Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
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.
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
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.
Three options include:
You can find more alternatives on our page here
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.
If you’d like to visit a physical location to see services available to you, here are some of your options:
This lender is transparent about fees — but still a risky choice.
This connection service is transparent about rates — but asks for lots of personal information before you know where it’s going.
Now is the time to support Black-owned institutions so they can continue fighting systemic racism and working to close the wealth gap that exists in America.
Be wary about signing up with this specialty business lender.
The new coronavirus stimulus proposal would cut out seven student loan repayment plans, giving borrowers less flexibility.
Just because you can get a loan without proof of income doesn’t mean you should.
With 84% of small businesses worried about shuttering, owners are turning to SBA funding.
New Hampshire rates generally stay around the national average. Here’s what you need to know.
Massachusetts mortgage rates typically trend lower than the national average.
This payday loan alternative lets you get up to $1,000 as soon as the same day.
