No pawnbroker may lawfully charge an interest rate that has not been approved by the Division of Banks (DOB).
The DOB has not approved rates above 36% for amounts greater than $25. The following communities have sought and received the DOB's approval for pawnbroker interest rates.
Approved pawnbroker interest rate table
| Town / City | Interest Rate | APR (%) | Approval Date |
|---|---|---|---|
| Andover | 3% per month for loan >$25 | 36 | 3/16/2005 |
| Attleboro | 3% per month for all loans | 36 | 1/18/2011 |
| Beverly | 3% per month for all loans >$25 | 36 | 7/28/2003 |
| Boston | 3% per month for all loans >$25 | 36 | Pre-1990 |
| Bourne | 3% per month for all loans | 36 | 1/2/2011 |
| Brockton | 3% per month for all loans | 36 | 5/28/2008 |
| Cambridge | Variable rate of 1/4% a week for loan >$100 | 13 | 11/13/2002 |
| Chicopee | 18% per annum | 18 | 2/11/2003 |
| Everett | 3% per month for all loans | 36 | 4/9/2014 |
| Fall River | 3% for all loan | 36 | 10/28/2010 |
| Fitchburg | 3% per month for all loans | 36 | 12/2/2009 |
| Haverhill | 3% per month for all loans | 36 | 1/4/2008 |
| Holyoke | 3% per month for all loans | 36 | 5/28/2008 |
| Hudson | 3% per month for all loans | 36 | 12/2/2009 |
| Lawrence | 3% per month for all loans >$25 | 36 | 1/11/2002 |
| Lynn | 3% per month for all loans | 36 | 12/2/2009 |
| Middleborough | 3% per month for all loans | 36 | 8/8/2011 |
| Milford | 3% per month for all loans | 36 | 7/6/2006 |
| North Adams | 18% per annum | 18 | 12/5/2005 |
| New Bedford | 3% per month for all loans | 36 | 2/22/2008 |
| Palmer | 3% per month for all loans >$25 | 36 | 1/4/2008 |
| Plymouth | 3% per month for all loans >$25 | 36 | 11/14/2003 |
| Quincy | Over $25 to $100 3% per month. Over $100 2% per month. | 24 | 10/23/2008 |
| Raynham | 3% per month for all loans | 36 | 5/13/2011 |
| Revere | 3% per month for all loans >$25 | 36 | 11/7/2000 |
| Salem | 3% per month for all loans | 36 | 2/22/2008 |
| Salisbury | 3% per month for all loans>$25 | 36 | 3/26/2004 |
| Somerset | 3% per month for all loans >$25 | 36 | 1/23/2003 |
| Springfield | 3% per month for all loans | 36 | 7/1/2008 |
| Stoughton | 3% per month for all loans | 36 | 1/7/2011 |
| Taunton | 18% per annum | 18 | 5/25/2004 |
| Wareham | 3% per month | 36 | 6/27/2006 |
| Westfield | 18% per snnum | 18 | 6/23/2004 |
| Winchendon | 2% per month for all loans | 24 | 11/12/2010 |
| Worcester | 3% per month >$101 for a maximum for 4 months | 12 | 1/16/2004 |
The following cities and towns have sought approval from the DOB to set pawnbroker interest rates above 36%. The Division has denied all of these requests. The following communities therefore do not have approved interest rates:
| Town / City | Interest Rate | APR (%) | Denial Date |
|---|---|---|---|
| Lowell | 5% per month for loans >$25 | 60 | 3/21/2006 |