Personal loans in Gloucester, MA

Gloucester, MA is a small city in Massachusetts with a Census-estimated population of 29,959, making it the 42nd-largest of 54 places in the state. Its population grew about 0.8% between the 2020 Census base and the 2023 estimate. Borrowers in Gloucester compare personal loans the same way borrowers do anywhere in Massachusetts: the lender prices the loan from your credit history, income and debt load, not from your city.

By the Loansloth Editorial Team · Last updated 2026-09-16

What is specific to borrowing in Gloucester

Population: 29,959 (US Census Bureau, Vintage 2023 subcounty estimate) — the 42nd-largest place of 54 in Massachusetts.
Population trend: Its population grew about 0.8% between the 2020 Census base and the 2023 estimate.
Size percentile: larger than about 22% of the Census places in Massachusetts.
Location: 42.6288, -70.6859 (US Census Bureau Gazetteer).
Nearest larger cities: Beverly (10 mi); Salem (14 mi); Peabody (16 mi); Lynn (18 mi); Revere (21 mi). Larger metros often have more walk-in branches, but online lenders serve Gloucester on the same terms.
Nearest smaller towns: Newburyport (16 mi); Melrose (22 mi); Winthrop Town (23 mi).

Massachusetts lending rules that apply in Gloucester

Rule	Detail	Source
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
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

How a personal loan works in Gloucester

A personal loan in Gloucester is an installment loan: you receive a lump sum and repay it in fixed monthly payments over a set term, usually two to seven years. Because the payment is fixed, the total cost is predictable up front — which is the main advantage over a credit card, where the balance revolves and the payoff date is open-ended. The two numbers that matter are the APR (which includes fees, not just interest) and the term. A longer term lowers the monthly payment but raises the total interest you pay.

Before you apply in Gloucester

Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
Run the numbers with our personal loan calculator so you know the payment before a lender tells you.
Pre-qualify with at least three lenders and compare the APR, not the interest rate.
Check the lender is licensed in Massachusetts using the regulator listed above.
Read the disclosure for origination fees and any prepayment penalty before you sign.

Compare personal loan offers Run the numbers first

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Frequently asked questions

Can I get a personal loan with bad credit in Gloucester?

Yes, but expect a higher APR and possibly a smaller amount. Lenders that serve borrowers with lower scores are licensed statewide, so your options in Gloucester are the same as elsewhere in Massachusetts.

How much can I borrow with a personal loan in Gloucester?

Most personal loans range from about $1,000 to $50,000, but the amount you are approved for depends on the lender and your income and credit. Use our personal loan calculator to model the payment before you apply.

Does a personal loan in Gloucester require collateral?

Unsecured personal loans do not require collateral. A secured loan, such as a home-equity or auto-secured loan, does — and it puts the pledged asset at risk if you default.

Will shopping for a loan in Gloucester hurt my credit?

Pre-qualification usually uses a soft credit pull that does not affect your score. A full application triggers a hard inquiry, which may lower your score by a few points temporarily.

Nearby places

Beverly, MA — population 42,318
Salem, MA — population 44,744
Newburyport, MA — population 18,731
Peabody, MA — population 54,056
Lynn, MA — population 101,241
Revere, MA — population 57,954
Winthrop Town, MA — population 18,319
Melrose, MA — population 29,357