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.
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).
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
Frequently asked questions
No. All lenders are required to follow Massachusetts state laws even if they aren’t located in the state. This means if you present your ID to a lender and it states you are a resident of Massachusetts, you won’t be able to get a loan.
Aliyyah Camp is a writer and personal finance blogger who helps readers compare personal, student, car and business loans. Aliyyah earned a BA in communication from the University of Pennsylvania and is based in New York, where she enjoys movies and running outdoors.
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