Payday Loans in Massachusetts (MA)

Find short-term loans in Massachusetts. Look for an office near you or apply online!

There are several types of small amount loans which are commonly called  payday loans. Therefore a payday loan has become an umbrella term of all sorts of small amount loans that can come in very handy when you need an emergency visit to the dentist and you have no health insurance or if something goes wrong in your house that needs to be fixed as soon as possible and therefore you have the burning need to get a few hundred dollars, but there is noone who would lend that to you.

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Massachusetts payday loans

Although payday loans seem a handy solution because they are basically for everyone holding a proper job, many of the borrowers simply do not count with the extreme costs which are counted for small sum loans. There are some loan companies or simply pawn shops that deal with payday loans as an extra service of theirs charging over 200% rate of interest for such a loan.

Although the good part of this insta-loan is that you can get them within a few hours, there is a high price to pay. Sometimes the additional costs prove to be such a burden that can easily drive a borrower into a debt trap causing thousands of people to literally go bankrupt. That’s why many US states have decided to put severe limits or decided to downright prohibit the lending of such loans, because there is just too many people obtaining these irresponsibly, not thinking about how they could ever pay all the costs.

The state of Massachusetts is another state which have decided to prohibit Payday loans, in fear of the illegal pawn activities which were involved. Of course this does not mean that there are no other options for you to go for.

What are the payday loan laws and regulations in Massachusetts?

Massachusetts prohibits payday loans. There are small loans however, which are regulated by the following laws and regulations: Mass. Gen. Laws Ann. Ch. 140 §§ 96 et seq.; 209 Mass. Code Reg. 26.01.

How much can you be charged by a payday lender in {Massachusetts}?

Small loan rate cap is at 23% and an extra USD 20 should be paid as an administrative fee. Complaints regarding small loans are dealt with by the Massachusetts Division of Banks.

Your rights as a borrower in MA

Payday loan companies are severely prohibited within the state of Massachusetts. There is a way to become a licensed, so-called check cashers (someone who pays cash in return for a check which is held there as a sort of a pawn). If someone wants to operate as a check casher he or she needs to be licensed under the small loan act 209 Mass Reg. 4514 (8).

Advice for borrowers: do your best to deal with licensed lenders or turn to banks or other credit institutes to obtain a short term credit. Also beware of the online companies offering payday loans to states which otherwise prohibit the obtaining of such loans. This is considered as illegal.