assembly (R.I. General Laws) as of 2026-09-16 |
| Small-loan / installment lender licensing | License required for making/funding loans or acting as a small loan lender; small loans (under $5,000, non-real-estate) regulated under R.I. Gen. Laws ch. 19-14.2. Source says: "Making or funding loans or acting as a lender or small loan lender... without first obtaining a license" (R.I. Gen. Laws 19-14-2(a)). | Rhode Island General Assembly (R.I. General Laws) as of 2026-09-16 |
How to compare offers in Woonsocket
Here is a short checklist for comparing personal loans in Woonsocket:
- 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 Rhode Island using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.