Best Massachusetts Payday Loan

Massachusetts, like all other states in the U.S. has specific payday loans laws that stipulate how much one can borrow, when the money has to be paid back, how much a lender can charge for granting a Massachusetts payday loan, etc. Before getting a payday loan, one should familiarize him or herself with these laws, as many of them are made to protect borrowers from being cheated by unscrupulous lenders. Following is an overview of Massachusetts payday loan law, along with tips on getting a payday loan in this state.

Massachusetts Payday Loan Law

Massachusetts is one of the few states that does not have specific payday loans laws. Instead, state law stipulates that lenders have to comply with the state’s small consumer loan laws. The advantage of this type of legislation is that local loans companies are not allowed to charge an annual interest rate of more than 23%, while annual administrative fees must be $20 a year or less.

Because Massachusetts does not allow payday lenders to charge a high interest rate, consumers in the state will be hard pressed to find a legal payday lender in Massachusetts. Payday lenders in the state are often illegal lenders operating without the required small loans license. A person who wants to get a payday loan from a legitimate company should instead ask a local bank or credit union for a short term loan. Whether or not these loans can be extended depends on the conditions set forth by the lender. One should always read the contract carefully before taking out such a loan and be sure that he or she can pay the money back on time and in full.

Two alternatives to taking out a small term loan in this state are getting a cash advance on a credit card or asking one’s employer for a paycheck advance. These options each have their advantages and disadvantages and may not be viable for everyone. However, they should be seriously considered, as they are often less expensive than getting a traditional payday loan.

Getting a Massachusetts payday loan is different from getting a payday loan in another state. The main reason for this is the fact that the state does not welcome payday lenders so one would need to take out a short term loan from a local bank or credit union. The interest rates are relatively low and terms and conditions vary, so one should be sure to ask the bank when the loan must be repaid by, whether or not extensions are allowed, what the interest rate is and other pertinent questions before signing on the dotted line.

Best Massachusetts Payday Loan Lenders

No
Provider
Review
APR
Visit Site
1
AmeriAdvance
Varied
Go to AmeriAdvance
2
Paydaymax
431.79%-616.85%
Paydaymax
3
Plain Green Loans
59.84% �?378.95%
Go to Plain Green Loans
4
MyCashNow
401.13%-573.05%
MyCashNow
5
Discount Advances
401.13%-573.05%
Discount Advances
6
100 Day Loans
36%�?51.79%
100 Day Loans
7
CashAdvance
Varied
Go to CashAdvance.com
8
Great Plains Lending
199.44% �?448.76%
Great Plains Lending
9
Payday One
586.61%
Payday One
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