Worcester at a glance
- Population: 207,621 residents, the 2nd-largest of 54 places in Massachusetts (US Census Bureau, Vintage 2023).
- 2020 Census base: 206,519 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: population rose about 0.5% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Massachusetts places: 2nd of the state's 54 Census places (US Census Bureau).
- Size percentile: it exceeds roughly 96% of Massachusetts's Census places by population (US Census Bureau).
- Coordinates: 42.2695, -71.8078 (Census Gazetteer, US Census Bureau).
- Nearest larger cities: Boston, MA (41 mi); US Census Bureau population estimates.
- Nearest smaller towns: Marlborough, MA (14 mi); Leominster, MA (17 mi); Southbridge Town, MA (19 mi) (US Census Bureau).
What a personal loan costs in Worcester
The defining feature of a personal loan is the fixed installment: the same payment every month until the term ends.
Because the APR includes origination and finance charges, it is the honest comparison number; the personal loan calculator turns an APR and term into a monthly payment.
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.
A useful rule is to keep the new payment inside the room your budget already has, so the loan eases pressure instead of adding to it.
Massachusetts lending rules that apply in Worcester
Read the table as the compliance picture for a lender serving Worcester: label, sourced figure, publisher and date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Worcester
These steps are the ones that most affect the offer you receive in Worcester:
- 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.