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Interested in a payday loan? In Massachusetts, you’ll have to look elsewhere.

If you’re in need of quick cash in Massachusetts, you may be considering a payday loan, but there are other options available. This guide will help you determine what type of loan is best for you.

Are payday loans legal in Massachusetts?

No. Payday loans are illegal in Massachusetts under the Small Loan Act, 209 Mass. Code Regs. 45:14(8). They are not officially banned, but the Small Loan Act caps interest at 23% and administrative fees at $20. This applies to out-of-state lenders as well, meaning online loans are also banned.

Installment loans you can apply for

Although payday loans are prohibited in Massachusetts, you may find an installment loan lender that operates in your state. Check the providers in the comparison table below to make sure the lender operates in Massachusetts before you apply.

Rates last updated August 15th, 2018
Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
Name Product Product Description Max. Loan Amount Turnaround Time Requirements
OppLoans Installment Loans
Installment loans with competitive rates from a top-rated direct lender.
$5,000
1 business day
Open to residents of AL, AK, AZ, CA, DE, FL, GA, ID, IL, IN, KS, KY, MI, MN, MO, MS, NE, NV, NM, OH, OK, OR, SC, TN, TX, UT, VA, WI and WY. Must have direct deposit and meet minimum income requirements.
CashUSA Installment Loans
$10,000
As early as 1 business day
Monthly income of $1,000+ after taxes and valid checking account.
LendYou Payday Loans
Apply online with this loan-connection company offering unrestricted short-term loans at high maximums — fast turnaround.
$15,000
1 business day
You must be a US citizen or permanent resident, age 18+ and have a regular income.
Slam Dunk Loans
Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
$2,500
As soon as next business day
Must be employed, receive regular income, earn at least $800 a month, have a checking account, be 18+ yrs old and a US citizen.
BadCreditLoans.com
With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
$5,000
Varies
Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.
CashNetUSA Loan
Apply for a short-term loan with an easy online application and dedicated customer service.
Varies by state
1 business day
You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
Jora Installment Loans
Installment loans with repayment terms up to 30 months, depending on your state.
$2,600
1–2 days
Must have an active checking account, regular source of income and email address.
Blue Trust Loans Installment Loans
Get an installment loan from an online tribal lender. Perks for returning borrowers.
$2,000
As soon as next business day
Must be at least 18 years old and have a verifiable source of income with direct deposit into your checking account.

Compare up to 4 providers

How an installment loan might benefit you

  • Longer repayment period. Installment loans are typically paid back over a period of months as opposed to payday loans which are typically paid back on your next payday or within a few days to weeks from the time you borrow.
  • Larger loan amounts. Although it’s not a good idea to borrow more than you need, you’ll find that installment loans come in larger amounts — typically up to $5,000. This could help you cover more expenses and tie you over for a longer period of time. Be sure you can afford the monthly repayments before you apply for a large amount.
  • Lower interest rates. Installment loans typically come with lower interest rates since you’re borrowing over a longer period of time. You’ll want to consider the total amount you’ll be charged on top of principal to be sure you’re getting a better deal with an installment loan versus a payday loan.

Are there any alternatives to payday loans in Massachusetts?

While getting a payday loan in Massachusetts isn’t possible, you may be able to get access to credit or cash in other ways. Some options include:

  • Negotiate with you creditors. If you’re struggling to meet a due date or can’t make a full payment, consider negotiating with your creditor for better terms. This is one of the best ways to pay down your debt.
  • Take out a credit card cash advance. If you already have a credit card that hasn’t been maxed, you can borrow an advance on the remaining line of credit. This comes with a high APR, but it’s a longer term than payday loans and can be a quick way to make it through a rough patch.
  • Ask for help from friends or family. A friend or family member may be willing to help you pay for an unexpected bill or car repair, usually without charging interest Just be sure to pay back what you owe when you can, or it could strain your relationship.
  • Look into government resources. Massachusetts also has a few programs to help families in need. The Supplemental Nutrition Assistance Program (SNAP) and Transitional Aid to Families with Dependent Children (TAFDC) are two programs you might want to consider when making ends meet is tough.

Even more alternatives to payday loans

Bottom line

Even though you can’t get a payday loan in Massachusetts, there are other options available when you’re in a bind. You could consider an installment loan that comes with a longer repayment period or look into local government resources.

Have any more questions about Massachusetts payday loans?

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US Payday Loans Offers

Important Information*
Slam Dunk Loans

Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.

LendUp Payday Loans

LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.

Check into Cash Payday Loan

With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

OppLoans Installment Loans

Installment loans with competitive rates from a top-rated direct lender.

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