Massachusetts Payday Loans (MA)

MassachusettsFlagCash advance in Massachusetts are mostly done through the internet via lenders licensed by other states. This is because MA prohibits payday loans, prompting residents to find other means of obtaining cash.

We provide completely information on how this works and how residents can still get cash advance loans despite the legal situation.

With information that is updated and accurate, borrowers can use the website to check loan laws not just in MA but also in other states.

Payday Loan Process in Massachusetts

To apply for payday loans, borrowers must meet the following qualifications:

  • Borrower must be 18 years old and above
  • Borrower must possess a proof of employment to date
  • Must meet minimum salary requirement each month
  • Owner of a savings or checking account

Once you’ve found an MA payday loan lender, the next step is to send in your application. The company should send a reply in 48 hours with a request for relevant documents. After this, it shouldn’t take more than 3 days before the application is approved and the cash deposited. With no legally operating MA lenders, many transactions are done with the cooperation of banks.

Payday loan processes are typically flexible with some seniors and people on welfare accepted for cash advance borrowings.

Massachusetts Payday Loan Laws and Regulations

The state of Massachusetts enforces a small loan rate cap of 23% per year. Upon the approval of the loan, there is an additional 20% administrative fee.

Since MA residents need to borrow from lenders outside the state, the terms may be subject to the laws practiced in the said location. Borrowers are advised to ask questions and read the contract before proceeding. Take the time to understand conditions and assess whether the rates are acceptable or overdone.

 Aspects relating to the loan must also be discussed. Specifically, the rates, rollover, and repayment of the loan must be stated clearly in the event of problems.

Massachusetts Consumer Protection

Borrowers are advised to check the validity of their lender by checking through regulatory organizations. For Massachusetts, the regulating body is the Massachusetts Division of Banks. They can be contacted online or through their many connection options:

  • Address: One South Station Boston MA 02110
  • Phone: (617) 956-1500
  • Fax: (617) 956-1599
  • Look For: Kevin McNamara Supervisor
  • Website: MASS 

A large part of protecting yourself as a consumer is by being aware of the limitations enforced by the law. Good lenders should practice loan rates and terms that correspond to those provided by the state in which they are licensed.

Massachusetts Payday Loan Alternatives

Massachusetts payday loan alternatives for consumers are dependent on what they want. For example, large loans are best handled by banks while small expenses can be covered by credit card debts. If this is not possible, individuals can also try utilizing pawnshops or selling items that they no longer use. For some people, seeking help from friends and family would be the first and most viable choice. Your employer might also be open to the possibility of cash advance loans.

Map of Massachusetts

mapofMassachusetts

Payday Loans cities in Massachusetts:

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