Personal loans in Massachusetts
Census ACS 2020–2024 5-year estimates; NCUA June 2026 call report; FDIC BankFind, Oct 2026.
Massachusetts personal loan rules at a glance
| Governing law | Small loan law, M.G.L. c. 140, §§ 96-114, and the Small Loans Regulatory Board rate order, 209 CMR 26.00. (M.G.L. c. 140, § 96; 209 CMR 26.01) |
|---|---|
| Rate cap | Licensed small loan companies may charge no more than 23% a year on the unpaid balance (actuarial method), plus a $20 administrative fee when the loan is made. The $20 fee may be charged no more than once in any 12-month period. After one year past the loan's maturity, interest may not exceed 6% a year. For loans not covered by the small loan law, charging more than 20% a year in interest and expenses is criminal usury unless an exception applies. (209 CMR 26.01(1)-(2); M.G.L. c. 271, § 49(a)) |
| License required | Yes. A license from the Commissioner of Banks is required to make loans of $6,000 or less costing more than 12% a year. A loan applied for by someone in Massachusetts is treated as made in Massachusetts even if the money comes from out of state. (M.G.L. c. 140, § 96) |
| Loan sizes covered | Loans of $6,000 or less (measured by the amount the borrower actually keeps after deductions). (M.G.L. c. 140, § 96) |
| Origination / other fees | A $20 administrative fee when the loan is granted, no more than once in any 12-month period. All brokerage fees, commissions and other charges paid to anyone for making or securing the loan count toward the cost limit. (209 CMR 26.01(1)(a); M.G.L. c. 140, § 96) |
Bad credit loans in Massachusetts
Bad credit doesn't automatically rule you out in Massachusetts. Many lenders in our network look at your income and bank activity, not just your score, and offer personal installment loans of $500 to $5,000 to borrowers with fair or poor credit. Rates are higher than prime offers, so compare the monthly payment and total cost before you accept. More on bad-credit loans.
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Estimate only. Your rate depends on your credit, income and state; your lender shows the exact terms before you sign.
Compare neighboring states
Lenders must follow the law of the state where you live, not where you visit.
| State | Rate cap |
|---|---|
| Connecticut | 36% APR under $5,000; 25% APR $5,000-$50,000; all-in MLA-style APR. |
| New Hampshire | 36% APR cap on small loans up to $10,000, excluding two $100 yearly fees. |
| New York | Licensed lenders may exceed 16% civil cap; 25% criminal usury applies. |
| Rhode Island | Small loans up to $5,000: 2%-3% per month (24%-36% a year) by size. |
| Vermont | 24% on first $1,000, 12% above (or 18% APR if higher). |
Personal Loans by city in Massachusetts
Counties in Massachusetts
Show all 14 counties
Also see: Payday Loans in Massachusetts · Title Loans in Massachusetts · All Massachusetts loan options
Frequently asked questions
Is there a cap on personal loan interest rates in Massachusetts?
23% APR plus $20 fee on loans up to $6,000; 20% usury above.
Do personal loan lenders need a license in Massachusetts?
Yes. A license from the Commissioner of Banks is required to make loans of $6,000 or less costing more than 12% a year. A loan applied for by someone in Massachusetts is treated as made in Massachusetts even if the money comes from out of state.
Can I get a personal loan with bad credit in Massachusetts?
Yes, some lenders in our network work with fair or bad credit, but approval is not guaranteed and rates are higher. Licensed lenders in Massachusetts must follow the state's consumer-lending rules shown above; tribal and bank-partner lenders may follow different rules, so compare the APR on every offer.
Can I get a personal loan in Massachusetts with bad credit?
Yes, it's possible. Many lenders in our network work with borrowers who have fair, poor or limited credit, and they look at factors like income and employment, not just your score. Approval and rates depend on your full profile, and nothing is guaranteed, but checking your options is free. Massachusetts residents can see if they qualify for $100 to $5,000 in about 3 minutes.
Where can I find a loan for bad credit in Massachusetts?
You can apply at local banks and lenders in Massachusetts, or go online to reach more lenders at once. Banks often have stricter credit requirements, while many online lenders consider all credit types. Our free form sends one request to multiple lenders in our network, so you don't have to apply one by one. Many applicants get a decision within minutes.
How can I get an emergency loan in Massachusetts?
Unexpected bills happen, and an online emergency loan can help you handle them quickly. Fill out our 3-minute form with your income and bank details, and lenders in our network will review your request. Many make decisions within minutes, and approved funds are often deposited by the next business day. Amounts range from $100 to $5,000, and you're never obligated to accept an offer.
How do installment loans work in Massachusetts?
You apply, the lender reviews your income and credit profile, and if you're approved you receive a lump sum deposited into your bank account. You then repay it in equal scheduled payments over an agreed term, with interest built in. Your agreement shows each payment amount and date before you sign. Massachusetts residents can see installment loan offers with our free 3-minute form.