Payday loan Massachusetts services are not specifically prohibited in the state, but the state heavily regulates the maximum annual percentage rates (APRs) of every debt product.
These payday loan laws in Massachusetts regulate not only maximum annual
rate of interest for the loan, but also the maximum annual
administrative fees and under what type of licenses the companies can
operate in the state.
Statutory licensing provisions in Massachusetts require every payday lender wishing to operate small-dollar lending in the state to obtain a license from The Division of Banks.
If you are considering using any type of short-term loan in the state of Massachusetts, you should read through the information provided to consumers by the The Division of Banks, to fully understand your rights as a consumer in this regard.
The Massachusetts payday lending laws also apply to internet business wishing to loan cash advances to the state's residents, which is why you should always check with them whether a particular payday lender, online or operating as a physical outlet, is licensed in the state.
Because of the high level of restrictions for payday lending in Massachusetts, very few operations remain open to customers, and your best bet is often to find alternatives to such short-term loans.
There are many alternatives to payday loans in Massachusetts, and you
should research their viability to your specific situation.
For one, many local banks and credit unions provide several types of consumer short-term loans, and if you have an existing relationship with such an organization, your loan application is often handled very rapidly.
Another choice to avoiding payday loans is to take a cash advances from a credit card, where the costs of borrowing are often competitive to cash advance loans.
One popular way to take a loan is to negotiate with your employer for a cash advance on your paycheck from your regular employment.
Finally, if you are considering taking a cash advance loan to pay a bill of any sort, you may be able to negotiate an extension to the payment plan with the company, often with less costs associated with such a change than what would apply to a payday loan.
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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