If you’re a resident of Boston and need a little bit of money, payday loans aren’t a good option.
Because payday loans are illegal in Massachusetts, residents of Boston can’t apply for a payday loan, even if the lender is online. You’ll need to read our article for other options that can help you get the money you need legally and without the high levels of debt payday loans are known to cause.
Why can’t I get a payday loan in Boston?
Providers of all small loans in Boston have to abide by the General Laws of Massachusetts 140-96 et. seq. as well as 209 Code of Massachusetts Regulations 26.01 and 45:14(8). Because lenders can’t charge above 23% in interest, payday lenders don’t conduct business in the state.
You can learn more about Massachusetts payday loan law here
Here’s a list of lenders offering installment loans
Unlike payday loans, installment loans come with longer repayment terms and more affordable interest rates. Though, they’re not necessarily low-cost either.
Before you apply, confirm the lender operates in Massachusetts.
How else can I get money in Boston?
Three options include:
- Installment loans. Online installment loans have longer terms than payday loans and don’t require good credit. You’ll want to confirm that the lender isn’t charging you more interest than is legally allowed before you sign a loan contract.
- Tribal loans. Getting a short term loan may still be possible if you go through a tribal lender. These are based on tribal lands, meaning the loans are made by a sovereign nation and not subject to Massachusetts law.
- Local assistance programs. If you’re not in a rush to get money but are still struggling to make ends meet, Massachusetts has programs like the Transitional Aid to Families with Dependent Children (TAFDC) and the Supplemental Nutrition Assistance Program (SNAP).
You can find more alternatives on our page here
Why are payday loans illegal?
Because payday lenders tend to charge much more than the 23% cap on interest set by Massachusetts legislature, there are no payday stores in the state. This is mainly to protect consumers from the predatory practices of lenders in other states. Payday loans are known to trap people in debt, and so many states like Massachusetts are moving to banning or highly regulating the industry.
Where to find cash advance loacations in Boston, MA
Cash advance locations near you in Boston, MA
If you’d like to visit a physical location to see services available to you, here are some of your options:
- Boston Payday Loan Solution. 259 Main St, Boston, MA 02129
- Boston Checkcashers. 666 American Legion Hwy, Roslindale, MA 02131
- All Checks Cashed. 595 Washington St, Boston, MA 02124
- Forest Hills Check Cashing. 3720 Washington St, Jamaica Plain, MA 02130
- PLS Check Cashing. 508 Geneva Ave, Dorchester, MA 02122
- Boston Checkcashers Inc. 610 Blue Hill Avenue, Dorchester, MA 02121
- Boston Express Multi Services. 3116 Washington St, Roxbury, MA 02119
- All Checks Cashed. 282 Centre St, Boston, MA 02130
- South Boston Check Cashing Inc. 309 Old Colony Ave, South Boston, MA 02127
- PLS Check Cashing. 781 Tremont St, Boston, MA 02118
- VeriLync Capital Solutions. 201 Washington St #2601, Boston, MA 02108
- International Cash Management Corporation. 60 State St, Boston, MA 02109
- PLS Check Cashing. 19 Maverick Square, East Boston, MA 02128
- Central Square Check Cashing. 230 Meridian St, East Boston, MA 02128
