Massachusetts Payday Loans
Receiving a payday loan is possible in Massachusetts, but there are not as many businesses that offer them as other states. Payday advance companies can only issue the loans if they are licensed by the state under the small loan act. The rates and fees associated with this act are much lower than the cash advance industry usually charges. Massachusetts requires an APR cap at 23 percent and most payday loans have an APR of over 300 percent. In addition, administrative fees are limited to $20 and must be issued when the loan is issued. People who are looking for a cash advance option in the state may want to look into online payday service companies, like Boston companies, because they are generally exempt from the regulations as they are not part of the Massachusetts Division of Banks.
The amount borrowed depends on the monthly income of the borrower.
Length of Loan
Cash advance lenders can only provide a 14-day option for repayment.
There are no specific Massachusetts laws that address rollovers or extensions.
A cash advance creditor cannot charge above 15 percent of the value of the check.
There are no regulations on APR specific to payday advances, but the statewide cap is 23 percent.
, MA 02136
, MA 02128
, MA 02601
Dedham, MA 02026
Boston, MA 02124
Springfield, MA 01101
Randolph, MA 02368
Worcester, MA 01609
Northampton, MA 01060
Leominster, MA 01453
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