Cash and check advance Boston is mostly available for check cashing services, but NOT for the payday loans.
According to the The Official Website of the Office of Consumer Affairs
& Business Regulation (OCABR) at the time of writing this, payday
lending itself is not specifically prohibited in Massachusetts.
Instead, the state's legislation caps the maximum amount of annual interest rate, as well as the maximum annual administrative fee for payday lending in Massachusetts and Boston.
Furthermore, the state's statutory licensing provisions require that payday lenders have to get a small-loan license to operate, from Massachusetts Division of Banks.
According to an opinion from the Division of Banks, these regulations also apply to internet payday lenders wishing to provide services to Massachusetts residents, independent on where the lending internet entity is located.
You should familiarize yourself with the state's payday lending legislation, to know your rights and the demands for payday lenders to operate in the state.
As a loan product, payday advances are typically short-term, small-dollar amount loans, where the repayment of the loan sum normally happens on the borrowers next payday.
Therefore, some of the core requirements for getting a payday loan include a steady, regular job.
Because a credit check is often not part of the application processing, these loans have gained popularity among customers who have a regular job, but bad credit.
Payday advances are not solutions for long-term money problems, but rather, as bridge financing for emergencies, until next payday, typically for a couple of weeks.
Alternatives to payday advances include consumer loans from local banks or credit unions, credit card cash advances, and asking for employer for cash advance on your paycheck.
Instead of cash advances, there is a wide variety of alternative
financial services available, including check cashing, in Boston.
The largest company in the nation providing check cashing, ACE Cash Express, also operates in Boston and elsewhere in Massachusetts.
In addition to check cashing, most of their outlets in Boston also provide prepaid debit cards, bill payment services, money transfers, and money orders.
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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