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.

Maximum Principal

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.

Boston Checkcashers Inc
1280 Hyde Park Avenue
, MA 02136
(617) 364-5870
Boston Checkcashers Inc
19 Maverick Square
, MA 02128
(617) 561-0222
Cape Wide Telephone
340 North Street
, MA 02601
(508) 778-2224
North Star Mortgage Corporation
347 Washington Street, Suite 203
Dedham, MA 02026
Sanjeonics Background Checks (SBC)
298 Ashmont Street, Suite A
Boston, MA 02124
National Notebuyer
Post Office Box 3492
Springfield, MA 01101
Randolph Savings Bank - Tellers At
129 North Main Street
Randolph, MA 02368
Accion USA
237 Chandler Street
Worcester, MA 01609
Applied Mortgage Services Corporation
211 North Street
Northampton, MA 01060
Wellington Mortgage Company
25 Mohawk Drive
Leominster, MA 01453

Massachusetts Loan Statistics

Pay Schedule
Average Loan Average Age Weekly Bi-Weekly Monthly Twice Per Month Home Owner Renter